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 ?
Due to massive depreciation of British currency, which may take 6 months to go back to its old value, and possible decline in overall income of the British people (British GDP) Pakistani exports are less likely to increase unless Pakistan exchange rate is also depreciated which is currently overvalued.
Alas, he appears to be still struggling with British currency, despite playing here for five years.
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He describes entrepreneurial families like the Rothschilds; Jewish banks and how the Jews sustained the British currency through the wars; and their participation in the jewelry trade, clothing manufacturing, coal mining, iron production, oil exploration, chemicals, the media, the tourism industry, the food industry, the automobile industry, show business, gambling, housing development, and information technology.
A current Persian website--Asr-e Iran--nostalgically laments that while the Iranian national currency unit--the Shahi--was equal to one shilling or one-twentieth of the English pound in the 16th century, the value of today's rial is officially equal to 1/19,500 of the British currency and its free market rate as little as1/30,000.
A British currency trader who grabbed headlines for spending AED 217,000 (US $62,000) on Champagne in a Dubai nightclub has been arrested at the request of the UK's financial regulators.
At first, the fake notes were circulated in neutral Portugal and Spain with the double objective of raising money for the Nazi cause and creating a lack of confidence in the British currency.
Exports of the notes, which were manufactured by British currency printer De La Rue, had previously been blocked, to comply with UN sanctions.
Whether they simply counterfeited the coins and banknotes, or reduced their value by clipping round the edge and selling the excess silver, the coiners were undermining the value and integrity of the British currency.

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