British Money

British Money

The United Kingdom’s official currency is (£ / GBP) POUND STERLING.Despite being a member of the European Union, the UK has not adopted the euro.A number of nations that do not use Sterling, they use Pound. At various times, the pound sterling was commodity money or bank notes backed by silver or gold, but it is currently Fiat Money. Various banks in the United Kingdom are permitted to issue banknotes. The bank of England issues notes for use in England and Wales. The bank of Scotland and Clydesdale Bank issue notes for Scotland. Notes in Northern Ireland are issued by bank of Ireland, First trust bank, Danske bank and Ulster bank. However, notes issued by the Scottish and Northern Irish are not actually legal tender.


Pond sterling currency is made up of several coins and notes.There are 100 pence (p) to the pound (£). Notes come in denominations of £5, £10, £20 and £50. Coins come in 1p, 2p, 5p, 10p, 20p, 50p, £1 and £2. The pound is generally a stable currency and its exchange rate can be determined by the internet. There are numerous currency exchange offices in London, mostly inside banks, with travel agents and post offices, as well as London airport and major train station. A good tip is to ask how many pounds you will receive in total after all charges have been deducted. It's worth shopping around to get the best deal – compare the exchange rates on offer and don't forget to ask about commission.


Credit cards – especially Visa and MasterCard – are widely accepted in London's restaurants, bars, cafés and shops. American Express and Diners Club cards are less commonly accepted. One can see a cash machine in small super markets or corner shops. One should check before using these machines as they are like to charge some fees for each transaction. Many cash machines also provide the facility to top up your mobile phone credit.Most of the cash machines accept cards with Visa, Plus, MasterCard, Cirrus or Maestro symbols. Some of the systems are recognized but it’s good to check with the bank or card company before you travel. If you have a non UK account you will most certainly have to pay a charge when you withdraw cash. Make sure you have all the details from your bank to avoid any confusion. When in Rome do like Romans, so when in London speak like Londoners. You will usually hear British people say "pee" rather than pence, as in 50p (50 pee). More colloquially, a pound is known as a "quid", a five pound note is a "fiver" and a ten pound note a "tenner”.
The official full name pound sterling (plural: pounds sterling) is used mainly in formal language and also to distinguish the currency used within the United Kingdom from others that have the same name. (GBP = Great British Pound).As a unit of currency, the term pound originates from the value of one pound Tower weight of high purity silver known as sterling silver. Sterling silver is an alloy of silver containing 92.5% pure silver and 7.5% other metals, usually copper. The word sterling is believed to come from the Old Norman French esterlin (meaning little star) transformed in stiere in Old English (strong, firm, immovable).The currency sign is the pound sign, originally ₤ with two cross-bars, then later more commonly £ with a single cross-bar. The pound sign derives from the '£sd' pronounced, and sometimes written as 'LSD'. The abbreviation comes from librae, solidi, denarii (libra was the basic Roman unit of weight; the solidus and denarius were Roman coins). '£sd' was the popular name for the pre-decimal currencies pounds, shillings, pence of the Britain and other countries. When we write amounts of money in figures, the pound symbol £ is always shown in front of the figures. For example: 'three hundred pounds' '£300'.

If an amount of money consists only of pence, we put the letter 'p' after the figures. For example: 20p is often pronounced "twenty pee" rather than "twenty pence". The singular of pence is "penny". Also in existence are £1 million notes and £100 million notes.

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