English money: description and photo

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

The British currency is called the pound sterling, one unit of which contains 100 pence. In the singular they are called pen alties. Despite the fact that the pounds sterling is 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.

Creation of the British currency

The story of its creation goes back to King Offa of Mercia, who ruled in East Anglia. It was this monarch who first introduced the silver penny into circulation, 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 the name

Since then, this is how English money is called. In this language, sterling means "good sample, clean." The second component of the name of the currency was the measure from which the coins were minted. The result is the pound sterling (singular). This name is used for official distinction from similar sounding currencies. In everyday life, English money sounds simpler - sterling or pound.

An unusual history of the currency

This is the oldest currency that still exists in world circulation. The first money in England appeared along with money changers. They were master jewelers. They kept precious metals and products from them brought by other people. Receipts were issued for things, which began to be considered the first paper money.

Later they began to be produced in large quantities, but were backed by a minimum of gold. Loans began to be issued. Interest was paid for the use of money. Moreover, the amounts of loans were much larger than the assets available. King Henry I decided to fight the scammers.

He took away the right to issue money from jewelers and created a system of measuring rails, which lasted until 1826. The denomination was indicated by notches. The rake was split along them and put into circulation. One part remained with the monarch, as proof of the authenticity of a kind of currency.

After the coming to power of Queen Mary, minted English money from gold and silver began to be hidden. The result was an economic recession. 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 equaled 20 silver. Over time there have been othersdenominations that began to be called:

• crown;
• grosz;
• sovereign;
• guinea.

Gold began to be minted much more, but the value of such money decreased accordingly. Over time, coins made of metal, copper and tin came into circulation. In 1660, the coinage changed, and forged ones were issued for the first time. Nickel-brass coins appeared in 1937, cupronickel coins appeared in 1947.

Decimal pound system

In February 1971, the decimal system was introduced to simplify calculations. The government replaced pennies and shillings with one coin. One pound became equal to 100 pence. This demarcated the 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 from cupronickel. In 1971, the minting of money from bronze began. Over time, it was replaced with copper-plated steel. Modern coins appeared in 1998. Of the old samples, only copper ones remained. At that time, the pound sterling to the ruble was 1:24, 6966. This value changes every year.

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 the pound sterling. In everyday life there are bills and coins in denominations (in pence):

• 1;
• 2;
• 5;
• 10;
• 20.

There are money in use for 1 and 2 pounds. Elizabeth II is depicted on the coins, along the edges of the money there is a letter engraving. On the other sideminted:

• Abbey grate;
• thistle;
• tudor rose;
• arms of the Prince of Wales;
• symbol of the British Isles;
• lion;
• leeks.

Crowns are still in circulation and are considered legal money. The first banknotes were issued by the Bank of England in 1964. They have the denomination:

• 5;
• 10;
• 20;
• 50.

All depict Elizabeth II. On the reverse side, prominent figures from the history of the country are drawn.

Currency rate

The British currency is one of the most expensive in the world. The pound sterling exchange rate against the ruble froze at 1:95, 3. This is the data of the Central Bank of Russia. Despite the fact that the British currency is weakening somewhat, the demand for pounds remains the same. The pound sterling exchange rate in relation to other currencies remains practically stable. To the euro - 1:1, 239, to the US dollar - 1:1, 413, to the Swiss franc - 1:1, 348.