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The pound sterling (symbol: £; ISO 4217 currency code: GBP) is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, British Antarctic Territory, South Georgia and the South Sandwich Islands, and Tristan da Cunha. The Bank of England has a legal monopoly of banknote issuance in England and Wales.
Sterling (ISO code: GBP) is the currency of the United Kingdom and nine of its associated territories. [3] The pound is the main unit of sterling, [4] [c] and the word pound is also used to refer to the British currency generally, [7] often qualified in international contexts as the British pound or the pound sterling. [4]
The Bank of England, which is now the central bank of the United Kingdom, British Crown Dependencies and British Overseas Territories, has issued banknotes since 1694. In 1921 the Bank of England gained a legal monopoly on the issue of banknotes in England and Wales, a process that started with the Bank Charter Act 1844, when the ability of other banks to issue notes was restricted.
Prior to decimalisation in 1971, there were 12 pence (written as 12d) in a shilling (written as 1s or 1/-) and 20 shillings in a pound, written as £1 (occasionally "L" was used instead of the pound sign, £). There were therefore 240 pence in a pound. For example, 2 pounds 14 shillings and 5 pence could have been written as £2 14s 5d or £2/14/5
Malta also created a fractional unit worth 1 ⁄ 1000 of a pound, called the "mil", worth slightly less than a farthing (0.24 old pence). A new base unit (often called the "dollar") was created equal to ten shillings (half a pound), and subdivided into 100 fractional units, with one fractional unit (usually called the "cent") equal to 1 ⁄ 10 ...
The pound sign (£) is the symbol for the pound unit of sterling – the currency of the United Kingdom and its associated Crown Dependencies and British Overseas Territories and previously of Great Britain and of the Kingdom of England. The same symbol is used for other currencies called pound, such as the Egyptian and Syrian pounds.
The previous series of Royal Bank of Scotland notes, originally issued in 1987, is in the process of being replaced by a polymer series: the Committee of Scottish Bankers encouraged the public to spend or exchange non-polymer five and ten pound notes before 1 March 2018, [7] and twenty and fifty pounds before 30 September 2022.
An old value of 7 pounds, 10 shillings, and sixpence, abbreviated £7-10-6 or £7:10s:6d. became £7.52 1 / 2 p. Amounts with a number of old pence which was not 0 or 6 did not convert into a round number of new pence. The Irish pound had the same £sd currency structure, and the same decimalisation was carried out.