Currency Rates for Pound Sterling
Bank Exchange Rates for U.K - United Kingdom - GBP -Pound Sterling - £. The foreign exchange rates for U.K, also known as the United Kingdom, ISO code GBP or the Pound Sterling currency and as a symbol £.
Sterling banknotes are denominated into £5, £10, £20 and £50 notes, and, whilst £100 notes are available, they are rarely seen or used, and £1 notes are no longer available. Coins in circulation in pound Sterling are available in denominations of 1p, 2p, 5p, 10p, 20p, 50p, £1 and £2. Whilst 3p, 4p, 25p, £5, £20, £100 and £500 coins are not seen and never used.
The British Pound, commonly known as the Pound Sterling is the official currency of the UK, British Antarctic Territory, the Isle of Man, South Georgia, South Sandwich Islands, Jersey, Tristan da Cunha, Guernsey and the South Sandwich Islands. It is one of the most traded currency in the global Foreign Exchange Market after the Euro, the United States Dollar, and Yen.
The origin of the Pound Sterling lies in the period of King Offa who introduced the Silver Penny. It was struck from fine silver. However, in 1160, Henry II introduced Tealby Penny which was struck from 93% silver. It was reduced to 15 grains during the reign of Henry IV. The Bank of England and the Bank of Scotland were found in 1694 and 1695 respectively and they both began to issue paper currency.
According to the Treaty of Union in 1707, the currency of the Great Britain was Pound Sterling. However, the Irish Pound continued to exist until 1827. British Pound Sterling was used in almost all of the British Empire and it is still the currency of the United Kingdom.
2. Coins and Paper Currency:
The silver penny was the principle coin in circulation from 8th to 13th century. The first decimal coin was introduced in 1968. The one pound coin was introduced in 1983. Today, the oldest circulating coins are the one and two penny copper coins introduced in 1970. No other coin from before 1975 is in circulation.
The State Treasure introduced banknotes for 1 and 10 pounds in 1914 which remained in circulation till 1928. These notes were reintroduced in 1964. 20 and 50 Pound notes were reintroduced in 1970 and 1981 respectively. The 5 Pounds polymer note was issued in 2000 which was the only polymer note in circulation till 2015-16. A polymer 10 Pound note was also introduced in 2017.
The Royal British Government produces notes named Titan and Giant. A Titan is one hundred million Pound note and Giant is one million Pound note. However, they are only used within the Banking system of the country.
Send Money Transfer to United Kingdom
Divided pence and pounds – 100 pence – or pennies- to one pound, Pound sterling is the official currency of The UK, Guernsey, Jersey, the British Antarctic Territory, Tristan da Cunha, the Isle of Man, the South Sandwich Isles and South Georgia. Pound Sperling is the only currency to have remained in continuous use since its introduction.
During decimalisation in 1971 the pound was declared as having 100 pence to the pound, before then, there was the equivalent of 240 pence to the pound - 12 pence to 1 shilling and 20 shillings to the pound. Bank Exchange Rates for Pound Sterling . The foreign exchange rates for United Kingdom also known as the ISO code GBP. Send money transfer online with us with the cheapest options.