The currency of England is pounds sterling, which are divided into 100 pence (in the singular - pennies). Bank designation: GBP. Now pounds are the reserve world currency. This contributes to a stable UK economy. At the moment, pounds make up one third of the world's foreign exchange reserves, despite the fact that they are inferior to the euro and the dollar. Inside England itself, paper notes and coins are in use. Recall that the UK is one of the few EU countries that refused to switch to the euro and left its national currency. This is partly due to the fact that the pounds are stable, and on the other hand, the pride of the inhabitants of the UK, who wished not to give up their national money, played a role.
The history of the appearance of the English currency
The history of this currency dates back to the time of the King of Mercia (East of England) Off. He first introduced the silver penny, which was widely used among the Anglo-Saxon states. Subsequently, 1200 years ago, around 775, the first British silver coins appeared. They were minted from a pound of pure silver, from which 240 coins were obtained - pound sterling. Since then it is the only national currency of England.
A bit of history
From the 8th to the 13th century, pennies were the most common coin in England. Despite the fact that there was smaller money, people preferred to cut it in half and quarters and use it for bargaining. Very few pennies were minted from gold, and such a coin was considered very rare and was equal to twenty silver.
Over time, new coins of various denominations were introduced, and accordingly the names: crown, penny (farthing), sovereign and guinea. More and more gold coins began to be minted. At the same time, their value decreased markedly. Over time, introduced copper, tin and metal coins. In 1660, coinage was transformed and began to produce forged. In 1937, nickel brass coins were introduced, and in 1947 silver coins were replaced with cupronickel.
Over time, new coins of various denominations were introduced, and accordingly the names: crown, penny (farthing), sovereign and guinea. More and more gold coins began to be minted. At the same time, their value decreased markedly. Over time, introduced copper, tin and metal coins. In 1660, coinage was transformed and began to produce forged. In 1937, nickel brass coins were introduced, and in 1947 silver coins were replaced with nickel silver.
Pound decimal system
In 1971 (February 15), the pound was converted to the decimal system to simplify calculations. Shillings and pennies were replaced with a single coin. The pound began to equal 100 pence, which was pronounced mainly as "pi". This helped to distinguish between old and new coinage during the transition to the decimal system. And in 1969, old coins began to gradually withdraw from circulation.
The first decimal coins were from cupronickel, and in 1971 they appeared from bronze, which was subsequently replaced with steel, previously coated with copper. The modern penny appeared in 1998. What is the current currency in England from previous coinage? Of the oldest coins, only copper remained.
Currency of England: origin of name, use
Sterling in English means "clean, good test." Hence the name of the English currency. The full name in the singular is pound sterling. It is used mainly in a formal context or, if necessary, as a difference from other similar in name currencies. In everyday life, reduced to the pound or sterling.Sterling is considered the oldest monetary unit in Europe, still in circulation.
Coins
The decimal system, which was switched to England in 1971, is still valid. Penny is usually denoted by the letter "p". What is the currency in England now? Banknotes and coins in denominations of 1, 2, 5, 10, 20 pence. There are one and two pounds. A portrait of Elizabeth II is minted on all coins, and a lettering is engraved around the edges, indicating "By the grace of God, Queen Protector of the Faith."
On the reverse side of the coins are depicted: the lattice of the abbey, the coat of arms of the Prince of Wales, thistle, lion, Tudor rose, leek and the symbol of the British Isles. On a two-pound coin, in addition to the abstraction symbolizing the technological development of England, there is an engraving "Standing on the shoulders of giants." These words belong to Isaac Newton. Crones can be found in everyday life to this day. They are considered legal money, like coins issued by the mint.
English banknotes
The currency of England in the form of banknotes was first issued in 1964 by the English Bank. The first pounds have face value: 5, 10, 20 and 50. On all of them, on one side, Queen Elizabeth II is depicted. This is the only monarch whose image was used on banknotes to avoid counterfeiting banknotes. On the reverse side of paper pounds is an image of various historically significant persons (natives of Great Britain): Elizabeth Fry, Charles Darwin, Edward Elgar, Adam Smith and John Hublon.
