The English currency is called the pound sterling, which in one unit contains 100 pence. In the singular, they are called fines. Despite the fact that the pounds are inferior to the dollar and the euro, they make up a third of the world's foreign exchange reserves. British money was able to maintain its independence from the European Union when the country refused to switch to another currency and left the national one.
English currency creation
The history of its creation dates back to the king of Mercia Off, who ruled in East Anglia. It was this monarch who first introduced the silver penny, which immediately became widespread. After 12 centuries, official coins began to be minted in Britain. They were also made of pure silver. Then came the pounds sterling.
origin of name
Since then, so-called English money. In this language, sterling means "good test, clean." The second component of the name of the currency was taken a measure from which coins were minted. The result was a pound sterling (singular). This name is used for official distinction from similar sounding of currencies. In everyday life, English money sounds easier - sterling or pound.
Unusual currency history
This is the oldest currency that still exists in global circulation. The first money in England appeared along with money changers. These were master jewelers. They kept precious metals and products from them brought by other people. For things issued receipts, which began to be considered the first paper money.
Later they began to be produced in large quantities, but were provided with a minimum of gold. Loans began to be issued. For the use of money interest was paid. Moreover, the amount of loans was much larger than the available assets. King Henry I decided to fight the scammers.
He took away from jewelers the right to issue money and created a system of graduated rails, which lasted until 1826. The denomination was indicated by notches. The rail split along them and circulated. One part remained with the monarch, as proof of the authenticity of a kind of currency.
After Queen Mary came to power, minted English money from gold and silver began to hide. The result was an economic downturn. When Elizabeth I came to power, the issue of money was already completely controlled. Coins began to be minted only in the royal treasury.
Gold coins were rare and amounted to 20 silver. Over time, other denominations appeared, which began to be called:
- crown;
- penny;
- sovereign;
- guinea.
Much more gold was minted, but the value of such money decreased accordingly. Over time, coins made of metal, copper and tin came into circulation. In 1660, coinage changed, and forged were first released. In 1937, nickel-brass coins appeared, in 1947 - cupronickel.
Decimal pound system
In February 1971, a decimal system appeared to simplify calculations. The government replaced the pennies and shillings with one coin. One pound has become equal to 100 pence. This distinguished between old and new coinage. In 1969, the old monetary units began to be withdrawn from circulation.
The first coins of the decimal system were made of cupronickel. In 1971, minting of bronze money began. Over time, it was replaced by steel coated with copper. Modern coins appeared in 1998. Of the old samples, only copper remained. At that time, the pound against the ruble was 1: 24.6966. This value changes annually.
Description of English coins and banknotes
What is the money in the UK now? The decimal system is still in effect. The official currency of the country is pound sterling. In everyday life there are denominations and coins in denominations (in pence):
There is money in use at 1 and 2 pounds. The coins depict Elizabeth II, along the edges of the money - letter engraving. On the reverse side is minted:
- lattice of the abbey;
- thistle;
- Tudor rose;
- coat of arms of the prince of Wales;
- symbol of the British Isles;
- a lion;
- leek.
Crowns are still in circulation and are considered legal money. The first banknotes were issued by the English Bank in 1964. They have the advantage:
All depict Elizabeth II. On the reverse side are prominent figures from the history of the country.
Rate
The British currency is one of the most expensive in the whole world. The pound against the ruble stood at 1: 95.3. This is the data of the Central Bank of Russia. Despite the fact that the British currency is somewhat weakening, the demand for pounds remains the same. The pound exchange rate in relation to other currencies remains practically stable. To the euro - 1: 1.239, to the American dollar - 1: 1.413, to the Swiss franc - 1: 1.348.