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 ?
Stuart's spider was the size of a 10p coin and he had left by the side gate to avoid breaking the web himself.
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.
Louise, from Caerau, Cardiff, was devastated when she saw a bald patch the size of a 10p coin on the back of her beautiful baby's head of pure white hair.
An internal Treasury report reveals that the 10p coin is piling up in our purses and pockets as people find it an increasing struggle to find anything worth spending it on.
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.
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 chips, which are about the size of a 10p coin and have their own serial number, are sewn into the kilts instead of labels.
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.
These cracks will often be wider than the thickness of a 10p coin and wider at the top.
and it with your Too many players putter on the out of the a 10p coin will to keep your to the the At the 17th in the last round at Oak Hill, Jason Dufner hit a perfect tee shot and yet he was still 40 yards behind Rory.