The pound sterling is the oldest existing currency, with origins that can be traced back to continental Europe.
The name of this currency comes from the Latin word “libra”, which refers to weight and balance. For more than 300 years the Bank of England has been the authority issuing pound banknotes, and all along this time these notes have suffered many changes.
The first pound coin did not appear until 1489, under the reign of Henry VII. Pound banknotes started circulating in England shortly after the foundation of the Bank of England in 1694, and were originally handwritten notes. The pound functioned with its complicated system of shillings and pennies until the arrival of the decimal system in 1971.
In 1660 coin minting was mechanized and features in its design such as the side lettering were introduced to help eradicate money-clipping.
The pound sterling has survived as an independent currency while most of the rest of Europe adopted the euro as single currency, which at the beginning of the 21st century seemed the likely destiny of the pound sterling too.
Regarding the “pound scots”, it existed until the 1707 Union Act created a new monetary system based on the value of the pound south of the Scottish border. The Bank of Scotland was created in 1695, just one year after the Bank of England, and it still survives today as part of HBOS, a subsidiary of the Lloyds Banking Group, based in Edinburgh.
Countries using the pound sterling
The pound sterling is the official currency of the United Kingdom (made up of England, Scotland, Wales and Northern Ireland).
Current pound sterling Coins and Banknotes
Right now there are five different denominations for banknotes in circulation, for 5, 10, 20 and 50 pounds. There are also £1 notes but they are a rarity as they are printed in Scotland. All pound notes include certain security measures. For more information about these, check the web page of the Bank of England.
Regarding to coins, the ones currently circulating are of 1, 2, 5, 10, 20 and 50 pennies and 1 and 2 pounds. Occasionally special editions of £5 coins are issued but their circulation is merely incidental.
Did you know?
- It is the oldest surviving independent currency.
- Around 980 A.D. one pound could buy 15 heads of cattle.
- The English expression Spend a penny means going to the bathroom, and it originated from the need to pay one penny for the use of a public WC. This practice started during The Great Exhibition of 1851.
Why changing currency with us is better than with your bank?
 Global Exchange | Your high-street bank | |||
|---|---|---|---|---|
| Number of curencies available | We have more than 13 currencies. We are specialists. | Only the most common ones. They don't pay much attention to this service and, moreover, they will always try to get you to leave with Dollars. | ||
| Currency availability | Immediate availability at our airport offices on the day of your trip. | The branch requests it from Head Office and it may take quite a long time to have the currency available, or they may not even have it. | ||
| Cost of the transaction | Only the exchange rate, with no commissions, and if you book online we guarantee you the best price. | Your bank's margin plus a commission. | ||
| Fractional currency so you can pay comfortably | Of course, because we think of you and your needs when you set foot in a foreign country. | No. Be prepared to hear refusals and complaints in a foreign language when you present a "large" bill. | ||
| Delivery options | We offer you the possibility of picking up your order at the airport. | You have to go to the bank twice: once to request the currency and once to pick it up, if they can get it for you, so you have to keep track of your money. | ||
| Opening hours | We are open 24 hours a day, 7 days a week. | Monday to Friday, from 8:30 am to 2:30 pm. |