History of the Pound sterling
The value of the pound sterling in history emerged after its formation in 760. The pound sterling gained the position of official currency in 1707 when England and Scotland united to create a single country. To date, it is the oldest currency in the world. Australia, Canada, and New Zealand used it as a currency, being colonies of the British Empire.
In the late 19th century and the beginning of the 20th century, many countries used gold as a measure to determine their currency’s worth. Gold was made a standard, and all the currencies were calculated in relation to it. But in 1971, the United Kingdom took measures to make the pound float against other currencies.
When the Bank of England was established in 1694, it started to develop pound notes. The fun fact about the pound currency is that the notes were original. Later on, the system developed, and smaller units like shillings and pennies were introduced. With the advancement and need for currency, side lettering and feature designs were introduced in pound notes.
What are the different types of pound coins and banknotes in use today?
5, 10, 20, and 50 pounds are generally in use nowadays. Some countries, like Scotland, also print £1 notes, so it is rare. However, there are more coins, like 2, 5, 10, 1, 20, and 50 pennies. One- and two-pound coins are also in use. Sometimes special editions of pound banknotes are also printed, but there’s a very small chance you can have one.