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At present, the oldest circulating coins in the UK are the 1p and 2p copper coins introduced in No other coins from before are in circulation.
Prior to the demonetisation of the larger 10p in , the oldest circulating coins had usually dated from The first sterling notes were issued by the Bank of England shortly after its foundation in Denominations were initially handwritten on the notes at the time of issue.
The lowest two denominations were withdrawn after the end of the Napoleonic wars. The Bank of Scotland began issuing notes in From , the Royal Bank of Scotland also issued notes.
Both banks issued some notes denominated in guineas as well as pounds. With the extension of sterling to Ireland in , the Bank of Ireland began issuing sterling notes, later followed by other Irish banks.
From , new banks were excluded from issuing notes in England and Wales but not in Scotland and Ireland. Consequently, the number of private banknotes dwindled in England and Wales but proliferated in Scotland and Ireland.
The last English private banknotes were issued in These circulated until , when they were replaced by Bank of England notes. Irish independence reduced the number of Irish banks issuing sterling notes to five operating in Northern Ireland.
Scottish and Northern Irish banks followed, with only the Royal Bank of Scotland continuing to issue this denomination. UK notes include raised print e.
Three printing techniques are involved: The Bank of England produces notes named "giant" and "titan". Giants and titans are used only within the banking system.
As the central bank of the United Kingdom which has been delegated authority by the government, the Bank of England sets the monetary policy for the British pound by controlling the amount of money in circulation.
It has a monopoly on issuance of banknotes in England and Wales, and regulates the amount of banknotes issued by seven authorized banks in Scotland and Northern Ireland.
Unlike banknotes which have separate issuers in Scotland and Northern Ireland, all UK coins are issued by the Royal Mint , which is an independent enterprise wholly owned by the Treasury which also mints coins for other countries.
These currencies do not have ISO codes so "GBP" is usually used to represent all of them; informal codes are used where the difference is important.
British Overseas Territories are responsible for the monetary policy of their own currencies where they exist ,  and have their own ISO codes.
Legal tender in the United Kingdom is defined such that "a debtor cannot successfully be sued for non-payment if he pays into court in legal tender.
Strictly speaking it is necessary for the debtor to offer the exact amount due as there is no obligation for the other party to provide change.
Channel Islands and Isle of Man banknotes are legal tender only in their respective jurisdictions. Bank of England, Scottish, Northern Irish, Channel Islands, Isle of Man, Gibraltar, and Falkland banknotes may be offered anywhere in the UK, although there is no obligation to accept them as a means of payment, and acceptance varies.
For example, merchants in England generally accept Scottish and Northern Irish bills, but some unfamiliar with them may reject them.
In , the House of Commons Library published a research paper which included an index of prices in pounds for each year between and , where was indexed at Regarding the period — the document states: It goes on to say that "Since prices have risen in every year with an aggregate rise of over 27 times".
The value of the index in was 5. The index was 9. Inflation has had a dramatic effect during and after World War II: The pound is freely bought and sold on the foreign exchange markets around the world, and its value relative to other currencies therefore fluctuates.
Sterling is used as a reserve currency around the world and is currently ranked fourth in value held as reserves. From Wikipedia, the free encyclopedia.
For other uses, see GBP disambiguation. Joint Ministerial Committee Legislative consent motions Scotland. Economic history of the UK, — United Kingdom and the euro.
Coins of the pound sterling. Banknotes of the pound sterling. Money portal United Kingdom portal. Archived from the original on 20 January Retrieved 19 January Retrieved 28 July Dollar has been adopted as the official currency for all government transactions.
Archived from the original on 20 April Retrieved 17 April Archived from the original on 30 June Retrieved 30 June Frankfurter Allgemeine Zeitung in German.
Retrieved 14 February Retrieved 28 February Retrieved 19 February Studies Presented to F. Retrieved 16 September Halfpenny coin to meet its maker".
Retrieved 19 September Retrieved 28 December New England Merchants and the Opium Trade. Archived from the original on 14 June Around the World in Seventy-Two Days.
The Pictorial Weeklies Company. Retrieved 22 December Retrieved 27 January Oxford University Press, p. The Wall Street Journal. The IMF Crisis.
Retrieved 30 January Pound sterling in Euros". Retrieved 6 November Retrieved 5 March Retrieved 6 March Retrieved 6 April The New Pound Coin.
Archived from the original on 8 July Retrieved 8 July Retrieved 10 May Retrieved 13 May Why are they made to the same specifications as British coins?
Retrieved 23 March Retrieved 10 August Retrieved 24 March Archived from the original on 10 March Retrieved 10 March House of Commons Library.
Office for National Statistics Archived from the original on 3 April Retrieved 22 April Retrieved 12 May Historical Conversion of Currency" Retrieved 7 May A Retrospective on the Bretton Woods System: British investment overseas and exchange controls past—and future?
Developments and Perspectives Occasional Paper, No. An exploratory study By J. Standard Catalog of World Coins: Standard Catalog of World Paper Money: Bruce II and Neil Shafer editors 7th ed.
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The Tower system was referenced to a standard prototype found in the Tower of London and ran concurrently with the avoirdupois and troy systems until the reign of Henry VIII, when a royal proclamation dated required that the troy pound to be used for mint purposes instead of the Tower pound.
The Tower pound was equivalent to about grams. The London pound is that of the Hansa , as used in their various trading places. The London pound is based on 16 ounces, each ounce divided as the tower ounce.
It never became a legal standard in England; the use of this pound waxed and waned with the influence of the Hansa itself.
A London pound was equal to 7, troy grains 16 troy ounces or, equivalently, 10, tower grains 16 tower ounces. In the United States, the avoirdupois pound as a unit of mass has been officially defined in terms of the kilogram since the Mendenhall Order of According to a NIST publication, the United States pound differed from the international pound by approximately one part in 10 million.
The Byzantines used a series of measurements known as pounds Latin: It formed the basis of the Byzantine monetary system , with one litra of gold equivalent to 72 solidi.
Its weight seems to have decreased gradually from the original grams to Some outlying regions, especially in later times, adopted various local measures, based on Italian, Arab or Turkish measures.
Since the Middle Ages, various pounds livre have been used in France. Since the 19th century, a livre has referred to the metric pound , g.
The livre esterlin was equivalent to about The livre poids de marc or livre de Paris was equivalent to about This was a form of official metric pound.
The livre usuelle customary unit was defined as grams by the decree of 28 March It was abolished as a unit of mass effective 1 January by a decree of 4 July ,  but is still used informally.
Originally derived from the Roman libra, the definition varied throughout Germany in the Middle Ages and onward. The measures and weights of the Habsburg monarchy were reformed in by Empress Maria Theresia of Austria.
Bavarian reforms in and adopted essentially the same standard pound. In Prussia , a reform in defined a uniform civil pound in terms of the Prussian foot and distilled water, resulting in a Prussian pound of Between and , all German regions west of the River Rhine were French, organised in the departements: As a result of the Congress of Vienna, these became part of various German states.
However, many of these regions retained the metric system and adopted a metric pound of precisely grams. In , the pound of grams also became the official mass standard of the German Customs Union , but local pounds continued to co-exist with the Zollverein pound for some time in some German states.
Nowadays, the term Pfund is still in common use and universally refers to a pound of grams. The Russian pound Фунт, funt is an obsolete Russian unit of measurement of mass.
It is equal to From the 17th century onward, it was equal to In Norway, the same name was used for a weight of In Denmark, it equalled grams.
The Portuguese unit that corresponds to the pounds of different nations is the arratel , equivalent to 16 ounces of Colonha , a variant of the Cologne standard.
This arratel was introduced in by Manuel I, king of Portugal. In the early 19th century, the arratel was evaluated at g. In the 15th century, the arratel was of 14 ounces of Colonha or There were also arratels of The Troyes or Tria standard was also used.
A Jersey pound is an obsolete unit of mass used on the island of Jersey from the 14th century to the 19th century. It was equivalent to about 7, grains grams.
It may have been derived from the French livre poids de marc. The trone pound is one of a number of obsolete Scottish units of measurement.
It was equivalent to between 21 and 28 avoirdupois ounces about grams. In many countries, upon the introduction of a metric system , the pound or its translation became an informal term for grams.
Traditionally about grams, the jin has been in use for more than two thousand years, serving the same purpose as "pound" for the common-use measure of weight.
Hundreds of older pounds were replaced in this way. Examples of the older pounds are one of around to grams in Spain, Portugal, and Latin America; one of Although the use of the pound as an informal term persists in these countries to a varying degree, scales and measuring devices are denominated only in grams and kilograms.
A pound of product must be determined by weighing the product in grams as the use of the pound is not sanctioned for trade within the European Union.
Smoothbore cannon and carronades are designated by the weight in imperial pounds of round solid iron shot of diameter to fit the barrel. A cannon that fires a six-pound ball, for example, is called a six-pounder.
Standard sizes are 6, 12, 18, 24, 32 and 42 pounds; pounders also exist, and other nonstandard weapons use the same scheme.
A similar definition, using lead balls, exists for determining the gauge of shotguns. From Wikipedia, the free encyclopedia. Not to be confused with Pound sterling.
For the unit of weight or force , see Pound force. French units of measurement. Retrieved 28 April National Bureau of Standards Research Highlights of the National Bureau of Standards.
Department of Commerce, National Bureau of Standards. Retrieved 12 July Re-determination of the values of the imperial standard pound and of its parliamentary copies in terms of the international kilogramme during the years and ; Sizes.