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This exchange value of 97.5 piastres to the pound sterling continued until the early 1960s when Egypt devalued slightly and switched to a peg to the United States dollar, at a rate of E£1 = US$2.3. The Egyptian pound continued with its exchange rate of £E = £1 0s 6d sterling until the beginning of the 1960s.
Hence the Egyptian and Turkish units split from each other in value, with the Egyptian unit continuing its exchange value of 97.5 piastres to the pound sterling. In 1885, Egypt went into a purely gold standard , and the Egyptian pound unit, known as the juneih , was introduced at E£1 = 7.4375 grammes of fine gold.
The English word "pound" derives from the Latin expression lībra pondō, in which lībra is a noun meaning 'pound' and pondō is an adverb meaning 'by weight'. [ 1 ] [ 2 ] The currency's symbol is ' £ ' , a stylised form of the blackletter 'L' ( L {\displaystyle {\mathfrak {L}}} ) (from libra ), crossed to indicate abbreviation.
Time Period Ruling Dynasties Ref. Naqada: c. 3200-3150 BCE Naqada III: Tjenu c. 3150–2686 BCE First Dynasty Second Dynasty [2] Men-nefer c. 2686–2160 BCE c. 720–664 BCE 525–404 BCE 343–332 BCE Third Dynasty Fourth Dynasty Fifth Dynasty Sixth Dynasty Seventh Dynasty Eighth Dynasty Twenty-fifth Dynasty (Kush Empire)
Egyptian units of length are attested from the Early Dynastic Period. Although it dates to the 5th dynasty, the Palermo stone recorded the level of the Nile River during the reign of the Early Dynastic pharaoh Djer, when the height of the Nile was recorded as 6 cubits and 1 palm [1] (about 3.217 m or 10 ft 6.7 in).
In 1834, a decree was realised stating the forging of an Egyptian currency based on the two metals (gold and silver). In accordance with said decree, the minting of a currency in the shape of gold and silver Riyals began. In 1836, the Egyptian pound was first introduced and it became open for public use. [4]
The UK government devalued the pound sterling in November 1967 from £1 = $2.80 to £1 = $2.40. This was not welcomed in many parts of the sterling area, and, unlike in the 1949 devaluation, many sterling area countries did not devalue their currencies at the same time. This was the beginning of the end for the sterling area.
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