The
fascinating world of British Pound sterling: A journey through time and money British Pound sterling, also known as GBP, is the official currency of the United Kingdom. It has a long and rich history, dating back to the Anglo-Saxon period. Over the centuries, the pound has gone through several transformations, both in its physical attributes and its value as a medium of exchange. In this article, we'll take a closer look at some of the lesser-known facts about the British pound sterling. 1. Meaning behind the "£" symbol The "£" symbol used to represent the British pound has a peculiar origin. It actually comes from the Latin word "libra," which means weight or balance. The symbol was first used in the 8th century by merchants who traded goods across Europe. They would weigh their merchandise on a set of scales and then mark it with the "£" symbol to indicate its value. 2. Penny sterling One British pound is divided into 100 pence, which is known as "penny sterling." The term "sterling" originated from the Norman conquest of England in 1066. The Normans introduced a type of silver penny called "esterlin," which became the standard currency of England. Today, pence coins come in denominations of 1, 2, 5, 10, 20, and 50. 3. The oldest banknote in circulation The Bank of England is the central bank of the United Kingdom and responsible for issuing banknotes. The current design of the banknotes featuring historical figures such as Queen Elizabeth II, Florence Nightingale, and Winston Churchill, was introduced in 2016. The £50 note has the honor of being the oldest banknote still in circulation, with the design first appearing in 1725. 4. The "tanner" Before decimalization in 1971, the British currency system was based on the pound, shilling, and pence. A shilling was worth 12 pence, and a penny was divided into four farthings. A tanner was a colloquial term for a sixpence, which was equal to half a shilling. The term "tanner" originated from the fact that the coin was made of silver, which was also known as "tinned iron." 5. The pound's international status The British pound sterling has been one of the most widely traded currencies in the world for many years. The pound is also the third most held reserve currency after the US dollar and the euro. Its role as a global currency is due in part to the historical importance of the UK as a colonial power and the strength of the British economy. 6. The "sailing crown" The crown coin is an old British coin that was worth five shillings. It was originally introduced in 1544 during the reign of Henry VIII. The term "sailing crown" was coined (pun intended) because sailors would often use the coin to smuggle goods across borders. They would hollow out the center of the crown and fill it with contraband, making it appear as if it was just a regular coin. In conclusion, the British pound sterling is not just a medium of exchange but also a rich cultural and historical artifact. Its evolution over the centuries reflects the changes in the British economy and society. Despite the emergence of digital currencies, the pound remains a vital part of the UK economy, and its future looks bright.
