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.


References in periodicals archive ?
There are now more than 1557million 10p coins in circulation in the United Kingdom.
Damien was hit by shrapnel no bigger than a 10p coin but the force of the explosion sent it through the air with the speed of a bullet.
I've see that woman drop a 10p coin, bend down to pick it up, and it's hit her on the back of the head.
They have won back their position as Britain's favourite - thanks to the new tablet which is little bigger than a 10p coin.
Play was held up for two minutes at Elm Park when linesman John Pettit was hit by a 10p coin thrown from the crowd.
THE tiny goldcrest - which weighs less than a 10p coin - and the great spotted woodpecker are just two of the birds that have been flourishing in the West Midlands according to a new survey.
Also on This Day: 1841: The stapler waspatented by Samuel Slocum; 1902: Rayon, or artificial silk, was patented; 1924: Birth of American author Truman Capote; 1935: Gershwin's Porgy and Bess was performed for the first time in Boston; 1939: Identity cards were issued in Britain; 1947: Birth of singer Marc Bolan; 1955: Death of American acting legend James Dean; 1988: Soviet premier Mikhail Gorbachev was appointed president; 1992: The new, lighter 10p coin was introduced.
A Rangers thug who hit Hibs star Chic Charnley with a 10p coin was jailed for two months yesterday.
These cracks will often be wider than the thickness of a 10p coin and wider at the top.
QUEEN'S head facing up, Colin Montgomerie will maintain golf's quaintest superstition by marking his ball with a 10p coin on Carnoustie's subtle greens today.