Pound Sterling

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Pound Sterling

 

(or pound), a monetary unit of Great Britain. The pound sterling is divided into 100 pence (before February 1971, 1 pound sterling = 20 shillings = 240 pence).

Silver coins with the value of a pound sterling have been minted since the 11th century, and gold coins, since the mid-14th century. Banknotes in pounds sterling were first issued by the Bank of England in 1694. In 1816 a gold monetary standard was introduced in Great Britain, with the official gold content of the pound sterling set at 7.322382 g of pure gold. The standard remained in effect until August 1914. A gold-bullion standard was used from April 1925 through September 1931.

After the gold standard was abandoned and the conversion of banknotes to gold ceased, the pound sterling depreciated: its parity in relation to the US dollar declined from $4.86653 to $3.5 by 1932. The pound was subsequently devalued several times. In 1967 its rate of exchange with the US dollar was $2.4, the official gold content of the pound being equal to 2.13281 g. The currency parity of the pound sterling and the relatively narrow limits of the fluctuation of its exchange rate have not been officially supported since June 1972 (a floating exchange rate is now used).

In June 1977 the exchange rate of the pound sterling with the US dollar was $1.72, and the rate established by the State Bank of the USSR set 1 pound sterling equal to 1 ruble 28 kopeks.

E. D. ZOLOTARENKO

References in periodicals archive ?
FIRST there were the tea towels and the mugs - now, to celebrate its 20th birthday, the Angel of the North will star in a new collection of 'quintessentially British' 10p coins.
The Royal Mint has released a collection of commemorative 10p coins to celebrate all things British.
Ocean Medallion - a free disc the size of a 10p coin that's carried in a pocket, on a wristband or lanyard - can open a passenger's cabin door and tell staff what he or she is likely to order on approaching the bar.
4 In the meantime, either use a mandolin or carefully slice the potatoes thinly (about as thin as a 10p coin) and evenly layer half of the sweet potatoes into an oven proof dish.
ACTUAL SIZE: The cancerous lump the size of a 10p coin which Claire dislodged from her throat I THOUGHT I WAS GOING TO DIE: Claire Osborn from Holbrooks
But some people complained it was too easily confused with a 10p coin or half crown.
If a piece of star the size of a 10p coin landed on earth, it would weigh 100 million tons.
Play was held up for two minutes at Elm Park when linesman John Pettit was hit by a 10p coin thrown from the crowd.
Cabaye can drop a ball on a 10p coin from distance and he stroked home the spot-kick.
He then settled his debts by handing over a 10p coin at his local JobCentre - to the hilarity of the staff.