The English national currency is not in vain considered the most stable in the world. The country does not accept any other units, except for pounds. The article will consider the history of the emergence of this currency, its value at present and other possible options for names.
History
When did the money of England appear? Their history originates from the Anglo-Saxons, where the monetary unit was a penny, which was previously used in the empire of the Romans. And the pound was a unit of weight that contained two hundred and forty pennies. Then the penny replaced sterling.
In medieval England, they began to mint coins made of pure silver, in which there were no impurities. This has become the standard of any state mint . But in the middle of the sixteenth century, when Henry the Second became king of England, he decided to save some of the state treasury. Coins were minted from 925 sterling silver, which contained about 7-8% of various impurities. Such money of England (photo of the coin is presented below) was used until the first quarter of the nineteenth century. Coins from such silver practically did not wear out and were in circulation for a long time.
However, long before that, there were gold pennies in circulation. In the middle of the fourteenth century they were replaced by silver ones. The fact is that by then silver pennies began to depreciate.
At the same time, the price of the pound began to rise significantly. But England’s money with a smaller denomination, on the contrary, lost its momentum. In the next century, the Scottish pound was equated with the British. But a century later, the pounds of Scotland were withdrawn from circulation. In Britain, only a pound became officially used.
At the turn of the 17-18 centuries, a huge amount of gold appeared in the country, and there was an equally large shortage of silver. This was due to the fact that foreign merchants brought here only "despicable metal." It was Great Britain that first began to use coins from it in the public domain.
At the end of the seventeenth century, an English bank was created. At the same time, a bank was established in Scotland. Together, they began to issue paper money, which became the first for England. The current money of England, the photo of which is presented below, originated in this period.
A little later, the pound began to spread throughout the world, as Great Britain turned into the British Empire and began to acquire colonies. Here, English money began to appear . The pound remained the same; only the word before it changed. He was Australian, Cypriot and so on. Territories that became colonies simultaneously entered the sterling zone.
In 1944, an agreement was concluded between the United States and Great Britain, according to which the exchange of national currencies was approved. One pound equated to four dollars. This agreement was called Bretton Woods. But after 10 years, England’s money fell 3 times. The dollar has become a stronger currency.
Current state
Now the pound is recognized as the national currency of the United Kingdom. One pound contains one hundred pence, which are issued in denominations of 50, 25, 20, 10, 5, 2, 1 pence. Pounds are also represented in coins. Banknotes are issued in denominations of 50, 20, 10 and 5 pounds. One side of the bill must contain an image of Elizabeth the Second. The other usually depicts one of England's foremost historical figures. In Northern Ireland and Scotland, banknote designs are different from those used in Foggy Albion.
England’s money is not completely economically stable; its exchange rate always depends on several factors.
Name Variability
Most often, when we talk about English money, we use the word "pound". But this puts some people in a stupor, because they think that the pound is the only correct name for the unit. In fact, everything is as follows: "pound sterling" - the name for official documents and papers. Even the British often use the word "pound". Also, the use of the term "sterling" is not uncommon. And it has a right to exist.
Conclusion
Thus, the money of England, the photos of which are given in this article, are valued higher than the dollar. Nevertheless, they are economically not so stable units, which in the course of their history has been repeatedly confirmed.