Exchange rates for the British Pound

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Last updated: 2020/11/27 19:24

Information about the British Pound (GBP)

NamesBritish Pound, Pound, Sterling
Other names£1 = 100 pence, £1 = 1 quid
Market abbreviationGBP
Bank notes£5, £10, £20, £50, £100
Coins1 pence, 2 pence, 5 pence, 10 pence, 20 pence, 50 pence, £1, £2
Central bankBank of England (BOE)
Countries in use9 countries: United Kingdom (Britain, Northern Ireland, Scotland, Whales), Falkland Islands, Gibraltar, Guernsey, Isle of Man, Jersey, Tristan da Cunha, Saint Helena, South Georgia and the South Sandwich Islands
Population using70 million
Brief historyThe modern British Pound has been in use since 1694 when the Bank of England was founded. Before the Euro, the British Pound was initially part of the European Monetary Union that fixed exchange rates between European currencies. In 1992, a currency crisis caused the Bank of England to withdraw the British Pound from the European Monetary Union and devalue it overnight. Since 1992 the British Pound has remained an independent currency managed exclusively by the Bank of England.