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Pound sterling - Wikipedia

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1Names

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1.1Etymology

1.2Symbol

1.3Currency code

1.4Cable

1.5Slang terms

2Crown Dependencies and British Overseas Territories

3Subdivisions and other units

Toggle Subdivisions and other units subsection

3.1Decimal coinage

3.2Pre-decimal

4History (600–1945)

Toggle History (600–1945) subsection

4.1Anglo-Saxon

4.2Medieval, 1158

4.3Edward III, 1351

4.4Henry IV, 1412

4.5Great slump, 1464

4.6Tudor, 1551

4.71601 to 1816

4.8Establishment of modern currency

4.9Currency of Great Britain (1707) and the United Kingdom (1801)

4.10Use in the Empire

4.11Gold standard

4.12First world war: suspension of the gold standard

4.13Interwar period: gold standard reinstated

4.14World War II

5History (1946–present)

Toggle History (1946–present) subsection

5.1Bretton Woods

5.2Decimalisation

5.3Free-floating pound

5.41976 sterling crisis

5.51979–1989

5.6Following the Deutsche Mark

5.7Following the European Currency Unit

5.8Following inflation targets

5.9Euro

5.10Recent exchange rates

5.11Annual inflation rate

6Coins

Toggle Coins subsection

6.1Pre-decimal coins

6.2Decimal coins

7Banknotes

Toggle Banknotes subsection

7.1Polymer banknotes

8Monetary policy

9Legal tender and national issues

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9.1Pegged currencies

10Value

11Exchange rate

12Reserve

13See also

14Footnotes

15References

16Further reading

17External links

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Pound sterling

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From Wikipedia, the free encyclopedia

Official currency of the United Kingdom and other territories

"GBP" redirects here. For other uses, see GBP (disambiguation).

Sterling

£1 coin (obverse)Series G £50 banknote

ISO 4217CodeGBP (numeric: 826)Subunit0.01UnitUnitpoundPluralpoundsSymbol£‎DenominationsSubunit 1⁄100pennyPlural pennypenceSymbol pennypBanknotes Freq. used£5£10£20£50 Rarely used£1[a]£100[a]Coins1p2p5p10p20p50p£1£2DemographicsDate of introductionc. 800; 1224 years ago (800)User(s)United Kingdomsee § Crown Dependencies and British Overseas Territories, belowIssuanceCentral bankBank of England Websitewww.bankofengland.co.ukPrinterDe La Rue[1]MintRoyal Mint Websitewww.royalmint.comValuationInflation4.2% or 4.0% SourceOffice for National Statistics, 14 February 2024[2] MethodCPIH or CPIPegged bysee § Pegged currencies

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vte

Sterling (ISO code: GBP) is the currency of the United Kingdom and nine of its associated territories.[3] The pound (sign: £) is the main unit of sterling,[4] and the word "pound" is also used to refer to the British currency generally,[5] often qualified in international contexts as the British pound or the pound sterling.[4]

Sterling is the world's oldest currency that is still in use and that has been in continuous use since its inception.[6] In 2022, it was the fourth most-traded currency in the foreign exchange market, after the United States dollar, the euro, and the Japanese yen.[7] Together with those three currencies and Renminbi, it forms the basket of currencies which calculate the value of IMF special drawing rights. As of late 2022, sterling is also the fourth most-held reserve currency in global reserves.[8]

The Bank of England is the central bank for sterling, issuing its own banknotes, and regulating issuance of banknotes by private banks in Scotland and Northern Ireland. Sterling banknotes issued by other jurisdictions are not regulated by the Bank of England; their governments guarantee convertibility at par. Historically, sterling was also used to varying degrees by the colonies and territories of the British Empire.

Names

"Sterling" is the name of the currency as a whole while "pound" and "penny" are the units of account. This is analogous to the distinction between "renminbi" and "yuan" when discussing the official currency of the People's Republic of China.

Etymology

Further information: Sterling silver § Etymology

There are various theories regarding the origin of the word "sterling". The Oxford English Dictionary states that the "most plausible" etymology is a derivation from the Old English steorra for "star" with the added diminutive suffix "-ling", to yield "little star". The reference is to the silver penny used in Norman England in the twelfth century, which bore a small star.[9]

Another argument, according to which the Hanseatic League was the origin of both its definition and manufacture as well as its name is that the German name for the Baltic is "Ostsee", or "East Sea", and from this the Baltic merchants were called "Osterlings", or "Easterlings".[10] In 1260, Henry III granted them a charter of protection and land for their Kontor, the Steelyard of London, which by the 1340s was also called "Easterlings Hall", or Esterlingeshalle.[11] Because the League's money was not frequently debased like that of England, English traders stipulated to be paid in pounds of the "Easterlings", which was contracted to "'sterling".[12] The OED dismisses this theory as unlikely, since the stressed first syllable would not have been elided.[9]

Encyclopædia Britannica states the (pre-Norman) Anglo-Saxon kingdoms had silver coins called "sterlings" and that the compound noun "pound sterling" was derived from a pound (weight) of these sterlings.[13]

The English word "pound" derives from the Latin expression lībra pondō, in which lībra is a noun meaning 'pound' and pondō is an adverb meaning 'by weight'.[14][15]

Symbol

Main article: Pound sign

The currency sign for the pound unit of sterling is £, which (depending on typeface) may be drawn with one or two bars:[16] the Bank of England has exclusively used the single bar variant since 1975.[17][18] Historically, a simple capital L (in the historic black-letter typeface,

L

{\displaystyle {\mathfrak {L}}}

) placed before the numerals, or an italic l. after them, was used in newspapers, books and letters.[19] The Royal Mint was still using this style of notation as late as 1939.[20] The glyphs Ł and Ⱡ may occasionally be encountered.[21] Use of the letter ⟨L⟩ for pound derives from medieval Latin documents: "L" was the abbreviation for libra, the Roman pound (weight), which in time became an English unit of weight defined as the tower pound. A "pound sterling" was literally a tower pound (weight) of sterling silver.[22][23] In the British pre-decimal (duodecimal) currency system, the term £sd (or Lsd) for pounds, shillings and pence referred to the Roman libra, solidus, and denarius.[13]

Notable style guides recommend that the pound sign be used without any abbreviation or qualification to indicate sterling (e.g., £12,000).[24][25][26] The ISO 4217 code "GBP" (e.g., GBP 12,000 or 12,000 GBP) may also be seen should disambiguation become necessary.

Currency code

The ISO 4217 currency code for sterling is "GBP",[27] formed from the ISO 3166-1 alpha-2 code for the United Kingdom ("GB") and the first letter of "pound".[28]

In historical sources and some specialist banking uses, the abbreviation stg (in various styles) has been used to indicate sterling.[29][30] Many stocks on the London Stock Exchange are quoted in penny sterling, using the unofficial code "GBX".[31]

Cable

Main article: Cable (foreign exchange)

The exchange rate of sterling against the US dollar is referred to as "cable" in the wholesale foreign exchange markets.[32] The origins of this term are attributed to the fact that from the mid-19th century, the sterling/dollar exchange rate was transmitted via transatlantic cable.[33]

Slang terms

Historically almost every British coin had a widely recognised nickname, such as "tanner" for the sixpence and "bob" for the shilling.[34] Since decimalisation these have mostly fallen out of use except as parts of proverbs.

A common[35] slang term for the pound unit is "quid" (singular and plural, except in the common phrase "quids in").[36] The term may have come via Italian immigrants from scudo, the name for a number of currency units used in Italy until the 19th century; or from Latin quid via the common phrase quid pro quo, literally, "what for what", or, figuratively, "An equal exchange or substitution".[37] The term "nicker" (also both singular and plural) may also refer to the pound.[35]

Crown Dependencies and British Overseas Territories

The currency of all the Crown Dependencies (Guernsey, Jersey, Isle of Man) and most British Overseas Territories (British Antarctic Territory;[38][39], Falkland Islands and South Georgia and the South Sandwich Islands; Gibraltar; Saint Helena, Ascension Island and Tristan da Cunha)[40] is either sterling or is pegged to sterling at par.

Some British Overseas Territories have a local currency that is pegged to the U.S. dollar or the New Zealand dollar. The Sovereign Base Areas of Akrotiri and Dhekelia (in Cyprus) use the euro.

Subdivisions and other units

Decimal coinage

Since decimalisation on Decimal Day in 1971, the pound has been divided into 100 pence (denoted on coinage, until 1981, as "new pence"). The symbol for the penny is "p"; hence an amount such as 50p (£0.50) properly pronounced "fifty pence" is often pronounced "fifty pee" /fɪfti piː/. The old sign d was not reused for the new penny in order to avoid confusion between the two units. A decimal halfpenny (1/2p, worth 1.2 old pennies) was issued until 1984 but was withdrawn due to inflation.[41]

Pre-decimal

Sterling(pre-decimal)

1d coin issued in 19671s coin issued in 1963

UnitUnitpoundPluralPoundsSymbol£‎DenominationsSuperunit 1.05GuineaSubunit 1⁄20Shilling 1⁄240PennyPlural ShillingShillings PennyPenceSymbol Shillings or / PennydBanknotes Freq. used10/–£1£5 Rarely used£10£20£50£100£200£500£1,000[17]Coins1⁄4d1⁄2d1d3d6d1/–2/–2/65/–This infobox shows the latest status before this currency was rendered obsolete.

Main article: £sdFurther information: Coins of the pound sterling and List of British banknotes and coins

The Hatter's hat shows an example of the old pre-decimal notation: the hat costs 10/6 (ten shillings and sixpence, a half guinea).

Before decimalisation in 1971, the pound was divided into 20 shillings, and each shilling into 12 pence, making 240 pence to the pound. The symbol for the shilling was "s." – not from the first letter of "shilling", but from the Latin solidus. The symbol for the penny was "d.", from the French denier, from the Latin denarius (the solidus and denarius were Roman coins). A mixed sum of shillings and pence, such as 3 shillings and 6 pence, was written as "3/6" or "3s. 6d." and spoken as "three and six" or "three and sixpence" except for "1/1", "2/1" etc., which were spoken as "one and a penny", "two and a penny", etc. 5 shillings, for example, was written as "5s." or, more commonly, "5/–" (five shillings, no pence).

Various coin denominations had, and in some cases continue to have, special names, such as florin (2/–), crown (5/–), half crown (2/6d), farthing (1⁄4d), sovereign (£1) and guinea (21s, 21/–, £1–1–0 or £1.05 in decimal notation).

By the 1950s, coins of Kings George III, George IV and William IV had disappeared from circulation, but coins (at least the penny) bearing the head of every British monarch from Queen Victoria onwards could be found in circulation. Silver coins were replaced by those in cupro-nickel in 1947, and by the 1960s the silver coins were rarely seen. Silver/cupro-nickel sixpences, shillings (from any period after 1816) and florins (2 shillings) remained legal tender after decimalisation (as 2½p, 5p and 10p respectively) until 1980, 1990 and 1993 respectively, but are now officially demonetised.[42][43]

History (600–1945)

A pound = 20 shillings = 240 silver pennies (formerly)

The pound sterling emerged after the adoption of the Carolingian monetary system in England c. 800. Here is a summary of changes to its value in terms of silver or gold until 1816.[44][45]

Value of £1 sterling in grams and troy ounces

year

silver

gold

grams

troy ounces

grams

troy ounces

800

349.9 g

11.25 ozt

–

–

1158

323.7 g

10.41 ozt

–

–

1351

258.9 g

8.32 ozt

23.21 g

0.746 ozt

1412

215.8 g

6.94 ozt

20.89 g

0.672 ozt

1464

172.6 g

5.55 ozt

15.47 g

0.497 ozt

1551

115.1 g

3.70 ozt

10.31 g

0.331 ozt

1601

111.4 g

3.58 ozt

variable

1717

111.4 g

3.58 ozt

7.32238 g

0.235420 ozt

1816

–

–

7.32238 g

0.235420 ozt

Anglo-Saxon

This section needs additional citations for verification. Please help improve this article by adding citations to reliable sources in this section. Unsourced material may be challenged and removed.Find sources: "Pound sterling" – news · newspapers · books · scholar · JSTOR (July 2021) (Learn how and when to remove this template message)

See also: History of the English penny (c. 600 – 1066)

King Offa penny (eighth century)[46]

The pound was a unit of account in Anglo-Saxon England. By the ninth century it was equal to 240 silver pence.[47]

The accounting system of dividing one pound into twenty shillings, a shilling into twelve pence, and a penny into four farthings was adopted[when?] from the livre carolingienne system introduced by Charlemagne to the Frankish Empire.[citation needed] The penny was abbreviated to "d", from denarius, the Roman equivalent of the penny; the shilling to "s" from solidus (written with a long s, ſ, later evolving into a simple slash, /); and the pound to "L" (subsequently £) from Libra or Livre.[when?]

The origins of sterling lie in the reign of King Offa of Mercia (757–796), who introduced a "sterling" coin made by physically dividing a Tower pound (5,400 grains, 349.9 grams) of silver into 240 parts.[48] In practice, the weights of the coins were not consistent, 240 of them seldom added up to a full pound; there were no shilling or pound coins and these units were used only as an accounting convenience.[49]

Halfpennies and farthings worth 1⁄2 and 1⁄4 penny respectively were also minted, but small change was more commonly produced by cutting up a whole penny.[50]

Medieval, 1158

Penny of Henry III, 13th century

The early pennies were struck from fine silver (as pure as was available). In 1158, a new coinage was introduced by King Henry II (known as the Tealby penny), with a Tower Pound (5,400 grains, 349.9 g) of 92.5% silver minted into 240 pennies, each penny containing 20.82 grains (1.349 g) of fine silver.[44] Called sterling silver, the alloy is harder than the 99.9% fine silver that was traditionally used, and sterling silver coins did not wear down as rapidly as fine silver ones.

The introduction of the larger French gros tournois coins in 1266, and their subsequent popularity, led to additional denominations in the form of groats worth four pence and half groats worth two pence.[51] A gold penny weighing twice the silver penny and valued at 20 silver pence was also issued in 1257 but was not successful.[52]

The English penny remained nearly unchanged from 800 and was a prominent exception in the progressive debasements of coinage which occurred in the rest of Europe. The Tower Pound, originally divided into 240 pence, devalued to 243 pence by 1279.[53]

Edward III, 1351

Edward III noble (80 pence), 1354–55

During the reign of King Edward III, the introduction of gold coins received from Flanders as payment for English wool provided substantial economic and trade opportunities but also unsettled the currency for the next 200 years.[44]: 41  The first monetary changes in 1344 consisted of

English pennies reduced to 20+1⁄4 grains (1.312 g; 0.042 ozt) of sterling silver (or 20.25gr @ 0.925 fine = 18.73 gr pure silver) and

Gold double florins weighing 108 gr (6.998 g; 0.225 ozt) and valued at 6 shillings (or 72 pence).[44] (or 108gr @ 0.9948 fine = 107.44 gr pure gold).

The resulting gold-silver ratio of 1:12.55 was much higher than the ratio of 1:11 prevailing in the Continent, draining England of its silver coinage and requiring a more permanent remedy in 1351 in the form of

Pennies reduced further to 18 gr (1.2 g; 0.038 ozt) of sterling silver (or 18 @ 0.925 fine = 15.73 gr pure silver) and

New gold nobles weighing 120 grains (7.776 grams; 0.250 troy ounces) of the finest gold possible at the time (191/192 or 99.48% fine),[54] (meaning 120gr @ 0.9948 fine = 119.38 gr pure gold) and valued at 6 shillings and 8 pence (80 pence, or 1⁄3rd of a pound). The pure gold-silver ratio was thus 1:(80 × 15.73 / 119.38) = 1:10.5.

These gold nobles, together with half-nobles (40 pence) and farthings or quarter-nobles (20 pence),[54] became the first English gold coins produced in quantity.[55]

Henry IV, 1412

The exigencies of the Hundred Years' War during the reign of King Henry IV resulted in further debasements toward the end of his reign, with the English penny reduced to 15 grains sterling silver (0.899 g fine silver)[clarification needed] and the half-noble reduced to 54 grains (3.481 g fine gold).[clarification needed][44] The gold-silver ratio went down to 40 × 0.899 / 3.481 = 10.3.

After the French monetary reform of 1425, the gold half-noble (1⁄6th pound, 40 pence) was worth close to one Livre Parisis (French pound) or 20 sols, while the silver half-groat (2 pence, fine silver 1.798 g) was worth close to 1 sol parisis (1.912 g).[56] Also, after the Flemish monetary reform of 1434, the new Dutch florin was valued close to 40 pence while the Dutch stuiver (shilling) of 1.63 g fine silver was valued close to 2 pence sterling at 1.8 g.[57] This approximate pairing of English half-nobles and half-groats to Continental livres and sols persisted up to the 1560s.

Great slump, 1464

The Great Bullion Famine and the Great Slump of the mid-15th century resulted in another reduction in the English penny to 12 grains sterling silver (0.719 g fine silver) and the introduction of a new half-angel gold coin of 40 grains (2.578 g), worth 1⁄6th pound or 40 pence.[44] The gold-silver ratio rose again to 40 × 0.719⁄2.578 = 11.2. The reduction in the English penny approximately matched those with the French sol Parisis and the Flemish stuiver; furthermore, from 1469 to 1475 an agreement between England and the Burgundian Netherlands made the English groat (4-pence) mutually exchangeable with the Burgundian double patard (or 2-stuiver) minted under Charles the Rash.[58][59]

40 pence or 1⁄6th pound sterling made one Troy Ounce (480 grains, 31.1035 g) of sterling silver. It was approximately on a par with France's livre parisis of one French ounce (30.594 g), and in 1524 it would also be the model for a standardised German currency in the form of the Guldengroschen, which also weighed 1 German ounce of silver or 29.232 g (0.9398 ozt).[44]: 361 

Tudor, 1551

Crown (5/–) of Edward VI, 1551

The last significant depreciation in sterling's silver standard occurred amidst the 16th century influx of precious metals from the Americas arriving through the Habsburg Netherlands. Enforcement of monetary standards amongst its constituent provinces was loose, spending under King Henry VIII was extravagant, and England loosened the importation of cheaper continental coins for exchange into full-valued English coins.[58][60] All these contributed to the Great Debasement which resulted in a significant 1⁄3rd reduction in the bullion content of each pound sterling in 1551.[61][45]

The troy ounce of sterling silver was henceforth raised in price by 50% from 40 to 60 silver pennies (each penny weighing 8 grains sterling silver and containing 0.4795 g (0.01542 ozt) fine silver).[45] The gold half-angel of 40 grains (2.578 g (0.0829 ozt) fine gold) was raised in price from 40 pence to 60 pence (5 shillings or 1⁄4 pound) and was henceforth known as the Crown.

Prior to 1551, English coin denominations closely matched with corresponding sol (2d) and livre (40d) denominations in the Continent, namely:

Silver; see farthing (1⁄4d), halfpenny (1⁄2d), penny (1d), half-groat (2d), and groat (4d)

Gold; see 1351: 1⁄4 noble (20d), 1⁄2 noble (40d) and noble or angel (80d).

After 1551 new denominations were introduced,[62] weighing similarly to 1464-issued coins but increased in value 1+1⁄2 times, namely:

In silver: the threepence (3d), replacing the half-groat; the sixpence (6d), replacing the groat; and a new shilling or testoon (1s or 1/–).

In silver or gold: the crown (5/- (5s) or 60d), replacing the 1⁄2 angel of 40d; and the half crown (2/6d or 30d), replacing the 1⁄4 angel of 20d

And in gold: the new half sovereign (10/–) and sovereign (£1 or 20/–)

1601 to 1816

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A golden guinea coin minted during the reign of King James II in 1686. The "Elephant and Castle" motif below his head is the symbol of the Royal African Company, Britain's foremost slave trading company.[63] The RAC transported the gold used in the coin from West Africa to England after purchasing it from African merchants in the Guinea region, who in turn sourced it from the Ashanti Empire.[64]

The silver basis of sterling remained essentially unchanged until the 1816 introduction of the Gold Standard, save for the increase in the number of pennies in a troy ounce from 60 to 62 (hence, 0.464 g fine silver in a penny). Its gold basis remained unsettled, however, until the gold guinea was fixed at 21 shillings in 1717.

The guinea was introduced in 1663 with 44+1⁄2 guineas minted out of 12 troy ounces of 22-karat gold (hence, 7.6885 g fine gold) and initially worth £1 or 20 shillings. While its price in shillings was not legally fixed at first, its persistent trade value above 21 shillings reflected the poor state of clipped underweight silver coins tolerated for payment. Milled shillings of full weight were hoarded and exported to the Continent, while clipped, hand-hammered shillings stayed in circulation (as Gresham's law describes).[65]

In the 17th century, English merchants tended to pay for imports in silver but were generally paid for exports in gold.[citation needed] This effect was notably driven by trade with the Far East, as the Chinese insisted on payments for their exports being settled in silver. From the mid-17th century, around 28,000 metric tons (27,600 long tons) of silver were received by China, principally from European powers, in exchange for Chinese tea and other goods. In order to be able to purchase Chinese exports in this period, England initially had to export to other European nations and request payment in silver,[citation needed] until the British East India Company was able to foster the indirect sale of opium to the Chinese.[66]

Domestic demand for silver bullion in Britain further reduced silver coinage in circulation, as the improving fortunes of the merchant class led to increased demand for tableware. Silversmiths had always regarded coinage as a source of raw material, already verified for fineness by the government. As a result, sterling silver coins were being melted and fashioned into "sterling silverware" at an accelerating rate. An Act of the Parliament of England in 1697 tried to stem this tide by raising the minimum acceptable fineness on wrought plate from sterling's 92.5% to a new Britannia silver standard of 95.83%. Silverware made purely from melted coins would be found wanting when the silversmith took his wares to the assay office, thus discouraging the melting of coins.[citation needed]

During the time of Sir Isaac Newton, Master of the Mint, the gold guinea was fixed at 21 shillings (£1/1/-) in 1717. But without addressing the problem of underweight silver coins, and with the high resulting gold-silver ratio of 15.2, it gave sterling a firmer footing in gold guineas rather than silver shillings, resulting in a de facto gold standard. Silver and copper tokens issued by private entities partly relieved the problem of small change until the Great Recoinage of 1816.[67]

Establishment of modern currency

The Bank of England was founded in 1694, followed by the Bank of Scotland a year later. Both began to issue paper money.

Currency of Great Britain (1707) and the United Kingdom (1801)

In the 17th century Scots currency was pegged to sterling at a value of £12 Scots = £1 sterling.[68]

In 1707, the kingdoms of England and Scotland merged into the Kingdom of Great Britain. In accordance with the Treaty of Union, the currency of Great Britain was sterling, with the pound Scots soon being replaced by sterling at the pegged value.

In 1801, Great Britain and the Kingdom of Ireland were united to form the United Kingdom of Great Britain and Ireland. However, the Irish pound was not replaced by sterling until January 1826.[69] The conversion rate had long been £13 Irish to £12 sterling.[citation needed] In 1928, six years after the Anglo-Irish Treaty restored Irish autonomy within the British Empire, the Irish Free State established a new Irish pound, initially pegged at par to sterling.[70]

Use in the Empire

Main article: Sterling area

Sterling circulated in much of the British Empire. In some areas it was used alongside local currencies. For example, the gold sovereign was legal tender in Canada despite the use of the Canadian dollar. Several colonies and dominions adopted the pound as their own currency. These included Australia, Barbados,[71] British West Africa, Cyprus, Fiji, British India, the Irish Free State, Jamaica, New Zealand, South Africa and Southern Rhodesia. Some of these retained parity with sterling throughout their existence (e.g. the South African pound), while others deviated from parity after the end of the gold standard (e.g. the Australian pound). These currencies and others tied to sterling constituted the core of the sterling area.

The original English colonies on mainland North America were not party to the sterling area because the above-mentioned silver shortage in England coincided with these colonies' formative years. As a result of equitable trade (and rather less equitable piracy), the Spanish milled dollar became the most common coin within the English colonies.

Gold standard

"Shield reverse" sovereign of Queen Victoria, 1842

During the American War of Independence and the Napoleonic wars, Bank of England notes were legal tender, and their value floated relative to gold. The Bank also issued silver tokens to alleviate the shortage of silver coins. In 1816, the gold standard was adopted officially,[citation needed] with silver coins minted at a rate of 66 shillings to a troy pound (weight) of sterling silver, thus rendering them as "token" issues (i.e. not containing their value in precious metal). In 1817, the sovereign was introduced, valued at 20/–. Struck in 22‑carat gold, it contained 113 grains or 7.32238 g (0.235420 ozt) of fine gold and replaced the guinea as the standard British gold coin without changing the gold standard.

By the 19th century, sterling notes were widely accepted outside Britain. The American journalist Nellie Bly carried Bank of England notes on her 1889–1890 trip around the world in 72 days.[72] During the late 19th and early 20th centuries, many other countries adopted the gold standard. As a consequence, conversion rates between different currencies could be determined simply from the respective gold standards. £1 sterling was equal to US$4.87 in the United States, Can$4.87 in Canada, ƒ12.11 in Dutch territories, F 25.22 in French territories (or equivalent currencies of the Latin Monetary Union), 20ℳ 43₰ in Germany, Rbls 9.46 in Russia or K 24.02 in Austria-Hungary.[citation needed] After the International Monetary Conference of 1867 in Paris, the possibility of the UK joining the Latin Monetary Union was discussed, and a Royal Commission on International Coinage examined the issues,[73] resulting in a decision against joining it.

First world war: suspension of the gold standard

The gold standard was suspended at the outbreak of First World War in 1914, with Bank of England and Treasury notes becoming legal tender. Before that war, the United Kingdom had one of the world's strongest economies, holding 40% of the world's overseas investments. But after the end of the war, the country was highly indebted: Britain owed £850 million (about £44.1 billion today)[74] with interest costing the country some 40% of all government spending.[75] The British government under Prime Minister David Lloyd George and Chancellor of the Exchequer Austen Chamberlain tried to make up for the deficit with a deflationary policy, but this only led to the Depression of 1920–21.[76]

By 1917, production of gold sovereigns had almost halted (the remaining production was for collector's sets and other very specific occasions), and by 1920, the silver coinage was debased from its original .925 fine to just .500 fine.[citation needed] That was due to a drastic increase in silver prices from an average 27/6d. [£1.375] per troy pound in the period between 1894 and 1913, to 89/6d. [£4.475] in August 1920.[77]

Interwar period: gold standard reinstated

To try to resume stability, a version of the gold standard was reintroduced in 1925, under which the currency was fixed to gold at its pre-war peg, but one could only exchange currency for gold bullion, not for coins. On 21 September 1931, this was abandoned during the Great Depression, and sterling suffered an initial devaluation of some 25%.[78]

Since the suspension of the gold standard in 1931, sterling has been a fiat currency, with its value determined by its continued acceptance in the national and international economy.

World War II

In 1940, an agreement with the US pegged sterling to the US dollar at a rate of £1 = US$4.03. (Only the year before, it had been US$4.86.)[79] This rate was maintained through the Second World War and became part of the Bretton Woods system which governed post-war exchange rates.

History (1946–present)

Bretton Woods

See also: Economic history of the United Kingdom § 1945–1951: Age of Austerity, and Anglo-American loan § Terms

Under continuing economic pressure, and despite months of denials that it would do so, on 19 September 1949 the government devalued the pound by 30.5% to US$2.80.[80] The 1949 sterling devaluation prompted several other currencies to be devalued against the dollar.

In 1961, 1964, and 1966, sterling came under renewed pressure, as speculators were selling pounds for dollars. In summer 1966, with the value of the pound falling in the currency markets, exchange controls were tightened by the Wilson government. Among the measures, tourists were banned from taking more than £50 out of the country in travellers' cheques and remittances, plus £15 in cash;[b] this restriction was not lifted until 1979. Sterling was devalued by 14.3% to £1 = US$2.40 on 18 November 1967.[80][81]

Decimalisation

Main article: Decimal Day

Until decimalisation, amounts in sterling were expressed in pounds, shillings, and pence, with various widely understood notations. The same amount could be stated as 32s. 6d., 32/6, £1. 12s. 6d., or £1/12/6. It was customary to specify some prices (for example professional fees and auction prices for works of art) in guineas (abbr: gn. or gns.), although guinea coins were no longer in use.

Formal parliamentary proposals to decimalise sterling were first made in 1824 when Sir John Wrottesley, MP for Staffordshire, asked in the House of Commons whether consideration had been given to decimalising the currency.[82] Wrottesley raised the issue in the House of Commons again in 1833,[83] and it was again raised by John Bowring, MP for Kilmarnock Burghs, in 1847[84] whose efforts led to the introduction in 1848 of what was in effect the first decimal coin in the United Kingdom, the florin, valued at one-tenth of a pound. However, full decimalisation was resisted, although the florin coin, re-designated as ten new pence, survived the transfer to a full decimal system in 1971, with examples surviving in British coinage until 1993.

John Benjamin Smith, MP for Stirling Burghs, raised the issue of full decimalisation again in Parliament in 1853,[85] resulting in the Chancellor of the Exchequer, William Gladstone, announcing soon afterwards that "the great question of a decimal coinage" was "now under serious consideration".[86] A full proposal for the decimalisation of sterling was then tabled in the House of Commons in June 1855, by William Brown, MP for Lancashire Southern, with the suggestion that the pound sterling be divided into one thousand parts, each called a "mil", or alternatively a farthing, as the pound was then equivalent to 960 farthings which could easily be rounded up to one thousand farthings in the new system.[87] This did not result in the conversion of sterling into a decimal system, but it was agreed to establish a Royal Commission to look into the issue.[88] However, largely due to the hostility to decimalisation of two of the appointed commissioners, Lord Overstone (a banker) and John Hubbard (Governor of the Bank of England), decimalisation in Britain was effectively quashed for over a hundred years.[89]

However, sterling was decimalised in various British colonial territories before the United Kingdom (and in several cases in line with William Brown's proposal that the pound be divided into 1,000 parts, called mils). These included Hong Kong from 1863 to 1866;[90] Cyprus from 1955 until 1960 (and continued on the island as the division of the Cypriot pound until 1983); and the Palestine Mandate from 1926 until 1948.[91]

Later, in 1966, the UK Government decided to include in the Queen's Speech a plan to convert sterling into a decimal currency.[92] As a result of this, on 15 February 1971, the UK decimalised sterling, replacing the shilling and the penny with a single subdivision, the new penny, which was worth 2.4d. For example, a price tag of £1/12/6. became £1.62+1⁄2. The word "new" was omitted from coins minted after 1981.

Free-floating pound

GBP/USD exchange rate

With the breakdown of the Bretton Woods system, sterling floated from August 1971 onwards. At first, it appreciated a little, rising to almost US$2.65 in March 1972 from US$2.42, the upper bound of the band in which it had been fixed. The sterling area effectively ended at this time, when the majority of its members also chose to float freely against sterling and the dollar.

1976 sterling crisis

Main article: 1976 sterling crisis

UK inflation history

UK bonds 1960–2022: the yield on UK Government benchmark ten-year bonds increased to over 15% in the 1970s and early 1980s.

James Callaghan became Prime Minister in 1976. He was immediately told the economy was facing huge problems, according to documents released in 2006 by the National Archives.[93] The effects of the failed Barber Boom and the 1973 oil crisis were still being felt,[94] with inflation rising to nearly 27% in 1975.[95] Financial markets were beginning to believe the pound was overvalued, and in April that year The Wall Street Journal advised the sale of sterling investments in the face of high taxes, in a story that ended with "goodbye, Great Britain. It was nice knowing you".[96] At the time the UK Government was running a budget deficit, and the Labour government at the time's strategy emphasised high public spending.[80] Callaghan was told there were three possible outcomes: a disastrous free fall in sterling, an internationally unacceptable siege economy, or a deal with key allies to prop up the pound while painful economic reforms were put in place. The US Government feared the crisis could endanger NATO and the European Economic Community (EEC), and in light of this the US Treasury set out to force domestic policy changes. In November 1976, the International Monetary Fund (IMF) announced the conditions for a loan, including deep cuts in public expenditure.[97]

1979–1989

The Conservative Party was elected to office in 1979, on a programme of fiscal austerity. Initially, sterling rocketed, moving above £1 to US$2.40, as interest rates rose in response to the monetarist policy of targeting money supply. The high exchange rate was widely blamed for the deep recession of 1981. Sterling fell sharply after 1980; at its lowest, £1 stood at just US$1.03 in March 1985, before rising to US$1.70 in December 1989.[98]

Following the Deutsche Mark

In 1988, the Chancellor of the Exchequer, Nigel Lawson, decided that sterling should "shadow" the Deutsche Mark (DM), with the unintended result of a rapid rise in inflation as the economy boomed due to low interest rates.[99]

Following German reunification in 1990, the reverse held true, as high German borrowing costs to fund Eastern reconstruction, exacerbated by the political decision to convert the Ostmark to the D–Mark on a 1:1 basis, meant that interest rates in other countries shadowing the D–Mark, especially the UK, were far too high relative to domestic circumstances, leading to a housing decline and recession.

Following the European Currency Unit

On 8 October 1990 the Conservative government (Third Thatcher ministry) decided to join the European Exchange Rate Mechanism (ERM), with £1 set at DM 2.95. However, the country was forced to withdraw from the system on "Black Wednesday" (16 September 1992) as Britain's economic performance made the exchange rate unsustainable. The event was also triggered by comments by Bundesbank president Helmut Schlesinger who suggested the pound would eventually have to be devalued.[100][101]

"Black Wednesday" saw interest rates jump from 10% to 15% in an unsuccessful attempt to stop the pound from falling below the ERM limits. The exchange rate fell to DM 2.20. Those who had argued[102] for a lower GBP/DM exchange rate were vindicated since the cheaper pound encouraged exports and contributed to the economic prosperity of the 1990s.[citation needed]

Following inflation targets

In 1997, the newly elected Labour government handed over day-to-day control of interest rates to the Bank of England (a policy that had originally been advocated by the Liberal Democrats).[103] The Bank is now responsible for setting its base rate of interest so as to keep inflation (as measured by the Consumer Price Index (CPI)) very close to 2% per annum. Should CPI inflation be more than one percentage point above or below the target, the Governor of the Bank of England is required to write an open letter to the Chancellor of the Exchequer explaining the reasons for this and the measures which will be taken to bring this measure of inflation back in line with the 2% target. On 17 April 2007, annual CPI inflation was reported at 3.1% (inflation of the Retail Prices Index was 4.8%). Accordingly, and for the first time, the Governor had to write publicly to the UK Government explaining why inflation was more than one percentage point higher than its target.[104]

Euro

Main article: United Kingdom and the euro

In 2007, Gordon Brown, then Chancellor of the Exchequer, ruled out membership in the eurozone for the foreseeable future, saying that the decision not to join had been right for Britain and for Europe.[105]

On 1 January 2008, with the Republic of Cyprus switching its currency from the Cypriot pound to the euro, the British sovereign bases on Cyprus (Akrotiri and Dhekelia) followed suit, making the Sovereign Base Areas the only territory under British sovereignty to officially use the euro.[106]

The government of former Prime Minister Tony Blair had pledged to hold a public referendum to decide on the adoption of the Euro should "five economic tests" be met, to increase the likelihood that any adoption of the euro would be in the national interest. In addition to these internal (national) criteria, the UK would have to meet the European Union's economic convergence criteria (Maastricht criteria) before being allowed to adopt the euro. The Conservative and Liberal Democrat coalition government (2010–2015) ruled out joining the euro for that parliamentary term.

The idea of replacing sterling with the euro was always controversial with the British public, partly because of sterling's identity as a symbol of British sovereignty and because it would, according to some critics, have led to suboptimal interest rates, harming the British economy.[107] In December 2008, the results of a BBC poll of 1,000 people suggested that 71% would vote no to the euro, 23% would vote yes, while 6% said they were unsure.[108] Sterling did not join the Second European Exchange Rate Mechanism (ERM II) after the euro was created. Denmark and the UK had opt-outs from entry to the euro. Theoretically, every EU nation but Denmark must eventually sign up.

As a member of the European Union, the United Kingdom could have adopted the euro as its currency. However, the subject was always politically controversial, and the UK negotiated an opt-out on this issue. Following the UK's withdrawal from the EU, on 31 January 2020, the Bank of England ended its membership of the European System of Central Banks,[109] and shares in the European Central Bank were reallocated to other EU banks.[110]

Recent exchange rates

Main article: Economy of the United Kingdom § Exchange rates

The cost of £1 sterling in US dollars (from 1990)

The cost of one Euro in sterling (from 1999)

Sterling and the euro fluctuate in value against one another, although there may be correlation between movements in their respective exchange rates with other currencies such as the US dollar. Inflation concerns in the UK led the Bank of England to raise interest rates in late 2006 and 2007. This caused sterling to appreciate against other major currencies and, with the US dollar depreciating at the same time, sterling hit a 15-year high against the US dollar on 18 April 2007, with £1 reaching US$2 the day before, for the first time since 1992. Sterling and many other currencies continued to appreciate against the dollar; sterling hit a 26-year high of £1 to US$2.1161 on 7 November 2007 as the dollar fell worldwide.[111] From mid-2003 to mid-2007, the pound/euro rate remained within a narrow range (€1.45 ± 5%).[112]

Following the global financial crisis in late 2008, sterling depreciated sharply, declining to £1 to US$1.38 on 23 January 2009[113] and falling below £1 to €1.25 against the euro in April 2008.[114] There was a further decline during the remainder of 2008, most dramatically on 29 December when its euro rate hit an all-time low at €1.0219, while its US dollar rate depreciated.[115][116] Sterling appreciated in early 2009, reaching a peak against the euro of £1 to €1.17 in mid-July. In the following months sterling remained broadly steady against the euro, with £1 valued on 27 May 2011 at €1.15 and US$1.65.

On 5 March 2009, the Bank of England announced that it would pump £75 billion of new capital into the British economy, through a process known as quantitative easing (QE). This was the first time in the United Kingdom's history that this measure had been used, although the Bank's Governor Mervyn King suggested it was not an experiment.[117]

The process saw the Bank of England creating new money for itself, which it then used to purchase assets such as government bonds, secured commercial paper, or corporate bonds.[118] The initial amount stated to be created through this method was £75 billion, although Chancellor of the Exchequer Alistair Darling had given permission for up to £150 billion to be created if necessary.[119] It was expected that the process would continue for three months, with results only likely in the long term.[117] By 5 November 2009, some £175 billion had been injected using QE, and the process remained less effective in the long term. In July 2012, the final increase in QE meant it had peaked at £375 billion, then holding solely UK Government bonds, representing one third of the UK national debt.[120]

The result of the 2016 UK referendum on EU membership caused a major decline in sterling against other world currencies as the future of international trade relationships and domestic political leadership became unclear.[121] The referendum result weakened sterling against the euro by 5% overnight. The night before the vote, sterling was trading at £1 to €1.30; the next day, this had fallen to £1 to €1.23. By October 2016, the exchange rate was £1 to €1.12, a fall of 14% since the referendum. By the end of August 2017 sterling was even lower, at £1 to €1.08.[122] Against the US dollar, meanwhile, sterling fell from £1 to $1.466 to £1 to $1.3694 when the referendum result was first revealed, and down to £1 to $1.2232 by October 2016, a fall of 16%.[123]

In September 2022, under the influence of inflation and tax cuts funded by borrowing,[124] sterling's value reached an all-time low of just over $1.03.[125]

Annual inflation rate

UK inflation data   CPI   CPIH (CPI+OOH)   OOH Owner occupied housing inflation

The Bank of England had stated in 2009 that the decision had been taken to prevent the rate of inflation falling below the 2% target rate.[118] Mervyn King, the Governor of the Bank of England, had also suggested there were no other monetary options left, as interest rates had already been cut to their lowest level ever (0.5%) and it was unlikely that they would be cut further.[119]

The inflation rate rose in following years, reaching 5.2% per year (based on the Consumer Price Index) in September 2011, then decreased to around 2.5% the following year.[126] After a number of years when inflation remained near or below the Bank's 2% target, 2021 saw a significant and sustained increase on all indices: as of November 2021[update], RPI had reached 7.1%, CPI 5.1% and CPIH 4.6%.[127]

Coins

Main article: Coins of the pound sterling

Pre-decimal coins

The silver penny (plural: pence; abbreviation: d) was the principal and often the only coin in circulation from the 8th century until the 13th century. Although some fractions of the penny were struck (see farthing and halfpenny), it was more common to find pennies cut into halves and quarters to provide smaller change. Very few gold coins were struck, with the gold penny (equal in value to 20 silver pennies) a rare example. However, in 1279, the groat, worth 4d, was introduced, with the half groat following in 1344. 1344 also saw the establishment of a gold coinage with the introduction (after the failed gold florin) of the noble worth six shillings and eight pence (6/8d) (i.e. 3 nobles to the pound), together with the half and quarter noble. Reforms in 1464 saw a reduction in value of the coinage in both silver and gold, with the noble renamed the ryal and worth 10/– (i.e. 2 to the pound) and the angel introduced at the noble's old value of 6/8d.

The reign of Henry VII saw the introduction of two important coins: the shilling (abbr.: s; known as the testoon, equivalent to twelve pence) in 1487 and the pound (known as the sovereign, abbr.: £ before numerals or "l." after them, equivalent to twenty shillings) in 1489. In 1526, several new denominations of gold coins were added, including the crown and half crown, worth five shillings (5/–) and two shillings and six pence (2/6, two and six) respectively. Henry VIII's reign (1509–1547) saw a high level of debasement which continued into the reign of Edward VI (1547–1553). This debasement was halted in 1552, and new silver coinage was introduced, including coins for 1d, 2d, 3d, 4d and 6d, 1/–, 2/6d and 5/–. In the reign of Elizabeth I (1558–1603), silver 3⁄4d and 1+1⁄2d coins were added, but these denominations did not last. Gold coins included the half-crown, crown, angel, half-sovereign (10/–) and sovereign (£1). Elizabeth's reign also saw the introduction of the horse-drawn screw press to produce the first "milled" coins.

Following the succession of the Scottish King James VI to the English throne, a new gold coinage was introduced, including the spur ryal (15/–), the unite (20/–) and the rose ryal (30/–). The laurel, worth 20/–, followed in 1619. The first base metal coins were also introduced: tin and copper farthings. Copper halfpenny coins followed in the reign of Charles I. During the English Civil War, a number of siege coinages were produced, often in unusual denominations.

Following the restoration of the monarchy in 1660, the coinage was reformed, with the ending of production of hammered coins in 1662. The guinea was introduced in 1663, soon followed by the 1⁄2, 2 and 5 guinea coins. The silver coinage consisted of denominations of 1d, 2d, 3d, 4d and 6d, 1/–, 2/6d and 5/–. Due to the widespread export of silver in the 18th century, the production of silver coins gradually came to a halt, with the half crown and crown not issued after the 1750s, the 6d and 1/– stopping production in the 1780s. In response, copper 1d and 2d coins and a gold 1⁄3 guinea (7/–) were introduced in 1797. The copper penny was the only one of these coins to survive long.

To alleviate the shortage of silver coins, between 1797 and 1804, the Bank of England counterstamped Spanish dollars (8 reales) and other Spanish and Spanish colonial coins for circulation. A small counterstamp of the King's head was used. Until 1800, these circulated at a rate of 4/9d for 8 reales. After 1800, a rate of 5/– for 8 reales was used. The Bank then issued silver tokens for 5/– (struck over Spanish dollars) in 1804, followed by tokens for 1/6d and 3/– between 1811 and 1816.

In 1816, a new silver coinage was introduced in denominations of 6d, 1/–, 2/6d (half-crown) and 5/– (crown). The crown was only issued intermittently until 1900. It was followed by a new gold coinage in 1817 consisting of 10/– and £1 coins, known as the half sovereign and sovereign. The silver 4d coin was reintroduced in 1836, followed by the 3d in 1838, with the 4d coin issued only for colonial use after 1855. In 1848, the 2/– florin was introduced, followed by the short-lived double florin in 1887. In 1860, copper was replaced by bronze in the farthing (quarter penny, 1⁄4d), halfpenny and penny.

During the First World War, production of the sovereign and half-sovereign was suspended, and although the gold standard was later restored, the coins saw little circulation thereafter. In 1920, the silver standard, maintained at .925 since 1552, was reduced to .500. In 1937, a nickel-brass 3d coin was introduced; the last silver 3d coins were issued seven years later. In 1947, the remaining silver coins were replaced with cupro-nickel, with the exception of Maundy coinage which was then restored to .925. Inflation caused the farthing to cease production in 1956 and be demonetised in 1960. In the run-up to decimalisation, the halfpenny and half-crown were demonetised in 1969.

Decimal coins

£1 coin (new design, 2016)

Elizabeth II

English rose, Welsh leek, Scottish thistle, and Northern Irish shamrock

British coinage timeline:

1968: The first decimal coins were introduced. These were cupro-nickel 5p and 10p coins which were the same size as, equivalent in value to, and circulated alongside, the one shilling coin and the florin (two shilling coin) respectively.

1969: The curved equilateral heptagonal cupro-nickel 50p coin replaced the ten shilling note (10/–).

1970: The half crown (2/6d, 12.5p) was demonetised.

1971: The decimal coinage was completed when decimalisation came into effect in 1971 with the introduction of the bronze half new penny (1⁄2p), new penny (1p), and two new pence (2p) coins and the withdrawal of the (old) penny (1d) and (old) threepence (3d) coins.

1980: Withdrawal of the sixpence (6d) coin, which had continued in circulation at a value of 2+1⁄2p.

1982: The word "new" was dropped from the coinage and a 20p coin was introduced.

1983: A (round, brass) £1 coin was introduced.

1983: The 1⁄2p coin was last produced.

1984: The 1⁄2p coin was withdrawn from circulation.

1990: The crown, historically valued at five shillings (25p), was re-tariffed for future issues as a commemorative coin at £5.

1990: A new 5p coin was introduced, replacing the original size that had been the same as the shilling coins of the same value that it had in turn replaced. These first generation 5p coins and any remaining old shilling coins were withdrawn from circulation in 1991.

1992: A new 10p coin was introduced, replacing the original size that had been the same as the florin or two shilling coins of the same value that it had in turn replaced. These first generation 10p coins and any remaining old florin coins were withdrawn from circulation over the following two years.

1992: 1p and 2p coins began to be minted in copper-plated steel (the original bronze coins continued in circulation).

1997: A new 50p coin was introduced, replacing the original size that had been in use since 1969, and the first generation 50p coins were withdrawn from circulation.

1998: The bi-metallic £2 coin was introduced.

2007: By now the value of copper in the pre-1992 1p and 2p coins (which are 97% copper) exceeded those coins' face value to such an extent that melting down the coins by entrepreneurs was becoming worthwhile (with a premium of up to 11%, with smelting costs reducing this to around 4%)—although this is illegal, and the market value of copper has subsequently fallen dramatically from these earlier peaks.

In April 2008, an extensive redesign of the coinage was unveiled. The 1p, 2p, 5p, 10p, 20p, and 50p coins feature parts of the Royal Shield on their reverse; and the reverse of the pound coin showed the whole shield. The coins were issued gradually into circulation, starting in mid-2008. They have the same sizes, shapes and weights as those with the old designs which, apart from the round pound coin which was withdrawn in 2017, continue to circulate.

2012: The 5p and 10p coins were changed from cupro-nickel to nickel-plated steel.

2017: A more secure twelve-sided bi-metallic £1 coin was introduced to reduce forgery. The old round £1 coin ceased to be legal tender on 15 October 2017.[128]

As of 2020[update], the oldest circulating coins in the UK are the 1p and 2p copper coins introduced in 1971. No other coins from before 1982 are in circulation. Prior to the withdrawal from circulation in 1992, the oldest circulating coins usually dated from 1947: although older coins were still legal tender, inflation meant that their silver content was worth more than their face value, so they tended to be removed from circulation and hoarded. Before decimalisation in 1971, a handful of change might have contained coins over 100 years old, bearing any of five monarchs' heads, especially in the copper coins.

Banknotes

Main article: Banknotes of the pound sterling

Selection of current sterling banknotes printed by all banks

The first sterling notes were issued by the Bank of England shortly after its foundation in 1694. Denominations were initially handwritten on the notes at the time of issue. From 1745, the notes were printed in denominations between £20 and £1,000, with any odd shillings added by hand. £10 notes were added in 1759, followed by £5 in 1793 and £1 and £2 in 1797. The lowest two denominations were withdrawn after the end of the Napoleonic wars. In 1855, the notes were converted to being entirely printed, with denominations of £5, £10, £20, £50, £100, £200, £300, £500 and £1,000 issued.

The Bank of Scotland began issuing notes in 1695. Although the pound Scots was still the currency of Scotland, these notes were denominated in sterling in values up to £100. From 1727, the Royal Bank of Scotland also issued notes. Both banks issued some notes denominated in guineas as well as pounds. In the 19th century, regulations limited the smallest note issued by Scottish banks to be the £1 denomination, a note not permitted in England.

With the extension of sterling to Ireland in 1825, the Bank of Ireland began issuing sterling notes, later followed by other Irish banks. These notes included the unusual denominations of 30/– and £3. The highest denomination issued by the Irish banks was £100.

In 1826, banks at least 65 miles (105 km) from London were given permission to issue their own paper money. From 1844, 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 1921.

In 1914, the Treasury introduced notes for 10/– and £1 to replace gold coins. These circulated until 1928 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. The Second World War had a drastic effect on the note production of the Bank of England. Fearful of mass forgery by the Nazis (see Operation Bernhard), all notes for £10 and above ceased production, leaving the bank to issue only 10/–, £1 and £5 notes. Scottish and Northern Irish issues were unaffected, with issues in denominations of £1, £5, £10, £20, £50 and £100.

Due to repeated devaluations and spiralling inflation the Bank of England reintroduced £10 notes in 1964. In 1969, the 10/– note was replaced by the 50p coin, again due to inflation. £20 Bank of England notes were reintroduced in 1970, followed by £50 in 1981.[129] A £1 coin was introduced in 1983, and Bank of England £1 notes were withdrawn in 1988. Scottish and Northern Irish banks followed, with only the Royal Bank of Scotland continuing to issue this denomination.

UK notes include raised print (e.g. on the words "Bank of England"); watermarks; embedded metallic thread; holograms; and fluorescent ink visible only under UV lamps. Three printing techniques are involved: offset litho, intaglio and letterpress; and the notes incorporate a total of 85 specialized inks.[130]

The Bank of England produces notes named "giant" and "titan". A giant is a one million pound note, and a titan is a one hundred million pound bank note.[131] Giants and titans are used only within the banking system.[132]

Polymer banknotes

The Northern Bank £5 note, issued by Northern Ireland's Northern Bank (now Danske Bank) in 2000, was the only polymer banknote in circulation until 2016. The Bank of England introduced £5 polymer banknotes in September 2016, and the paper £5 notes were withdrawn on 5 May 2017. A polymer £10 banknote was introduced on 14 September 2017, and the paper note was withdrawn on 1 March 2018. A polymer £20 banknote was introduced on 20 February 2020, followed by a polymer £50 in 2021.[133]

Monetary policy

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 the issuance of banknotes in England and Wales and regulates the amount of banknotes issued by seven authorized banks in Scotland and Northern Ireland.[134] HM Treasury has reserve powers to give orders to the committee "if they are required in the public interest and by extreme economic circumstances" but such orders must be endorsed by Parliament within 28 days.[135]

Unlike banknotes which have separate issuers in Scotland and Northern Ireland, all British coins are issued by the Royal Mint, an independent enterprise (wholly owned by the Treasury) which also mints coins for other countries.

Legal tender and national issues

The British Islands (red) and overseas territories (blue) using sterling or their local issue

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." Parties can alternatively settle a debt by other means with mutual consent. 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.[136]

Throughout the UK, £1 and £2 coins are legal tender for any amount, with the other coins being legal tender only for limited amounts. Bank of England notes are legal tender for any amount in England and Wales, but not in Scotland or Northern Ireland.[136] (Bank of England 10/– and £1 notes were legal tender, as were Scottish banknotes, during World War II under the Currency (Defence) Act 1939, which was repealed on 1 January 1946.) Channel Islands and Manx banknotes are legal tender only in their respective jurisdictions.[137]

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 notes, but some unfamiliar with them may reject them.[138] However, Scottish and Northern Irish notes both tend to be accepted in Scotland and Northern Ireland, respectively. Merchants in England generally do not accept Jersey, Guernsey, Manx, Gibraltarian, and Falkland notes but Manx notes are generally accepted in Northern Ireland.[139] Bank of England notes are generally accepted in the Falklands and Gibraltar, but for example, Scottish and Northern Irish notes are not.[140] Since all of the notes are denominated in sterling, banks will exchange them for locally issued notes at face value,[141][failed verification] though some in the UK have had trouble exchanging Falkland Islands notes.[142]

Commemorative £5 and 25p (crown) coins, and decimal sixpences (6p, not the pre-decimalisation 6d, equivalent to 2+1⁄2p) made for traditional wedding ceremonies and Christmas gifts, although rarely if ever seen in circulation, are formally legal tender,[143] as are the bullion coins issued by the Mint.

Coin

Maximum usable as legal tender[144]

£100 (produced from 2015)[136]

unlimited

£20 (produced from 2013)

unlimited

£5 (post-1990 crown)

unlimited

£2

unlimited

£1

unlimited

50p

£10

25p (pre-1990 crown)

£10

20p

£10

10p

£5

5p

£5

2p

20p

1p

20p

Pegged currencies

In Britain's Crown Dependencies, the Manx pound, Jersey pound, and Guernsey pound are unregulated by the Bank of England and are issued independently.[145] However, they are maintained at a fixed exchange rate by their respective governments, and Bank of England notes have been made legal tender on the islands, forming a sort of one-way de facto currency union. Internationally they are considered local issues of sterling so do not have ISO 4217 codes. "GBP" is usually used to represent all of them; informal abbreviations resembling ISO codes are used where the distinction is important.

British Overseas Territories are responsible for the monetary policy of their own currencies (where they exist),[146] and have their own ISO 4217 codes. The Falkland Islands pound, Gibraltar pound, and Saint Helena pound are set at a fixed 1:1 exchange rate with the British pound by local governments.

Value

In 2006, the House of Commons Library published a research paper which included an index of prices for each year between 1750 and 2005, where 1974 was indexed at 100.[147]

Regarding the period 1750–1914 the document states: "Although there was considerable year on year fluctuation in price levels prior to 1914 (reflecting the quality of the harvest, wars, etc.) there was not the long-term steady increase in prices associated with the period since 1945". It goes on to say that "Since 1945 prices have risen in every year with an aggregate rise of over 27 times".

The value of the index in 1751 was 5.1, increasing to a peak of 16.3 in 1813 before declining very soon after the end of the Napoleonic Wars to around 10.0 and remaining in the range 8.5–10.0 at the end of the 19th century. The index was 9.8 in 1914 and peaked at 25.3 in 1920, before declining to 15.8 in 1933 and 1934—prices were only about three times as high as they had been 180 years earlier.[148]

Inflation has had a dramatic effect during and after World War II: the index was 20.2 in 1940, 33.0 in 1950, 49.1 in 1960, 73.1 in 1970, 263.7 in 1980, 497.5 in 1990, 671.8 in 2000 and 757.3 in 2005. The smallest coin in 1971 was the 1⁄2p, worth about 6.4p in 2015 prices.

The following table shows the equivalent amount of goods and services that, in a particular year, could be purchased with £1.[149]

The table shows that from 1971 to 2018, the buying power of a pound fell by 92.74%.

Buying power of one pound compared to its value in 1971

 Year

 Equivalent  buying power

 Year

 Equivalent  buying power

 Year

 Equivalent  buying power

 Year

 Equivalent  buying power

 Year

 Equivalent  buying power

 Year

 Equivalent  buying power

1971

 £1.00

1981

 £0.271

1991

 £0.152

2001

 £0.117

2011

 £0.0900

2021

 £0.0678

1972

 £0.935

1982

 £0.250

1992

 £0.146

2002

 £0.115

2012

 £0.0850

2022

 £0.0612

1973

 £0.855

1983

 £0.239

1993

 £0.144

2003

 £0.112

2013

 £0.0826

1974

 £0.735

1984

 £0.227

1994

 £0.141

2004

 £0.109

2014

 £0.0800

1975

 £0.592

1985

 £0.214

1995

 £0.136

2005

 £0.106

2015

 £0.0780

1976

 £0.510

1986

 £0.207

1996

 £0.133

2006

 £0.102

2016

 £0.0777

1977

 £0.439

1987

 £0.199

1997

 £0.123

2007

 £0.0980

2017

 £0.0744

1978

 £0.407

1988

 £0.190

1998

 £0.125

2008

 £0.0943

2018

 £0.0726

1979

 £0.358

1989

 £0.176

1999

 £0.123

2009

 £0.0952

2019

 £0.0707

1980

 £0.303

1990

 £0.161

2000

 £0.119

2010

 £0.0910

2020

 £0.0695

For example, the purchasing power of a pound in 2006 was slightly more than that of 10p in 1971; conversely, the purchasing power of a pound in 1971 was slightly less than that of £10 in 2006. The mythical "shopping basket" of goods and services that cost £10 in 1971 would cost £98.04 in 2006 (and £163.40 in 2022).

Exchange rate

Sterling is freely bought and sold on the foreign exchange markets around the world, and its value relative to other currencies therefore fluctuates.

Current GBP exchange rates

From Google Finance:

AUD CAD CHF CNY EUR HKD JPY USD

From Yahoo! Finance:

AUD CAD CHF CNY EUR HKD JPY USD

From XE.com:

AUD CAD CHF CNY EUR HKD JPY USD

From OANDA:

AUD CAD CHF CNY EUR HKD JPY USD

Reserve

Sterling is used as a reserve currency around the world. As of 2020[update], it is ranked fourth in value held as reserves.

Currency composition of official foreign exchange reserves (1965–2022, fourth quarters)

vte

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1995

1990

1985

1980

1975

1970

1965

US dollar

58.36%

58.81%

58.92%

60.75%

61.76%

62.73%

65.36%

65.73%

65.14%

61.24%

61.47%

62.59%

62.14%

62.05%

63.77%

63.87%

65.04%

66.51%

65.51%

65.45%

66.50%

71.51%

71.13%

58.96%

47.14%

56.66%

57.88%

84.61%

84.85%

72.93%

Euro (until 1999 - ECU)

20.47%

20.64%

21.29%

20.59%

20.67%

20.17%

19.14%

19.14%

21.20%

24.20%

24.05%

24.40%

25.71%

27.66%

26.21%

26.14%

24.99%

23.89%

24.68%

25.03%

23.65%

19.18%

18.29%

8.53%

11.64%

14.00%

17.46%

Japanese yen

5.51%

5.57%

6.03%

5.87%

5.19%

4.90%

3.95%

3.75%

3.54%

3.82%

4.09%

3.61%

3.66%

2.90%

3.47%

3.18%

3.46%

3.96%

4.28%

4.42%

4.94%

5.04%

6.06%

6.77%

9.40%

8.69%

3.93%

0.61%

Pound sterling

4.95%

4.78%

4.73%

4.64%

4.43%

4.54%

4.35%

4.71%

3.70%

3.98%

4.04%

3.83%

3.94%

4.25%

4.22%

4.82%

4.52%

3.75%

3.49%

2.86%

2.92%

2.70%

2.75%

2.11%

2.39%

2.03%

2.40%

3.42%

11.36%

25.76%

Chinese renminbi

2.69%

2.79%

2.29%

1.94%

1.89%

1.23%

1.08%

Canadian dollar

2.38%

2.38%

2.08%

1.86%

1.84%

2.03%

1.94%

1.77%

1.75%

1.83%

1.42%

Australian dollar

1.96%

1.81%

1.83%

1.70%

1.63%

1.80%

1.69%

1.77%

1.59%

1.82%

1.46%

Swiss franc

0.23%

0.20%

0.17%

0.15%

0.14%

0.18%

0.16%

0.27%

0.24%

0.27%

0.21%

0.08%

0.13%

0.12%

0.14%

0.16%

0.17%

0.15%

0.17%

0.23%

0.41%

0.25%

0.27%

0.33%

0.84%

1.40%

2.25%

1.34%

0.61%

Deutsche Mark

15.75%

19.83%

13.74%

12.92%

6.62%

1.94%

0.17%

French franc

2.35%

2.71%

0.58%

0.97%

1.16%

0.73%

1.11%

Dutch guilder

0.32%

1.15%

0.78%

0.89%

0.66%

0.08%

Other currencies

3.45%

3.01%

2.65%

2.51%

2.45%

2.43%

2.33%

2.86%

2.83%

2.84%

3.26%

5.49%

4.43%

3.04%

2.20%

1.83%

1.81%

1.74%

1.87%

2.01%

1.58%

1.31%

1.49%

4.87%

4.89%

2.13%

1.29%

1.58%

0.43%

0.03%

Source: World Currency Composition of Official Foreign Exchange Reserves International Monetary Fund

See also

Europe portalMoney portalNumismatics portalUnited Kingdom portal

Commonwealth banknote-issuing institutions

List of British currencies

List of currencies in Europe

List of the largest trading partners of United Kingdom

Pound (currency) – other currencies with a "pound" unit of account.

Footnotes

^ a b Scotland and Northern Ireland only

^ £50 in 1966 is about £991 today.

References

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^ Hashimzade, Nigar; Myles, Gareth; Black, John (2017). A Dictionary of Economics (5 ed.). Oxford University Press. ISBN 9780198759430. Sterling: The UK currency. The name originated from the pound Easterling, formerly used in trade with the Baltic.

^ a b Barber, Katherine, ed. (2004). "Pound". Canadian Oxford Dictionary (2 ed.). Oxford University Press. ISBN 9780195418163. Pound:2. (in full pound sterling) (pl. same or pounds) the chief monetary unit of the UK and several other countries.

^ Moles, Peter; Terry, Nicholas (1999). The Handbook of International Financial Terms. ISBN 9780198294818. Sterling (UK).: The name given to the currency of the United Kingdom (cf. cable). Also called pound sterling or pounds.

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^ "Currency Composition of Official Foreign Exchange Reserves". International Monetary Fund. 23 December 2022. Retrieved 31 December 2022.

^ a b "Entry 189985". OED Online. Oxford University Press. December 2011. Archived from the original on 25 June 2015. Retrieved 28 February 2012. sterling, n.1 and adj.

^ "Easterling theory". Sterling Judaica. Archived from the original on 30 December 2013. Retrieved 19 February 2014.

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^ The Journal of the Manchester Geographical Society, Volumes 19–20. 1903. p. 129. Archived from the original on 7 January 2017. Retrieved 16 September 2016.

^ a b "Pound sterling (money)". Encyclopædia Britannica. 13 August 2013. Archived from the original on 3 December 2013. Retrieved 19 February 2014. Silver coins known as 'sterlings' were issued in the Saxon kingdoms, 240 of them being minted from a pound of silver... Hence, large payments came to be reckoned in 'pounds of sterlings', a phrase later shortened...

^ Harper, Douglas. "Libra (n.)". Online Etymology Dictionary. Archived from the original on 2 June 2022.

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^ a b "Withdrawn banknotes". Bank of England. Archived from the original on 15 January 2019. Retrieved 13 September 2019. ("£1 1st Series Treasury Issue" to "£5 Series B")

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^ For example,Samuel Pepys (2 January 1660). "Diary of Samuel Pepys/1660/January". Archived from the original on 23 September 2019. Retrieved 23 September 2019. Then I went to Mr. Crew's and borrowed L10 of Mr. Andrewes for my own use, and so went to my office, where there was nothing to do

^ His Majesty's Stationery Office (10 July 1939). "Royal Mint Annual Report 1938 Volume No.69". Archived from the original on 17 August 2022. Retrieved 30 June 2022. Some 58,000,000l of silver coin of the old fineness, comprising over a thousand million pieces, have already been withdrawn from circulation.

^ see for example Barnum and Bailey share certificate (early 20th century)

^ Thomas Snelling (1762). A View of the Silver Coin and Coinage of England from the Norman Conquest to the Present Time. T. Snelling. p. ii. Retrieved 19 September 2016.

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^ Staff writer (2015). "ISO 4217 - Currency Codes". www.iso.org. International Organisation for Standardisation. Retrieved 27 June 2022. The alphabetic code is based on another ISO standard, ISO 3166, which lists the codes for country names. The first two letters of the ISO 4217 three-letter code are the same as the code for the country name, and, where possible, the third letter corresponds to the first letter of the currency name.

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^ [1]

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^ a b c Shaw, William Arthur (13 May 1896). "The History of Currency, 1252–1894: Being an Account of the Gold and Silver Moneys and Monetary Standards of Europe and America, Together with an Examination of the Effects of Currency and Exchange Phenomena on Commercial and National Progress and Well-being". Putnam. Archived from the original on 12 May 2021. Retrieved 12 May 2021 – via Google Books.

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^ "Pound sterling". Britannica. Archived from the original on 16 June 2008. Retrieved 22 July 2021. Silver coins known as "sterlings" were issued in the Saxon kingdoms, 240 of them being minted from a pound of silver... Hence, large payments came to be reckoned in "pounds of sterlings," a phrase later shortened...

^ Lowther, Ed (14 February 2014). "A short history of the pound". BBC News. BBC. Archived from the original on 21 July 2021. Retrieved 22 July 2021. Anglo-Saxon King Offa is credited with introducing the system of money to central and southern England in the latter half of the eighth century, overseeing the minting of the earliest English silver pennies – emblazoned with his name. In practice they varied considerably in weight and 240 of them seldom added up to a pound. There were at that time no larger denomination coins – pounds and shillings were merely useful units of account.

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Further reading

"Bank of England Banknotes FAQ". Archived from the original on 12 October 2007. Retrieved 7 May 2006.

The Perspective of the World, Vol III of Civilisation and Capitalism, Fernand Braudel, 1984 ISBN 1-84212-289-4 (in French 1979).

A Retrospective on the Bretton Woods System : Lessons for International Monetary Reform (National Bureau of Economic Research Project Report) By Barry Eichengreen (Editor), Michael D. Bordo (Editor) Published by University of Chicago Press (1993) ISBN 0-226-06587-1

The political pound: British investment overseas and exchange controls past—and future? By John Brennan Published By Henderson Administration (1983) ISBN 0-9508735-0-0

Monetary History of the United States, 1867–1960 by Milton Friedman, Anna Jacobson Schwartz Published by Princeton University Press (1971) ISBN 0-691-00354-8

The international role of the pound sterling: Its benefits and costs to the United Kingdom By John Kevin Green

The Financial System in Nineteenth-Century Britain (The Victorian Archives Series), By Mary Poovey Published by Oxford University Press (2002) ISBN 0-19-515057-0

Rethinking our Centralised Monetary System: The Case for a System of Local Currencies By Lewis D. Solomon Published by Praeger Publishers (1996) ISBN 0-275-95376-9

Politics and the Pound: The Conservatives' Struggle With Sterling by Philip Stephens Trans-Atlantic Publications (1995) ISBN 0-333-63296-6

The European Monetary System: Developments and Perspectives (Occasional Paper, No. 73) by Horst Ungerer, Jouko J. Hauvonen Published by International Monetary Fund (1990) ISBN 1-55775-172-2

The floating pound sterling of the nineteen-thirties: An exploratory study By J. K Whitaker Dept. of the Treasury (1986)

World Currency Monitor Annual, 1976–1989: Pound Sterling : The Value of the British Pound Sterling in Foreign Terms Published by Mecklermedia (1990) ISBN 0-88736-543-4

Krause, Chester L.; Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed.). Krause Publications. ISBN 0873411501.

Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues. Colin R. Bruce II and Neil Shafer (editors) (7th ed.). Krause Publications. ISBN 0-87341-207-9.

Pick, Albert (1990). Standard Catalog of World Paper Money: Specialized Issues. Colin R. Bruce II and Neil Shafer (editors) (6th ed.). Krause Publications. ISBN 0-87341-149-8.

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Pounds to Kilograms conversion: lb to kg calculator

Pounds to Kilograms conversion: lb to kg calculator

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Metric Conversion > Metric Converter > Weight Converter > Pounds Conversion > pounds to kg

Pounds to Kilograms (lb to kg)

kg to pounds (Swap Units)

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Note: Fractional results are rounded to the nearest 1/64. For a more accurate answer please select 'decimal' from the options above the result.

Note: You can increase or decrease the accuracy of this answer by selecting the number of significant figures required from the options above the result.

Note: For a pure decimal result please select 'decimal' from the options above the result.

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Pounds to Kilograms formulakg =lb  ______  2.2046

Show working

Show result in exponential format

More information: Pounds

More information: Kilograms

Quick and easy pounds to kilograms conversion

If you're just trying to convert pounds to kilograms for cooking or to know your own weight, there's a handy rule of thumb you can use:To get kilograms, divide by 2 then take off 1/10th of your answerEg 100 pounds… Divide by two = 50 Kg. Take off 1/10th = (50 – 5) = 45 Kg.

This is close to the genuine answer of 45.35923kg, and is a much easier sum to do in your head!

Definitions of Pounds and Kilograms

The pound unit of weight is also known as the imperial pound, avoirdupois pound and international pound. The pound is defined as 453.59237 grams. Pound is often shortened to ‘lb’, so we can say 1lb=453.59237g

One kilogram (normally abbreviated to ‘Kg’) is almost exactly equal to the mass of one litre of water.

The kilogram is an SI base unit – this means that all other metric mass (weight) units are defined in terms of kilograms .

Pounds to Kilograms formula

kg =

lb

 

______

 

 

2.2046

 

Pounds to Kilograms table

Start

Increments

Increment: 1000

Increment: 100

Increment: 20

Increment: 10

Increment: 5

Increment: 2

Increment: 1

Increment: 0.1

Increment: 0.01

Increment: 0.001

Fractional: 1/64

Fractional: 1/32

Fractional: 1/16

Fractional: 1/8

Fractional: 1/4

Fractional: 1/2

Accuracy

Select resolution

1 significant figure

2 significant figures

3 significant figures

4 significant figures

5 significant figures

6 significant figures

7 significant figures

8 significant figures

Format

DecimalFractions

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< Smaller Values

Larger Values >

Pounds

Kilograms

0lb

0.00kg

1lb

0.45kg

2lb

0.91kg

3lb

1.36kg

4lb

1.81kg

5lb

2.27kg

6lb

2.72kg

7lb

3.18kg

8lb

3.63kg

9lb

4.08kg

10lb

4.54kg

11lb

4.99kg

12lb

5.44kg

13lb

5.90kg

14lb

6.35kg

15lb

6.80kg

16lb

7.26kg

17lb

7.71kg

18lb

8.16kg

19lb

8.62kg

Pounds

Kilograms

20lb

9.07kg

21lb

9.53kg

22lb

9.98kg

23lb

10.43kg

24lb

10.89kg

25lb

11.34kg

26lb

11.79kg

27lb

12.25kg

28lb

12.70kg

29lb

13.15kg

30lb

13.61kg

31lb

14.06kg

32lb

14.51kg

33lb

14.97kg

34lb

15.42kg

35lb

15.88kg

36lb

16.33kg

37lb

16.78kg

38lb

17.24kg

39lb

17.69kg

Pounds

Kilograms

40lb

18.14kg

41lb

18.60kg

42lb

19.05kg

43lb

19.50kg

44lb

19.96kg

45lb

20.41kg

46lb

20.87kg

47lb

21.32kg

48lb

21.77kg

49lb

22.23kg

50lb

22.68kg

51lb

23.13kg

52lb

23.59kg

53lb

24.04kg

54lb

24.49kg

55lb

24.95kg

56lb

25.40kg

57lb

25.85kg

58lb

26.31kg

59lb

26.76kg

Ounces to Grams

Grams to Ounces

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Pound (mass) - Wikipedia

Pound (mass) - Wikipedia

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1Etymology

2Current use

3Historical use

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3.1Roman libra

3.2In Britain

3.2.1Avoirdupois pound

3.2.1.1Imperial Standard Pound

3.2.1.2Redefinition in terms of the kilogram

3.2.2Troy pound

3.2.3Tower pound

3.2.4Merchants' pound

3.2.5London pound

3.3In the United States

3.4Byzantine litra

3.5French livre

3.6German and Austrian Pfund

3.7Russian funt

3.8Skålpund

3.9Portuguese libra and arrátel

3.10Jersey pound

3.11Trone pound

3.12Metric pound

4Use in weaponry

5See also

6Notes

7References

8External links

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8.1Conversion between units

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Pound (mass)

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From Wikipedia, the free encyclopedia

Unit of mass

For other uses, see Pound (disambiguation).

"lb." and "lbs." redirect here. For other uses, see LB and LBS.

poundOne-pound avoirdupois weight, from the Musée des Arts et MétiersGeneral informationUnit systemBritish imperial units,United States customary unitsUnit ofmassSymbollbConversions

1 lb in ...... is equal to ...

   SI units   0.45359237 kg   Avoirdupois   16 ounces

The pound or pound-mass is a unit of mass used in both the British imperial and United States customary systems of measurement. Various definitions have been used; the most common today is the international avoirdupois pound, which is legally defined as exactly 0.45359237 kilograms, and which is divided into 16 avoirdupois ounces.[1] The international standard symbol for the avoirdupois pound is lb;[2] an alternative symbol (when there might otherwise be a risk of confusion with the pound-force) is lbm[3] (for most pound definitions), # (chiefly in the U.S.),[4] and ℔[5] or ″̶[6] (specifically for the apothecaries' pound).

The unit is descended from the Roman libra (hence the abbreviation "lb"). The English word pound is cognate with, among others, German Pfund, Dutch pond, and Swedish pund. These units are now designated as historical and are no longer in common usage, being replaced by the metric system.

Usage of the unqualified term pound reflects the historical conflation of mass and weight. This accounts for the modern distinguishing terms pound-mass and pound-force.

Etymology[edit]

The word 'pound' and its cognates ultimately derive from a borrowing into Proto-Germanic of the Latin expression libra pondo ('the weight measured in libra'), in which the word pondo is the ablative singular of the Latin noun pondus ('weight').[7]

Current use [edit]

The United States and the Commonwealth of Nations agreed upon common definitions for the pound and the yard. Since 1 July 1959, the international avoirdupois pound (symbol lb) has been defined as exactly 0.45359237 kg.[8][9]

In the United Kingdom, the use of the international pound was implemented in the Weights and Measures Act 1963.[10]

The yard or the metre shall be the unit of measurement of length and the pound or the kilogram shall be the unit of measurement of mass by reference to which any measurement involving a measurement of length or mass shall be made in the United Kingdom; and- (a) the yard shall be 0.9144 metre exactly; (b) the pound shall be 0.45359237 kilogram exactly.— Weights and Measures Act, 1963, Section 1(1)[11]

An avoirdupois pound is equal to 16 avoirdupois ounces and to exactly 7,000 grains. The conversion factor between the kilogram and the international pound was therefore chosen to be divisible by 7 with a terminating decimal representation, and an (international) grain is thus equal to exactly 64.79891 milligrams.

In the United Kingdom, the process of metrication and European units of measurement directives were expected to eliminate the use of the pound and ounce, but in 2007 the European Commission abandoned the requirement for metric-only labelling on packaged goods there, and allowed for dual metric–imperial marking to continue indefinitely.[12][13] When used as a measurement of body weight, it is common practice in the United Kingdom outside of medical settings to use the stone (1 stone = 14 pounds) as the primary measure e.g. "11 stone 4 pounds", rather than "158 pounds" (as done in the United States),[14] or "72 kilograms" as used elsewhere.

In the United States, the Metric Conversion Act of 1975 declared the metric system to be the "preferred system of weights and measures" but did not suspend use of United States customary units, and the United States is the only industrialised country where commercial activities do not predominantly use the metric system,[15] despite many efforts to do so, and the pound remains widely used as one of the key customary units.[16][17]

Historical use[edit]

Comparison of the relative sizes of avoirdupois, troy, Tower, merchant and London pounds

Historically, in different parts of the world, at different points in time, and for different applications, the pound (or its translation) has referred to broadly similar but not identical standards of mass or force.[a]

Roman libra[edit]

Various historic pounds from a German textbook dated 1848

The libra (Latin for 'scale'/'balance') is an ancient Roman unit of mass that is now equivalent to 328.9 g (11.60 oz).[18][19][20] It was divided into 12 unciae (singular: uncia), or ounces. The libra is the origin of the abbreviation for pound, "lb".

In Britain[edit]

A number of different definitions of the pound have historically been used in Britain. Among these are the avoirdupois pound, which is the common pound used for weights, and the obsolete tower, merchants' and London pounds.[21] The troy pound and ounce remain in use only for the weight of precious metals, especially in their trade. The weights of traded precious metals, such as gold and silver, are normally quoted just in ounces (e.g. "500 ounces") and, when the type of ounce is not explicitly stated, the troy system is assumed.

The pound sterling money system, which was introduced during the reign of King Offa of Mercia (757–96), was based originally on a Saxon pound of silver. After the Norman conquest the Saxon pound was known as the tower pound or moneyer's pound.[22] In 1528, during the reign of Henry VIII, the coinage standard was changed by parliament from the tower pound to the troy pound.[23]

English pounds

Unit vte

Pounds

Ounces

Grains

Metric

Avdp.

Troy

Tower

Merchant

London

Metric

Avdp.

Troy

Tower

Troy

Tower

g

kg

Avoirdupois

1

175/144

= 1.21527

35/27

= 1.296

28/27

= 1.037

35/36

= 0.972

≈ 0.9072

16

14+7/12

= 14.583

15+5/9

= 15.5

7,000

09,955+5/9

≈ 454

≈ 5/11

Troy

144/175

≈ 0.8229

1

16/15

= 1.06

64/75

= 0.853

4/5

= 0.8

≈ 0.7465

13+29/175

≈ 13.17

12

12+4/5

= 12.8

5,760

08,192

≈ 373

≈ 3/8

Tower

27/35

≈ 0.7714

15/16

= 0.9375

1

4/5

= 0.8

3/4

= 0.75

≈ 0.6998

12+12/35

≈ 12.34

11+1/4

= 11.25

12

5,400

07,680

≈ 350

≈ 7/20

Merchant

27/28

≈ 0.9643

75/64

= 1.171875

5/4

= 1.25

1

15/16

= 0.9375

≈ 0.8748

15+3/7

≈ 15.43

14+1/16

= 14.0625

15

6,750

09,600

≈ 437

≈ 7/16

London

36/35

≈ 1.029

5/4

= 1.25

4/3

= 1.3

16/15

= 1.06

1

≈ 0.9331

16+16/35

≈ 16.46

15

16

7,200

10,240

≈ 467

≈ 7/15

Metric

≈ 1.1023

≈ 1.3396

≈ 1.4289

≈ 1.1431

≈ 1.0717

1

≈ 17.64

≈ 16.08

≈ 17.15

7,716

10,974

= 500

= 1/2

See also: English units

Avoirdupois pound[edit]

For broader coverage of this topic, see Avoirdupois system.

The avoirdupois pound, also known as the wool pound, first came into general use c. 1300. It was initially equal to 6,992 troy grains. The pound avoirdupois was divided into 16 ounces. During the reign of Queen Elizabeth I, the avoirdupois pound was redefined as 7,000 troy grains. Since then, the grain has often been an integral part of the avoirdupois system. By 1758, two Elizabethan Exchequer standard weights for the avoirdupois pound existed, and when measured in troy grains they were found to be of 7,002 grains and 6,999 grains.[24][25][b]

Imperial Standard Pound[edit]

In the United Kingdom, weights and measures have been defined by a long series of Acts of Parliament, the intention of which has been to regulate the sale of commodities. Materials traded in the marketplace are quantified according to accepted units and standards in order to avoid fraud. The standards themselves are legally defined so as to facilitate the resolution of disputes brought to the courts; only legally defined measures will be recognised by the courts. Quantifying devices used by traders (weights, weighing machines, containers of volumes, measures of length) are subject to official inspection, and penalties apply if they are fraudulent.

The Weights and Measures Act 1878 marked a major overhaul of the British system of weights and measures, and the definition of the pound given there remained in force until the 1960s. The pound was defined thus (Section 4) "The ... platinum weight ... deposited in the Standards department of the Board of Trade ... shall continue to be the imperial standard of ... weight ... and the said platinum weight shall continue to be the Imperial Standard for determining the Imperial Standard Pound for the United Kingdom". Paragraph 13 states that the weight in vacuo of this standard shall be called the Imperial Standard Pound, and that all other weights mentioned in the act and permissible for commerce shall be ascertained from it alone. The First Schedule of the Act gave more details of the standard pound: it is a platinum cylinder nearly 1.35 inches (34 mm) high, and 1.15 inches (29 mm) diameter, and the edges are carefully rounded off. It has a groove about 0.34 inches (8.6 mm) from the top, to allow the cylinder to be lifted using an ivory fork. It was constructed following the destruction of the Houses of Parliament by fire in 1834, and is stamped "P.S. 1844, 1 lb" (P.S. stands for "Parliamentary Standard").

Redefinition in terms of the kilogram[edit]

The British 1878 Act said that contracts worded in terms of metric units would be deemed by the courts to be made according to the Imperial units defined in the Act, and a table of metric equivalents was supplied so that the Imperial equivalents could be legally calculated. This defined, in UK law, metric units in terms of Imperial ones. The equivalence for the pound was given as 1 lb = 453.59265 g or 0.45359 kg, which made the kilogram equivalent to about 2.2046213 lb.

In 1883, it was determined jointly by the standards department of the British Board of Trade and the Bureau International that 0.4535924277 kg was a better approximation, and this figure, rounded to 0.45359243 kg was given legal status by an Order in Council in May 1898.[26]

In 1959, based on further measurements and international coordination, the International Yard and Pound Agreement defined an "international pound" as being equivalent to exactly 0.45359237 kg.[26] This meant that the existing legal definition of the UK pound differed from the international standard pound by 0.06 milligrams. To remedy this, the pound was again redefined in the United Kingdom by the Weights and Measures Act 1963 to match the international pound, stating: "the pound shall be 0.453 592 37 kilogramme exactly",[11] a definition which remains valid to the present day.

The 2019 redefinition of the SI base units means that the pound is now defined precisely in terms of fundamental constants, ending the era of its definition in terms of physical prototypes.

Troy pound[edit]

Main article: Troy weight

A troy pound (abbreviated lb t[27]) is equal to 12 troy ounces and to 5,760 grains, that is exactly 373.2417216 grams.[28] Troy weights were used in England by jewellers. Apothecaries also used the troy pound and ounce, but added the drachms and scruples unit in the Apothecaries' system of weights.

Troy weight may take its name from the French market town of Troyes in France where English merchants traded at least as early as the early 9th century.[29] The troy pound is no longer in general use or a legal unit for trade (it was abolished in the United Kingdom on 6 January 1879 by the Weights and Measures Act of 1878), but the troy ounce, 1⁄12 of a troy pound, is still used for measurements of gems such as opals, and precious metals such as silver, platinum and particularly gold.[30]

Tower pound[edit]

The tower pound displayed as the weight of a pound sterling of 240 early silver pennies (original pennyweight)

A tower pound is equal to 12 tower ounces and to 5,400 troy grains, which equals around 350 grams.[31] The tower pound is the historical weight standard that was used for England's coinage.[32] Before the Norman conquest in 1066, the tower pound was known as the Saxon pound. During the reign of King Offa (757–96) of Mercia, a Saxon pound of silver was used to set the original weight of a pound sterling.[33] From one Saxon pound of silver (that is a tower pound) the king had 240 silver pennies minted.[34][c] In the pound sterling monetary system, twelve pennies equaled a shilling and twenty shillings equaled a pound sterling.[36]

The tower pound was referenced to a standard prototype found in the Tower of London. The tower system ran concurrently with the avoirdupois and troy systems until the reign of Henry VIII, when a royal proclamation dated 1526 required that the troy pound to be used for mint purposes instead of the tower pound.[37] No standards of the tower pound are known to have survived.[38]

The tower pound was also called the moneyers' pound (referring to the Saxon moneyers before the Norman conquest);[39] the easterling pound, which may refer to traders of eastern Germany, or to traders on the shore of the eastern Baltic sea, or dealers of Asiatic goods who settled at the London Steelyard wharf;[40] and the Rochelle pound by French writers, because it was also in use at La Rochelle.[41] An almost identical weight was employed by the Germans for weighing gold and silver.

The mercantile pound (1304) of 6750 troy grains, or 9600 Tower grains, derives from this pound, as 25 shilling-weights or 15 Tower ounces, for general commercial use. Multiple pounds based on the same ounce were quite common. In much of Europe, the apothecaries' and commercial pounds were different numbers of the same ounce.[citation needed][42][43]

1 mercantile pound (15 oz)

=

9,600 Tower grains

=

6,750 troy grains

1 Tower pound (12 oz)

=

7,680 Tower grains

=

5,400 troy grains

1 Tower ounce (20 dwt)

=

640 Tower grains

=

450 troy grains

1 Tower pennyweight (dwt)

=

32 Tower grains

=

22+1⁄2 troy grains

Merchants' pound[edit]

The merchants' pound (mercantile pound, libra mercantoria, or commercial pound) was considered to be composed of 25 rather than 20 Tower shillings of 12 pence.[44] It was equal to 9,600 wheat grains (15 tower ounces or 6,750 grains)[29] and was used in England until the 14th century[29] for goods other than money and medicine ("electuaries").[44]

London pound[edit]

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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 7,200 troy grains (16 troy ounces) or, equivalently, 10,240 tower grains (16 tower ounces).

1 London pound (16 oz)

=

1+1⁄3 tower pounds (1.25 Troy pounds)

=

10,240 tower grains

=

7,200 troy grains

1 London ounce (20 dwt)

=

1 tower (or troy) ounce

=

640 tower grains

=

450 troy grains

1 London pennyweight

=

1 tower (or troy) pennyweight

=

32 tower grains

=

22+1⁄2 troy grains

In the United States[edit]

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 1893. That order defined the pound to be 2.20462 pounds to a kilogram. The following year, this relationship was refined as 2.20462234 pounds to a kilogram, following a determination of the British pound.[26]

In 1959, the United States National Bureau of Standards redefined the pound (avoirdupois) to be exactly equal to 0.453 592 37 kilograms, as had been declared by the International Yard and Pound Agreement of that year. According to a 1959 NIST publication, the United States 1894 pound differed from the international pound by approximately one part in 10 million.[1] The difference is so insignificant that it can be ignored for almost all practical purposes.[45]

Byzantine litra[edit]

Main article: Byzantine units of measurement § Weight

The Byzantines used a series of measurements known as pounds (Latin: libra, Ancient Greek: λίτρα, romanized: litra). The most common was the logarikē litra (λογαρική λίτρα, "pound of account"), established by Constantine the Great in 309/310. It formed the basis of the Byzantine monetary system, with one litra of gold equivalent to 72 solidi. A hundred litrai were known as a kentēnarion (κεντηνάριον, "hundredweight"). Its weight seems to have decreased gradually from the original 324 g (11.4 oz) to 319 g (11.3 oz). Due to its association with gold, it was also known as the chrysaphikē litra (χρυσαφική λίτρα, "gold pound") or thalassia litra (θαλάσσια λίτρα, "maritime pound"), but it could also be used as a measure of land, equalling a fortieth of the thalassios modios.[46]

The soualia litra was specifically used for weighing olive oil or wood, and corresponded to 4/5 of the logarikē or 256 g (9.0 oz). Some outlying regions, especially in later times, adopted various local measures, based on Italian, Arab or Turkish measures. The most important of these was the argyrikē litra (αργυρική λίτρα, "silver pound") of 333 g (11.7 oz), found in Trebizond and Cyprus, and probably of Arab origin.[46]

French livre[edit]

See also: Units of measurement in France before the French Revolution § Mass, and Units of measurement in France

Since the Middle Ages, various pounds (livre) have been used in France. Since the 19th century, a livre has referred to the metric pound, 500 g.

The livre esterlin is equivalent to about 367.1 grams (5,665 gr) and was used between the late 9th century and the mid-14th century.[47]

The livre poids de marc or livre de Paris is equivalent to about 489.5 grams (7,554 gr) and was used between the 1350s and the late 18th century.[47] It was introduced by the government of John II.

The livre métrique was set equal to the kilogram by the decree of 13 Brumaire an IX between 1800 and 1812. This was a form of official metric pound.[47]

The livre usuelle (customary unit) was defined as 500 g (18 oz) by the decree of 28 March 1812. It was abolished as a unit of mass effective 1 January 1840 by a decree of 4 July 1837,[47] but is still used informally.[citation needed]

German and Austrian Pfund[edit]

Originally derived from the Roman libra, the definition varied throughout the Holy Roman Empire in the Middle Ages and onward. For example, the measures and weights of the Habsburg monarchy were reformed in 1761 by Empress Maria Theresia of Austria.[48] The unusually heavy Habsburg (civil) pound of 16 ounces was later defined in terms of 560.012 g (19.7538 oz). Bavarian reforms in 1809 and 1811 adopted essentially the same standard as the Austrian pound. In Prussia, a reform in 1816 defined a uniform civil pound in terms of the Prussian foot and distilled water, resulting in a Prussian pound of 467.711 g (16.4980 oz).

Between 1803 and 1815, all German regions west of the River Rhine were under French control, organised in the departements: Roer, Sarre, Rhin-et-Moselle, and Mont-Tonnerre. As a result of the Congress of Vienna, these regions again became part of various German states. However, many of these regions retained the metric system and adopted a metric pound of precisely 500 g (17.64 oz). In 1854, the pound of 500 g also became the official mass standard of the German Customs Union and was renamed the Zollpfund, but local pounds continued to co-exist with the Zollverein pound for some time in some German states. Nowadays, the term Pfund is sometimes still in use and universally refers to a pound of 500 g.[49]

Russian funt[edit]

The Russian pound (Фунт, funt) is an obsolete Russian unit of measurement of mass. It is equal to 409.51718 g (14.445293 oz).[50] In 1899, the funt was the basic unit of weight, and all other units of weight were formed from it; in particular, a zolotnik was 1⁄96 of a funt, and a pood was 40 fúnty.

Skålpund[edit]

The Skålpund was a Scandinavian measurement that varied in weight between regions. From the 17th century onward, it was equal to 425.076 g (14.9941 oz) grams in Sweden but was abandoned in 1889 when Sweden switched to the metric system.

In Norway, the same name was used for a weight of 425.076 g (14.9941 oz) grams. In Denmark, it equaled 471 g (16.6 oz).

In the 19th century, Denmark followed Germany's lead and redefined the pound as 500 g (18 oz).

Portuguese libra and arrátel[edit]

The Portuguese unit that corresponds to the pounds of different nations is the arrátel, equivalent to 16 ounces of Colonha, a variant of the Cologne standard. This arrátel was introduced in 1499 by Manuel I, king of Portugal. Based on an evaluation of bronze nesting weight piles distributed by Manuel I to different towns, the arrátel of Manuel I has been estimated to be of 457.8 g (16.15 oz). In the early 19th century, the arrátel was evaluated at 459 g (16.2 oz).[51]

In the 15th century, the arrátel was of 14 ounces of Colonha or 400.6 g (14.13 oz). The Portuguese libra was the same as 2 arráteis. There were also arráteis of 12.5 and 13 ounces and libras of 15 and 16 ounces. The Troyes or Tria standard was also used.[52]

Jersey pound[edit]

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 7,561 grains (490 g (17 oz)). It may have been derived from the French livre poids de marc.[53]

Trone pound[edit]

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 600–800 g (21–28 oz)).

Metric pound[edit]

In many countries, upon the introduction of a metric system, the pound (or its translation) became an historic and obsolete term, although some have kept it as an informal term without a specific value. In German, the term is Pfund, in French livre, in Dutch pond, in Spanish and Portuguese libra, in Italian libbra, and in Danish and Swedish pund.

Though not from the same linguistic origin, the Chinese jīn (斤, also known as the "catty") in mainland China has a modern definition of exactly 500 g (18 oz), divided into 10 liǎng (两). Traditionally around 600 g (21 oz), the jin has been in use for more than two thousand years varying in exact value from one period to another, serving the same purpose as "pound" for the common-use measure of weight. In Hong Kong, for the purposes of commerce and trade between Britain and Imperial China in the preceding centuries, three Chinese catties were equivalent to four British imperial pounds, defining one catty as 604.78982 g (21.333333 oz) in weight precisely.

Hundreds of older pounds were replaced in this way. Examples of the older pounds are one of around 459–460 g (16.19–16.23 oz) in Spain, Portugal, and Latin America; one of 498.1 g (17.57 oz) in Norway; and several different ones in what is now Germany.

From the introduction of the kilogram 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.[54]

Use in weaponry[edit]

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; 60-pounders and 68-pounders also exist, along with other nonstandard weapons using the same scheme. See carronade.

A similar definition, using lead balls, exists for determining the gauge of shotguns and shotgun shells.

See also[edit]

Pound-force

Slug (unit)

Notes[edit]

^ The pound is often described as a unit of "weight", and the word "weight" can refer to either mass or force depending on context. Historically and in common parlance, "weight" refers to mass, but weight as used in modern physics is a force.

^ A difference of just 194.39673 milligrams

^ "Anglo-Saxon King Offa is credited with introducing the system of money to central and southern England in the latter half of the eighth century, overseeing the minting of the earliest English silver pennies – emblazoned with his name. In practice they varied considerably in weight and 240 of them seldom added up to a pound. There were at that time no larger denomination coins – pounds and shillings were merely useful units of account".[35] – Ed Lowther, BBC

References[edit]

^ a b United States National Bureau of Standards (25 June 1959). "Notices "Refinement of values for the yard and the pound"" (PDF). Retrieved 12 August 2006.

^ IEEE Std 260.1-2004, IEEE Standard Letter Symbols for Units of Measurement (SI Units, Customary Inch-Pound Units, and Certain Other Units)

^ Fletcher, Leroy S.; Shoup, Terry E. (1978), Introduction to Engineering, Prentice-Hall, ISBN 978-0135018583, LCCN 77024142.: 257 

^ "pound sign". Oxford English Dictionary. Archived from the original on 3 April 2018.

^ "Letterlike Symbols | Range: 2100–214F" (PDF). The Unicode Standard, Version 15.0. Unicode Consortium. p. 2100/2123. Retrieved 28 April 2011. 2114 ℔ L B BAR SYMBOL

^ "The Dictionary of Medical and Surgical Knowledge". 1864. Retrieved 22 September 2016.

^ Oxford English Dictionary, s.v. 'pound'

^ United States. National Bureau of Standards (1959). Research Highlights of the National Bureau of Standards. U.S. Department of Commerce, National Bureau of Standards. p. 13. Retrieved 12 July 2012.

^ National Bureau of Standards, Appendix 8 Archived 18 January 2009 at the Wayback Machine; National Physical Laboratory, P H Bigg et al. : Re-determination of the values of the imperial standard pound and of its parliamentary copies in terms of the international kilogramme during the years 1960 and 1961; Sizes.com: pound avoirdupois Archived 24 October 2019 at the Wayback Machine.

^ Quoted by Laws LJ in "[2002] EWHC 195 (Admin)". Retrieved 12 August 2006.

^ a b "Weights and Measures Act 1963". vLex United Kingdom. 31 July 1963. Retrieved 17 April 2021.

^ "EU gives up on 'metric Britain". BBC News. 11 September 2007. Retrieved 4 May 2015.

^ Kelly, Jon (21 December 2011). "Will British people ever think in metric?". BBC. Retrieved 4 May 2015.

^ Hopkins, Christine; Pope, Ann; Pepperell, Sandy (2016). Understanding Primary Mathematics. Routledge. p. 195. ISBN 9780203963500. (later editions available)

^ "Appendix G – Weights and Measures". The World Factbook. Central Intelligence Agency. 17 January 2007. Archived from the original on 13 June 2007. Retrieved 4 February 2007.

^ "US 1988 law on metrification". Retrieved 21 September 2019.

^ "Countries not using SI". 22 March 2011. Retrieved 21 September 2019.

^ Zupko, Ronald Edward (1977). British weights & measures: a history from antiquity to the seventeenth century. Univ. of Wisconsin Press. p. 7. ISBN 9780299073404. Retrieved 27 November 2011.

^ Frederick George Skinner (1967). Weights and measures: their ancient origins and their development in Great Britain up to A.D. 1855. H.M.S.O. p. 65. ISBN 9789140059550. Retrieved 27 November 2011.

^ Chambers's encyclopaedia. Vol. 14. Pergamon Press. 1967. p. 476. Retrieved 27 November 2011.

^ "Grains and drams, ounces and pounds, stones and tons. Personal notes".

^ Zupko, Ronald Edward (1977). British weights & measures : a history from antiquity to the seventeenth century. Internet Archive. Madison : University of Wisconsin Press. p. 11. ISBN 978-0-299-07340-4.

^ Zupko, Ronald Edward (1977). British weights & measures : a history from antiquity to the seventeenth century. Internet Archive. Madison : University of Wisconsin Press. p. 78. ISBN 978-0-299-07340-4.

^ Skinner, F.G. (1952). "The English Yard and Pound Weight". Bulletin of the British Society for the History of Science. 1 (7): 184–6. doi:10.1017/S0950563600000646.

^ United States. National Bureau of Standards (1962). weights and measures. Taylor & Francis. pp. 22–24. GGKEY:4KXNZ63BNUF. Retrieved 26 December 2011.

^ a b c Barbrow, L.E.; Judson, L.V. (1976). Weights and measures standards of the United States – A brief history. Archived from the original on 11 May 2008.

^ Capotosto, R. (1983). 200 Original Shop Aids and Jigs for Woodworkers. Sterling Publishing Company, Inc.

^ United States National Bureau of Standards. "Appendix C of NIST Handbook 44, Specifications, Tolerances, and Other Technical Requirements for Weighing and Measuring Devices, General Tables of Units of Measurement" (PDF). p. C-14.

^ a b c Zupko, Ronald Edward (1 December 1985). Dictionary of Weights and Measures for the British Isles: The Middle Ages to the 20th Century. DIANE Publishing. ISBN 0-87169-168-X.

^ "Status Report of U.S. Government Gold Reserve" Archived 3 October 2015 at the Wayback Machine, Bureau of the Fiscal Service

^ Ross, Lester A. (1983). Archaeological Metrology: English, French, American, and Canadian Systems of Weights and Measures for North American Historical Archaeology (PDF). National Historic Parks and Sites Branch, Parks Canada, Environment Canada. p. 20. ISBN 978-0-660-11336-4.

^ Kampmann, Ursula (29 April 2013). Drachm, Dirham, Thaler, Pound: Money and currencies in history from earliest times to the euro. Conzett Verlag. p. 56. ISBN 978-3-03760-029-0.

^ Zupko, Ronald Edward (1977). British weights & measures : a history from antiquity to the seventeenth century. Internet Archive. Madison : University of Wisconsin Press. p. 11. ISBN 978-0-299-07340-4.

^ The Encyclopædia Britannica: Payn-Polka. At the University Press. 1911. p. 115.

^ Lowther, Ed (14 February 2014). "A short history of the pound". BBC News. BBC. Archived from the original on 21 July 2021. Retrieved 22 July 2021.

^ Geva, Benjamin (1 November 2011). The Payment Order of Antiquity and the Middle Ages: A Legal History. Bloomsbury Publishing. p. 88. ISBN 978-1-84731-843-5.

^ A proclamation of Henry VIII, 5 November 1526. Proclamation 112 in Paul L. Hughes and James F. Larkin, editors. Tudor Royal Proclamations. Volume 1. New Haven: Yale University Press,1964.[1] Archived 22 February 2014 at the Wayback Machine

^ R. D. Connor and A. D. C. Simpson.Weights and Measures in Scotland. A European Perspective.National Museums of Scotland and Tuckwell Press, 2004, page 116, quoting from H. W. Chisholm, Seventh Annual Report of the Warden for the Standards..for 1872-73 (London, 1873), quoting from 1864 House of Commons Paper.[2] Archived 22 February 2014 at the Wayback Machine

^ "Tower pound". Sizes.com. Retrieved 17 September 2016.

^ Facsimile of First Volume of Ms. Archives of the Worshipful Company of Grocers of the City of London A.D. 1345–1463. 1886.

^ The English manual of banking. 1877. Retrieved 17 September 2016.

^ "Weights used for gold". Tax Free Gold. Retrieved 14 January 2011.

^ "A brief history of the pound". The Dozenal Society of Great Britain. Retrieved 14 January 2011.

^ a b Ruffhead, Owen, ed. (1763a), The Statutes at Large, vol.  I: From Magna Charta to the End of the Reign of King Henry the Sixth. To which is prefixed, A Table of the Titles of all the Publick and Private Statutes during that Time, London: Mark Basket for the Crown, pp. 148–149. (in English) & (in Latin) & (in Norman)

^ United States National Bureau of Standards. "Appendix C of NIST Handbook 44, Specifications, Tolerances, and Other Technical Requirements for Weighing and Measuring Devices, General Tables of Units of Measurement" (PDF). Archived from the original (PDF) on 26 November 2006. "In Great Britain, the Yard, the Avoirdupois Pound, the troy pound, and the Apothecaries pound are identical with the units of the same names used in the United States." (The introduction to this appendix makes it clear that the appendix is only for convenience and has no normative value: "In most of the other tables, only a limited number of decimal places are given, therefore making the tables better adopted to the average user.")

^ a b Schilbach, Erich (1991). "Litra". In Kazhdan, Alexander P. (ed.). Oxford Dictionary of Byzantium. Oxford University Press. p. 1238. ISBN 0-19-504652-8.

^ a b c d Sizes, Inc. (16 March 2001). "Pre-metric French units of mass livre and smaller". Retrieved 12 August 2006.

^ Hille, K.C. (1831). "Medicinal-Gewicht". Magazin für Pharmacie und die dahin einschlagenden Wissenschaften. Heidelberg: 268.

^ Entry for Pfund Archived 2 May 2022 at the Wayback Machine at Duden.online.

^ Cardarelli, F. (2004). Encyclopaedia of Scientific Units, Weights and Measures: Their SI Equivalences and Origins (2nd ed.). Springer. p. 122. ISBN 1-85233-682-X.

^ Luís Seabra Lopes, "As Pilhas de Pesos de Dom Manuel I: Contributo para a sua Caracterização, Inventariação e Avaliação", Portugalia: Nova Série, vol. 39, Universidade do Porto, 2018, p. 217-251.

^ Luís Seabra Lopes, "Sistemas Legais de Medidas de Peso e Capacidade, do Condado Portucalense ao Século XVI", Portugalia: Nova Série, vol. 24, 2003, p. 113-164.

^ Sizes, Inc. (28 July 2003). "Jersey pound". Retrieved 12 August 2006.

^ The Council of the European Communities (27 May 2009). "Council Directive 80/181/EEC of 20 December 1979 on the approximation of the laws of the Member States relating to Unit of measurement and on the repeal of Directive 71/354/EEC". Retrieved 14 September 2009.

External links[edit]

Look up pound in Wiktionary, the free dictionary.

Conversion between units[edit]

U.S. National Institute of Standards and Technology Special Publication 811 Archived 14 October 2017 at the Wayback Machine

National Institute of Standards and Technology Handbook 130

vteImperial unitsComparison with US customary systemLength

Twip

Thousandth of an inch

Barleycorn

Inch

Hand (unit)

Foot

Yard

Chain

Gunter's chain

Furlong

Mile

League

Fathom

Cable

Nautical Mile

Link

Rod

Area

Square inch

Square foot

Square yard

perch

Rood

Acre

Square mile

VolumeDerived

Cubic inch

Cubic foot

Hoppus

Cubic yard

Cubic mile

Tmcft

Cooking

Teaspoon

Tablespoon

Fluid ounce

Cup

Pint

Quart

Trade gallon

Gallon

Other

Chaldron

Minim

Gill

Fluid Scruple

Fluid Drachm

Peck

Bushel

Barrel

Stuck

Hogshead

Speed

Miles per hour

Mass

Grain

Drachm

Ounce

Pound (mass)

Stone

Quarter

Slug

Long hundred

Hundredweight

Ship load

Ton

Pressure

Ksi

Pounds per square inch

Other units and measures

British thermal unit

Degree

Fahrenheit

Rankine

Foot-candle

Foot-pound

Foot-poundal

Horsepower

Horsepower-hour

Kenning

Pound (force)

Pound-foot

Poundal

Span

Spinning count

Related systems

Avoirdupois system

English units

Winchester

Exchequer

English Engineering units

Foot–pound–second system (FPS)

Twenty-foot equivalent unit

vteUnited States customary unitsComparison with imperial unit systemLength

Thousandth of an inch

Inch

Hand

Link

Foot

Yard

Rod

Chain

Furlong

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GBP - British Pound rates, news, and tools | Xe

- British Pound rates, news, and tools | XeSkip to ContentPersonalBusinessSend MoneyConverterCurrency APIToolsCurrency ChartsTrends for any currencyRate AlertsSet your target rate and get alertedHistorical Currency RatesCheck rates for any dateIBAN CalculatorSearch and validate IBANsAppsSmartphone apps and moreMore ToolsResourcesHelp CenterRefer A FriendBlogMoney Transfer TipsCurrency EncyclopediaCurrency NewslettersGlossaryMore ResourcesSign InMoney TransferRate AlertsRegisterMoney TransferRate AlertsSend MoneyConverterCurrency APIToolsCurrency ChartsTrends for any currencyRate AlertsSet your target rate and get alertedHistorical Currency RatesCheck rates for any dateIBAN CalculatorSearch and validate IBANsAppsSmartphone apps and moreMore ToolsResourcesHelp CenterRefer A FriendBlogMoney Transfer TipsCurrency EncyclopediaCurrency NewslettersGlossaryMore ResourcesSign InSign InMoney TransferRate AlertsRegisterRegisterMoney TransferRate AlertsHomeCurrency EncyclopediaGBPGBP - British PoundThe British Pound is the currency of United Kingdom. Our currency rankings show that the most popular British Pound exchange rate is the GBP to USD rate. The currency code for Pounds is GBP, and the currency symbol is £. Below, you'll find British Pound rates and a currency converter. Select a currencyGBP – British PoundContinue

The United Kingdom's central bank is the Bank of England. As the fourth most traded currency, the British Pound is the third most held reserve currency in the world. Common names for the British Pound include the Pound Sterling, Sterling, Quid, Cable, and Nicker.

Importance of the British Pound

The British Pound is the oldest currency still in use today, as well as one of the most commonly converted currencies. The Falkland Islands, Gibraltar, and Saint Helena are all pegged at par to the GBP.

Early Currency in Britain

With its origins dating back to the year 760, the Pound Sterling was first introduced as the silver penny, which spread across the Anglo-Saxon kingdoms. In 1158, the design was changed and rather than pure silver the new coins were struck from 92.5% silver and became to be known as the Sterling Pound. Silver pennies were the sole coinage used in England until the shilling was introduced in 1487 and the pound, two years later, in 1489.

British Pound Notes and the Gold Standard

The first paper notes were introduced in 1694, with their legal basis being switched from silver to gold. The Bank of England, one of the first central banks in the world, was established a year later, in 1695. All Sterling notes were handwritten until 1855, when the bank began to print whole notes. In the early 20th century, more countries began to tie their currencies to gold. A gold standard was created, which allowed conversion between different countries' currencies and revolutionized trading and the international economy. Great Britain officially adopted the gold standard in 1816, though it had been using the system since 1670. The strength of the Sterling that came with the gold standard led to a period of major economic growth in Britain until 1914.

The British Pound and the Sterling Area

The British Pound was not only used in Great Britain, but also circulated through the colonies of the British Empire. The countries that used the Pound became to be known as the Sterling Area and the Pound grew to be globally popular, held as a reserve currency in many central banks. However, as the British economy started to decline the US Dollar grew in dominance. In 1940, the Pound was pegged to the US Dollar at a rate of 1 Pound to $4.03 US Dollars and many other countries followed, by pegging their respective currencies. In 1949, the Pound was devalued by 30% and a second devaluation followed in 1967. When the British Pound was decimalized and began to float freely in the market, in 1971, the Sterling Area was terminated. Following, the British Pound experienced a number of highs and lows.

1976: A sterling crisis arose and the UK turned to the International Monetary Fund for a loan

1988: The GBP started to shadow the Deutsche Mark

1990: The UK joined the European Exchange Rate Mechanism, though withdrew from it two years later

1997: The control of interest rates became the responsibility of the Bank of England

British Pound StatsNameBritish PoundSymbol£Minor unit1/100 = pennyMinor unit symbolpTop GBP conversionGBP to USDTop GBP chartGBP to USD chartBritish Pound ProfileNicknamesPound Sterling, Sterling, Quid, NickerCoinsFreq used: 1p, 2p, 5p, 10p, 20p, 50p, £1, £2Bank notesFreq used: £5, £10, £20, £50Rarely used: £100Central bankBank of EnglandUsersUnited Kingdom (UK), England, Northern Ireland, Scotland, Wales, Falkland Islands, Gibraltar, Guernsey, Isle of Man, Jersey, Saint Helena and Ascension, South Georgia and the South Sandwich Islands, Tristan da CunhaUnited Kingdom (UK), England, Northern Ireland, Scotland, Wales, Falkland Islands, Gibraltar, Guernsey, Isle of Man, Jersey, Saint Helena and Ascension, South Georgia and the South Sandwich Islands, Tristan da CunhaWhy are you interested in GBP?I want to...Send a cheap money transfer to the United StatesSend a cheap money transfer to the United KingdomSend a cheap money transfer to CanadaSend a cheap money transfer to AustraliaSend a cheap money transfer to New ZealandSubscribe to GBP email updatesGet GBP rates on my phoneGet a GBP currency data API for my businessLive Currency RatesCurrencyRateChangeEUR / USD0.00000GBP / EUR0.00000USD / JPY0.00000GBP / USD0.00000USD / CHF0.00000USD / CAD0.00000EUR / JPY0.00000AUD / USD0.00000Central Bank RatesCurrencyInterest RateJPY-0.10%CHF1.75%EUR4.50%USD5.50%CAD5.00%AUD4.35%NZD5.50%GBP5.25%LanguageEnglishEnglish (UK)DeutschEspañolFrançaisPortuguêsItalianoSvenska日本語简体中文繁體中文العربيةTransfer MoneySend Money OnlineSend Money to IndiaSend Money to PakistanSend Money to MexicoSend Money to JapanSend Money to the UKSend Money to CanadaSend Money to AustraliaSend Money to New ZealandSend Money to Mobile WalletSecurityReport fraudTrustpilot ReviewsXE BusinessBusiness PaymentsInternational Business PaymentsGlobal Business PaymentsRisk ManagementEnterprise Resource PlanningCurrency Data API IntegrationAffiliate Referral Partner ProgramMass PaymentsAppsMoney Transfer & Currency AppsAndroid Money Transfer AppiOS Money Transfer AppTools & ResourcesBlogCurrency ConverterCurrency ChartsHistorical Currency RatesCurrency EncyclopediaCurrency Rate AlertsCurrency NewslettersIBAN CalculatorGlossaryCompany InfoAbout UsPartnershipsCareersHelp CenterSite MapLegalPrivacyCookie PolicyConsent ManagerMoney Transfer InformationFile a ComplaintAccessibility© 1995-2024 XE.com I

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PoundDefinition: A pound (symbol: lb) is a unit of mass used in the imperial and US customary systems of measurement. The international avoirdupois pound (the common pound used today) is defined as exactly 0.45359237 kilograms. The avoirdupois pound is equivalent to 16 avoirdupois ounces.History/origin: The pound descended from the Roman libra, and numerous different definitions of the pound were used throughout history prior to the international avoirdupois pound that is widely used today. The avoirdupois system is a system that was commonly used in the 13th century. It was updated to its current form in 1959. It is a system that was based on a physical standardized pound that used a prototype weight. This prototype weight could be divided into 16 ounces, a number that had three even divisors (8, 4, 2). This convenience could be the reason that the system was more popular than other systems of the time that used 10, 12, or 15 subdivisions.Current use: The pound as a unit of weight is widely used in the United States, often for measuring body weight. Many versions of the pound existed in the past in the United Kingdom (UK), and although the UK largely uses the International System of Units, pounds are still used within certain contexts, such as labelling of packaged foods (by law the metric values must also be displayed). The UK also often uses both pounds and stones when describing body weight, where a stone is comprised of 14 pounds.KilogramDefinition: A kilogram (symbol: kg) is the base unit of mass in the International System of Units (SI). It is currently defined based on the fixed numerical value of the Planck constant, h, which is equal to 6.62607015 × 10-34 in the units of J·s, or kg·m2·s-1. The meter and the second are defined in terms of c, the speed of light, and cesium frequency, ΔνCs. Even though the definition of the kilogram was changed in 2019, the actual size of the unit remained the same. The changes were intended to improve the definitions of SI base units, not to actually change how the units are used throughout the world.History/origin: The name kilogram was derived from the French "kilogramme," which in turn came from adding Greek terminology meaning "a thousand," before the Late Latin term "gramma" meaning "a small weight."Unlike the other SI base units, the kilogram is the only SI base unit with an SI prefix. SI is a system based on the meter-kilogram-second system of units rather than a centimeter-gram-second system. This is at least in part due to the inconsistencies and lack of coherence that can arise through use of centimeter-gram-second systems, such as those between the systems of electrostatic and electromagnetic units.The kilogram was originally defined as the mass of one liter of water at its freezing point in 1794, but was eventually re-defined, since measuring the mass of a volume of water was imprecise and cumbersome.A new definition of the kilogram was introduced in 2019 based on Planck's constant and changes to the definition of the second. Prior to the current definition, the kilogram was defined as being equal to the mass of a physical prototype, a cylinder made of a platinum-iridium alloy, which was an imperfect measure. This is evidenced by the fact that the mass of the original prototype for the kilogram now weighs 50 micrograms less than other copies of the standard kilogram.Current use: As a base unit of SI, the kilogram is used globally in nearly all fields and applications, with the exception of countries like the United States, where the kilogram is used in many areas, at least to some extent (such as science, industry, government, and the military) but typically not in everyday applications.Pound to Kilogram Conversion TablePound [lbs]Kilogram [kg]0.01 lbs0.0045359237 kg0.1 lbs0.045359237 kg1 lbs0.45359237 kg2 lbs0.90718474 kg3 lbs1.36077711 kg5 lbs2.26796185 kg10 lbs4.5359237 kg20 lbs9.0718474 kg50 lbs22.6796185 kg100 lbs45.359237 kg1000 lbs453.59237 kgHow to Convert Pound to Kilogram1 lbs = 0.45359237 kg1 kg = 2.2046226218 lbsExample: convert 15 lbs to kg:15 lbs = 15 × 0.45359237 kg = 6.80388555 kgPopular Weight And Mass Unit Conversionskg to lbslbs to kggrams to ouncesounces to gramspounds to ouncesounces to poundsgrams to poundspounds to gramsg to kgkg to ggrams to milligramsmilligrams to gramsoz to kgkg to ozlbs to stonestone to lbston to lbslbs to tonConvert Pound to Other Weight and Mass Unitspounds to gramsPound to Milligramlbs to tonpounds to ouncesPound to CaratPound to Ton (short)Pound to Ton (long)Pound to Atomic Mass UnitPound to BreakPound to ExagramPound to PetagramPound to TeragramPound to GigagramPound to MegagramPound to HectogramPound to DekagramPound to DecigramPound to CentigramPound to MicrogramPound to NanogramPound to PicogramPound to FemtogramPound to AttogramPound to DaltonPound to Kilogram-force Square Second/meterPound to KilopoundPound to KipPound to SlugPound to Pound-force Square Second/footPound to Pound (troy Or Apothecary)Pound to PoundalPound to Ton (assay) (US)Pound to Ton (assay) (UK)Pound to Kiloton (metric)Pound to Quintal (metric)Pound to Hundredweight (US)Pound to Hundredweight (UK)Pound to Quarter (US)Pound to Quarter (UK)lbs to stonePound to Stone (UK)Pound to TonnePound to PennyweightPound to Scruple (apothecary)Pound to GrainPound to GammaPound to Talent (Biblical Hebrew)Pound to Mina (Biblical Hebrew)Pound to Shekel (Biblical Hebrew)Pound to Bekan (Biblical Hebrew)Pound to Gerah (Biblical Hebrew)Pound to Talent (Biblical Greek)Pound to Mina (Biblical Greek)Pound to Tetradrachma (Biblical Greek)Pound to Didrachma (Biblical Greek)Pound to Drachma (Biblical Greek)Pound to Denarius (Biblical Roman)Pound to Assarion (Biblical Roman)Pound to Quadrans (Biblical Roman)Pound to Lepton (Biblical Roman)Pound to Planck MassPound to Electron Mass (rest)Pound to Muon MassPound to Proton MassPound to Neutron MassPound to Deuteron MassPound to Earth's MassPound to Sun's Mass

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Pound (currency) - Wikipedia

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1Countries and territories currently using currency units named "pound"

2Historical currencies

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2.1Currencies of the former British colonies in America

3See also

4Notes

5References

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Pound (currency)

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From Wikipedia, the free encyclopedia

Unit of currency

Countries where a unit of the national currency is "pound" (dark blue) or "lira" (light blue).

Pound is the name of various units of currency. It is used in some countries today and previously was used in many others. The English word "pound" derives from the Latin expression lībra pondō, in which lībra is a noun meaning 'pound' and pondō is an adverb meaning 'by weight'.[1][2] The currency's symbol is '£', a stylised form of the blackletter 'L' (

L

{\displaystyle {\mathfrak {L}}}

) (from libra), crossed to indicate abbreviation.[3]

The term was adopted in England from the weight[a] of silver used to make 240 pennies,[6] and eventually spread to British colonies all over the world. While silver pennies were produced seven centuries earlier, the first pound coin was minted under Henry VII in 1489.[5]

Countries and territories currently using currency units named "pound"[edit]

Country/territory

Currency

ISO 4217 code

Tied to sterling?

 Egypt

Egyptian pound

EGP

No

 Falkland Islands

Falkland Islands pound

FKP

Yes

Gibraltar

Gibraltar pound

GIP

Yes

 Guernsey

Guernsey pound

GBP

Yes

 Alderney

Alderney pound

GBP (informally)

Yes

 Isle of Man

Manx pound

GBP

Yes

 Jersey

Jersey pound

GBP

Yes

 Lebanon

Lebanese pound

LBP

No

 Saint Helena, Ascension and Tristan da Cunha

Saint Helena pound

SHP

Yes

 South Sudan

South Sudanese pound

SSP

No

 Sudan

Sudanese pound

SDG

No

 Syria

Syrian pound

SYP

No

 United Kingdom

Sterling[b]

GBP

N/A

 British Antarctic Territory[8]

 British Indian Ocean Territory[9]

 South Georgia and the South Sandwich Islands[10]

Historical currencies[edit]

Australian pound (until 1966, replaced by the Australian dollar). The Australian pound was also used in the Gilbert and Ellice Islands, Nauru, New Hebrides and Papua and New Guinea. It was replaced in the New Hebrides/Vanuatu in 1981 by the Vanuatu vatu.

Bahamian pound (until 1966, replaced by the Bahamian dollar)

Bermudian pound (until 1970, replaced by the Bermudian dollar)

Biafran pound (1968 to 1970, replaced by the Nigerian pound)

British West African pound

in British Cameroon replaced by the CFA franc in 1961

in Gambia, replaced by the Gambian pound in 1968

in Ghana, replaced by the Ghanaian pound in 1958

in Liberia, replaced by the U.S. dollar in 1943

in Nigeria, replaced by the Nigerian pound in 1958

in Sierra Leone, replaced by the leone in 1964

Canadian pound (until 1859, replaced by the Canadian dollar)

Cypriot pound (Cyprus and Sovereign Base Areas of Akrotiri and Dhekelia, until 1 January 2008, replaced by the euro)

Fijian pound (until 1969, replaced by the Fijian dollar)

Gambian pound (1968 to 1971, replaced by the dalasi)

Ghanaian pound (1958 to 1965, replaced by the cedi)

Irish pound (Irish: Punt na hÉireann) (until 2002, replaced by the euro)

Israeli pound, also known as the Israeli lira (until 1980, replaced by the shekel)

Jamaican pound (until 1968, replaced by the Jamaican dollar). The Jamaican pound was also used in Cayman Islands and Turks and Caicos Islands until 1968.

Jordanian pound; see Palestine pound, below.

Libyan pound (until 1971, replaced by the Libyan dinar)

Malawian pound (1964 to 1970, replaced by the Malawian kwacha)

Maltese pound (also known as the Maltese lira and replaced by the euro on 1 January 2008)

New Brunswick pound (until 1860, replaced by the New Brunswick dollar)

Newfoundland pound (until 1865, replaced by the Newfoundland dollar)

New Guinean pound

New Zealand pound (until 1967, replaced by the New Zealand dollar). The New Zealand pound was also used in the Cook Islands and the Pitcairn Islands.

Nigerian pound (1958 to 1973, replaced by the naira)

Nova Scotian pound (until 1860, replaced by the Nova Scotian dollar)

Oceanian pound (1942-1945 under Japanese occupation of Kiribati, Nauru, New Guinea, Solomon Islands and Tuvalu)

Palestine pound (replaced by the Israeli pound; also served as Jordanian pound, replaced in Jordan by the Jordanian dinar)

Pound Scots of Scotland (until 1707 union with England)

Prince Edward Island pound (until 1871, replaced by the Prince Edward Island dollar)

Rhodesian pound (1964 until 1970 in Rhodesia, replaced by the Rhodesian dollar)

Rhodesia and Nyasaland pound (1955-1964, replaced in Southern Rhodesia renamed Rhodesia by the Rhodesian pound, in Northern Rhodesia renamed Zambia by the Zambian pound, and in Nyasaland renamed Malawi by the Malawian pound)

Samoan pound (1914–1920 provisional issue by the New Zealand Government military administration. 1920–1959 by the New Zealand Government administration (Treasury notes). 1960–1963 by the Bank of Western Samoa. Replaced 1967 by the tala ($).)

Scottish pound: see Pound Scots, above.

Solomon Islands pound (1916-1932, replaced by the Australian pound)

South African pound (until 1961, replaced by South African rand). The South African pound was also used in Basutoland, Bechuanaland, South West Africa and Swaziland.

South African Republic pond (refers to the republic in Transvaal, issued 1867–1902, replaced by the South African pound)

South West African pound (1930s to 1961, replaced by South African rand)

Southern Rhodesian pound (1896-1955, circulated also in Northern Rhodesia and Nyasaland; replaced by Rhodesia and Nyasaland pound)

Sudanese pound (until 1992 and since January 2007)

Tongan pound (1921–1966 Government of Tonga Treasury notes. 1967 replaced by the pa'anga ($))

Transvaal pound (see above, South African Republic pond)

West Indian pound (until 1949, replaced by East Caribbean dollar)

Western Samoan pound (1920-1967, replaced by Samoan tala)

Zambian pound (1964 to 1968, replaced by the Zambian kwacha)

Currencies of the former British colonies in America[edit]

All of the following currencies have been replaced by the US dollar.

Connecticut pound (Connecticut)

Delaware pound (Delaware)

Georgia pound (Georgia)

Maryland pound (Maryland)

Massachusetts pound (Massachusetts)

New Hampshire pound (New Hampshire)

New Jersey pound (New Jersey)

New York pound (New York)

North Carolina pound (North Carolina)

Pennsylvania pound (Pennsylvania)

Rhode Island pound (Rhode Island)

South Carolina pound (South Carolina)

Virginia pound (Virginia)

See also[edit]

Money portalNumismatics portal

Green pound, used within the European Union's Common Agricultural Policy until 1999

Carolingian pound (Latin: libra), a unit of weight and coinage, ancestor of German: Pfund, French: livre, Spanish: peso, Lira (Italian: lira, Turkish: lira) as well as the English word pound

Libra (weight), an ancient Roman unit of weight, basis for the Carolingian pound

Local exchange trading system: many British LETS use(d) the term "pound"

Bristol pound, a LETS unit

Notes[edit]

^ The Pound (mass) in question was a Tower pound (5,400 grains, 349.9 grams (11.25 troy ounces), about 0.77 avoirdupois pounds, also called the 'Moneyers' Pound' (referring to the Saxon moneyers before the Conquest).[4] "In practice they" [the silver pennies] "varied considerably in weight and 240 of them seldom added up to a pound".[5]

^ The correct name for the currency is "sterling" and the "pound" is its primary unit. When necessary to distinguish sterling from other pounds, the qualified names "pound sterling" or "British pound" are used, especially in international trade contexts, where those names are used even when disambiguation is not needed.[7] This qualified form is almost never encountered in the United Kingdom, except in banking.

References[edit]

^ Harper, Douglas. "Libra (n.)". Online Etymology Dictionary. Archived from the original on 2 June 2022.

^ Harper, Douglas. "pound (n.1)". Online Etymology Dictionary. Archived from the original on 25 May 2022.

^ "The Origins of £sd". The Royal Mint Museum. Archived from the original on 8 March 2020.

^ "Tower pound". Sizes.com. Retrieved 17 September 2016.

^ a b Lowther, Ed (14 February 2014). "A short history of the pound". BBC News. Archived from the original on 1 March 2014.

^ "Pound sterling". Britannica. Archived from the original on 16 June 2008. Retrieved 22 July 2021. Silver coins known as "sterlings" were issued in the Saxon kingdoms, 240 of them being minted from a pound of silver... Hence, large payments came to be reckoned in "pounds of sterlings", a phrase later shortened...

^ Moles, Peter; Terry, Nicholas (1999). The Handbook of International Financial Terms. ISBN 9780198294818. Sterling (UK).: The name given to the currency of the United Kingdom (cf. cable). Also called pound sterling or pounds.

^ "Foreign and Commonwealth Office country profiles: British Antarctic Territory". Archived from the original on 2003-09-02.

^ "Foreign and Commonwealth Office country profiles: British Indian Ocean Territory". Archived from the original on October 16, 2007.

^ "Foreign and Commonwealth Office country profiles: South Georgia and the South Sandwich Islands".

vteCurrency units named pound, lira, or similarCirculating

Egyptian pound

Lebanese pound

Pound sterling

Alderney pound

Falkland Islands pound

Gibraltar pound

Guernsey pound

Jersey pound

Manx pound

Saint Helena pound

South Sudanese pound

Sudanese pound

Syrian pound

Turkish lira

Ukrainian hryvnia

Local alternative currency

Bristol pound

Brixton pound

Exeter pound

Lewes pound

Liverpool pound

Stroud pound

Totnes pound

Defunct

Aeginetan mina

AM-Lira

Angevin pound

Attic mina

Australian pound

Bahamian pound

Bermudian pound

Biafran pound

British West African pound

Byzantine litra

Canadian pound

Connecticut pound

Cypriot pound

Delaware pound

Fijian pound

French livre

Livre parisis

Livre tournois

French colonial livre

Guadeloupe livre

Haitian livre

New France livre

Saint Lucia livre

Gambian pound

Georgia pound

Ghanaian pound

Irish punt

Israeli lira

Italian lira

Italian East African lira

Italian Somaliland lira

Jaca pound

Jamaican pound

Japanese government-issued Oceanian pound

Jersey livre

Libyan pound

Lombardo-Venetian lira

Luccan lira

Luxembourg livre

Malawian pound

Maltese pound

Maryland pound

Massachusetts pound

New Brunswick pound

New Guinean pound

New Hampshire pound

New Jersey pound

New York pound

New Zealand pound

Newfoundland pound

Nigerian pound

North Carolina pound

Nova Scotian pound

Ottoman lira

Palestine pound

Papal lira

Parman lira

Pennsylvania pound

Peruvian libra

Pound Scots

Prince Edward Island pound

Rhode Island pound

Rhodesian pound

Rhodesia and Nyasaland pound

Roman pound

Sammarinese lira

Sardinian lira

Solomon Islands pound

South Carolina pound

Southern Rhodesian pound

South African pond

South West African pound

Tongan pound

Tripolitanian lira

Tuscan lira

Vatican lira

Venetian lira

Virginia pound

West Indian pound

Western Samoan pound

Zambian pound

Historical antecedents (mass)

Roman pound (libra)

Moneyer's pound (England)

Grzywna (Grivna)

See also

Pound sign (£)

Dinar

Pound (mass) (℔)

Roman currency

Carolingian monetary system

£sd

Authority control databases National

Germany

Other

Historical Dictionary of Switzerland

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Meaning of pound in English

poundnoun [ C ] uk

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/paʊnd/ us

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/paʊnd/

pound noun [C]

(MONEY)

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A2 (symbol £) the standard unit of money used in the UK and some other countries: a one-pound/two-pound coin There are one hundred pence in a pound. They stole jewellery valued at £50,000 (= 50,000 pounds).pound note "Do you have any change?" "Sorry, I only have a five-pound note.

 the pound (symbol £)

the value of the UK pound, used in comparing the values of different types of money from around the world: The devaluation of the pound will make British goods more competitive abroad. On the foreign exchanges the pound rose two cents against the dollar to $1.52.

More examplesFewer examplesThe pound has fallen to its lowest-ever level against the dollar.The value of the pound fell against other European currencies yesterday.He landed a part in a multi-million pound action thriller and made the Hollywood A list.Tourism contributes millions of pounds to the country's economy.I owe Janet £10.

SMART Vocabulary: related words and phrases

British money

bit

bob

crown

farthing

fiver

guinea

P, p

pence

penny

pound sign

pound sterling

quid

shilling

sixpenny

smacker

sovereign

threepenny

tuppence

tuppenny

twopenny

See more results »

pound noun [C]

(WEIGHT)

B2 (written abbreviation lb) a unit for measuring weight: One pound is approximately equal to 454 grams. One kilogram is roughly the same as 2.2 lbs. There are 16 ounces in one pound. Ann's baby weighed eight and a half pounds at birth.

More examplesFewer examplesSixteen ounces equals one pound.The recipe tells you to use a pound and a half of butter.She's a few pounds lighter than she used to be.He's put on ten pounds in the last month.What's the formula for converting pounds into kilos?

SMART Vocabulary: related words and phrases

Measurements of weight & mass

atomic mass

BMI

body mass index

carat

centigram

ct

G, g

gm

grammage

hundredweight

kilogram

lb

mg

microgram

milligram

ounce

oz

st

talent

ton

See more results »

pound noun [C]

(SYMBOL)

US (UK hash) the symbol #: Press # (pound) at each prompt. Synonyms

number sign

octothorpe

pound signCompare

hashtag

SMART Vocabulary: related words and phrases

Signs, signals and symbols

acid test

beacon

breadcrumb

challenge flag

cryptanalyst

iconographic

iconographically

iconography

indicator

lagging indicator

leading indicator

obelus

octothorpe

pilcrow

pointer

prime

prompt

signboard

the all-clear

torch

See more results »

Idioms

match something pound for pound

pound of flesh

poundverb [ I or T ] uk

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/paʊnd/ us

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/paʊnd/

B2 to hit or beat repeatedly with a lot of force, or to crush something by hitting it repeatedly: I could feel my heart pounding as I went on stage to collect the prize. Nearly 50 people are still missing after the storm pounded the coast.be pounded to The city was pounded to rubble during the war.pound on He pounded on the door demanding to be let in.pound away She was pounding away on her typewriter until four in the morning.

More examplesFewer examplesThe town finally succumbed last week after being pounded with heavy artillery for more than two months.She pounded on the door with her fists, pleading with him to let her out.Enormous waves pounded against the empty seashore.She pounded away at the computer until she had finished the report.Use the pestle and mortar to pound the spices into a fine powder.

SMART Vocabulary: related words and phrases

Squeezing and grinding

compression

compressive

concertina

constrict

constriction

mash

mill

nip

noncompressible

pinch

presser

pulp

snap

squash

squeeze

squinch

squish

tamp

unground

unmilled

See more results »

You can also find related words, phrases, and synonyms in the topics:

Hitting and beating

Idioms

pound sand

tell someone to pound sandPhrasal verb

pound away at something/someone

(Definition of pound from the Cambridge Advanced Learner's Dictionary & Thesaurus © Cambridge University Press)

pound | American Dictionary

poundnoun [ C ] us

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/pɑʊnd/

pound noun [C]

(WEIGHT)

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(abbreviation lb.); (symbol #) a unit of measurement of weight equal to 0.453 kilogram

pound noun [C]

(PLACE)

a place where pets that are lost or not wanted are kept: We got this mutt at the pound.

pound noun [C]

(MONEY)

(symbol £) the standard unit of money in the United Kingdom and some other countries

poundverb [ I/T ] us

Your browser doesn't support HTML5 audio

/pɑʊnd/

pound verb [I/T]

(HIT)

to hit repeatedly with force, or to crush by hitting repeatedly: [ T ] The speaker pounded his fists on the table. [ I ] Waves were pounding at the rocks.

If your heart pounds, it beats very strongly: [ I ] My heart was still pounding after we nearly crashed on the Interstate.

(Definition of pound from the Cambridge Academic Content Dictionary © Cambridge University Press)

pound | Business English

poundnoun [ C ]

  MONEY uk

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/paʊnd/ us

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Add to word list

Add to word list

MONEY

  ( written abbreviation £) the standard unit of currency in the UK and some other countries: The group has assets of about 120 million pounds. The company has lost hundreds of thousands of pounds of investors' money. a ten-pound note

MEASURES

  ( written abbreviation lb) a unit for measuring weight, equal to 16 ounces or 0.454 of a kilogram: September copper rose 0.85 cents to 135.30 cents a pound.

the poundnoun [ S ] uk

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us

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( written abbreviation £)

MONEY, ECONOMICS the value of the currency used in Britain compared with the value of the curriencies used in other countries: the strength/value of the pound The dollar gained more than a cent against the pound.

 in the pound

for each British pound counted: The Chancellor wanted to cut the starting rate of income tax to 10p in the pound. See also

the grey pound

the pink pound

(Definition of pound from the Cambridge Business English Dictionary © Cambridge University Press)

Examples of pound

pound

For attending hevening parties now we generally get one pound and our refreshments.

From the Cambridge English Corpus

It was only in the late 1820s that transactions in pounds, shillings and pence became virtually extinct.

From the Cambridge English Corpus

They had been advised to eat one pound of red meat per day and avoid carbohydrate-rich food.

From the Cambridge English Corpus

And every bishop, abbot and abbess who is able to do so is to give a pound of silver in alms.

From the Cambridge English Corpus

After peaking at $2.00/pound in late 1997, the international price fell to $1.00 in 1999 and then halved again during the next two years.

From the Cambridge English Corpus

Millions of pounds worth of goods are lost annually to shoplifters who apparently, are making off with small but valuable items.

From the Cambridge English Corpus

It was those disadvantages which explain in part the persistence of accounts in pounds, shillings and pence until well into the nineteenth century.

From the Cambridge English Corpus

The amount of theoretical comment by academics outweighs, pound for pound, anything practitioners might be saying about it themselves.

From the Cambridge English Corpus

As a small footnote: one wonders at the large difference between the list prices in dollars and in pounds.

From the Cambridge English Corpus

Let a third string be added and stretched by ten pounds and one eighth: thus there emerges another tone.

From the Cambridge English Corpus

A pound in one colony was not worth the same as a pound in another and accordingly exchanged with sterling at different rates.

From the Cambridge English Corpus

And your petitioner in the prosecution thereof hath spent above 2000 pounds.

From the Cambridge English Corpus

Due to intensive efforts on the part of colonial officials, domestic production of raw cotton reached a high of 320 million pounds in 1943.

From the Cambridge English Corpus

On the other, the depreciated dollar threatened the export advantage which the pound had accrued since its floatation.

From the Cambridge English Corpus

Even when they have not practiced them recently, connections between hammer and pound are available.

From the Cambridge English Corpus

See all examples of pound

These examples are from corpora and from sources on the web. Any opinions in the examples do not represent the opinion of the Cambridge Dictionary editors or of Cambridge University Press or its licensors.

What is the pronunciation of pound, the pound?

 

A2,B2,B2

Translations of pound

in Chinese (Traditional)

金錢, 鎊（英國等國家的貨幣單位）, 重量…

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in Chinese (Simplified)

金钱, 镑（英国等国家的货币单位）, 重量…

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in Spanish

libra, libra [feminine, singular]…

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in Portuguese

libra, unidade de peso equivalente a 453.6 g ou 16 onças, libra [feminine]…

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पाऊंड / युनायटेड किंगडम व इतर काही देशात वापरले जाणारे पैशांचे प्रमाणित चलन, पाऊंड, वजनाचे एक माप…

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ポンド（英国の貨幣単位。略記：£ ）, ポンド（重さの単位。1ポンド＝453.6グラム＝16オンス）, ポンド…

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sterlin, pound, Birleşik Krallık para birimi…

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livre [feminine], dièse [masculine], marteler…

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lliura…

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pond, pound, asiel…

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இங்கிலாந்து மற்றும் வேறு சில நாடுகளில் பயன்படுத்தப்படும் பணத்தின் நிலையான அலகு, எடையை அளவிடுவதற்கான ஒரு அலகு, அதிக சக்தியுடன் மீண்டும் மீண்டும் அடிக்க அல்லது தாக்க…

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पाउंड मुद्रा, यूनाइटेड किंगडम (यू.के.) तथा कतिपय अन्य देशों में प्रयुक्त धन की एक मानक इकाई, पाउंड…

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પાઉન્ડ, વજન માપવાનું એકમ, કચડી નાખવું…

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pund, pund sterling, engelske pund…

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pund, [skål]pund, fålla…

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paun, tempat kurungan binatang, menumbuk…

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das Pfund, das Tierasyl, hämmern…

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pund [neuter], firkant [masculine], banke…

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پونڈ/پاؤنڈ, پاونڈ (وزن کا ایک پیمانہ), کچلنا…

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фунт стерлінгів, фунт, загорода обора…

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фунт стерлингов, фунт, бить…

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పౌండు, బరువును కొలవడానికి వాడే ప్రమాణం, దంచడం…

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جُنَيه, رَطْل إنْجليزي…

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পাউন্ড, যুক্তরাজ্য এবং আরও কয়েকটি দেশে ব্যবহৃত মুদ্রার একক, আঘাত হানা / গুঁড়িয়ে দেওয়া / লন্ডভন্ড করে দেওয়া…

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libra, ohrada, bušit…

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poundsterling, mata uang Inggris, pon…

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หน่วยเงินตราของอังกฤษ, หน่วยวัดน้ำหนัก, ที่ขังสัตว์…

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đồng bảng, đơn vị cân nặng pound = 0, 454 kilograms…

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funt (szterling), funt (wagi ) (= = 0, 4536 kg)…

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(영국의 화폐 단위) 파운드, (무게의 단위) 파운드…

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sterlina, libbra, recinto…

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Browse

pounce

pounce on something

pounced

pouncing

pound

pound away at something/someone

pound cake

pound of flesh idiom

pound sand idiom

More meanings of pound

All

pound cake

pound sign

pound shop

pound sterling

the grey pound

the pink pound

pound shop, at dollar store

See all meanings

Phrasal Verbs

pound away at something/someone

See all phrasal verb meanings

Idioms and phrases

pound sand idiom

pound of flesh idiom

match something pound for pound idiom

tell someone to pound sand idiom

be penny-wise and pound-foolish idiom

in for a penny (in for a pound) idiom

tell someone to go pound sand, at tell someone to pound sand idiom

See all idioms and phrases

Word of the Day

response

UK

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/rɪˈspɒns/

US

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/rɪˈspɑːns/

an answer or reaction

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Contents

English 

 

Noun 

pound (MONEY)

the pound

pound (WEIGHT)

pound (SYMBOL)

Verb

American 

 

Noun 

pound (WEIGHT)

pound (PLACE)

pound (MONEY)

Verb 

pound (HIT)

Business 

 Noun

Noun 

the pound

in the pound

Examples

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1 USD to GBP - US Dollars to British Pounds Exchange Rate

D to GBP - US Dollars to British Pounds Exchange RateSkip to ContentPersonalBusinessSend MoneyConverterCurrency APIToolsCurrency ChartsTrends for any currencyRate AlertsSet your target rate and get alertedHistorical Currency RatesCheck rates for any dateIBAN CalculatorSearch and validate IBANsAppsSmartphone apps and moreMore ToolsResourcesHelp CenterRefer A FriendBlogMoney Transfer TipsCurrency EncyclopediaCurrency NewslettersGlossaryMore ResourcesSign InMoney TransferRate AlertsRegisterMoney TransferRate AlertsSend MoneyConverterCurrency APIToolsCurrency ChartsTrends for any currencyRate AlertsSet your target rate and get alertedHistorical Currency RatesCheck rates for any dateIBAN CalculatorSearch and validate IBANsAppsSmartphone apps and moreMore ToolsResourcesHelp CenterRefer A FriendBlogMoney Transfer TipsCurrency EncyclopediaCurrency NewslettersGlossaryMore ResourcesSign InSign InMoney TransferRate AlertsRegisterRegisterMoney TransferRate Alerts1 USD to GBP - Convert US Dollars to British PoundsXe Currency ConverterConvertSendChartsAlertsAmount1$FromUSD – US DollarToGBP – British Pound1.00 US Dollar =0.7829979 British Pounds1 GBP = 1.27714 USDWe use the mid-market rate for our Converter. This is for informational purposes only. You won’t receive this rate when sending money. Login to view send ratesTrack currencyView transfer quoteUS Dollar to British Pound conversion — Last updated Mar 12, 2024, 17:11 UTCConvert US Dollar to British PoundUSDGBP1 USD0.782998 GBP5 USD3.91499 GBP10 USD7.82998 GBP25 USD19.5749 GBP50 USD39.1499 GBP100 USD78.2998 GBP500 USD391.499 GBP1,000 USD782.998 GBP5,000 USD3,914.99 GBP10,000 USD7,829.98 GBPConvert British Pound to US DollarGBPUSD1 GBP1.27714 USD5 GBP6.38571 USD10 GBP12.7714 USD25 GBP31.9286 USD50 GBP63.8571 USD100 GBP127.714 USD500 GBP638.571 USD1,000 GBP1,277.14 USD5,000 GBP6,385.71 USD10,000 GBP12,771.4 USDUSD to GBP Chart1 USD = 0 GBP View full chart1 US Dollar to British Pound statsLast 30 DaysLast 90 DaysHighThese are the highest points the exchange rate has been at in the last 30 and 90-day periods.0.795710.79784LowThese are the lowest points the exchange rate has been at in the last 30 and 90-day periods.0.777770.77777AverageThese are the average exchange rates of these two currencies for the last 30 and 90 days.0.788950.78822VolatilityThese percentages show how much the exchange rate has fluctuated over the last 30 and 90-day periods.0.20%0.32%Currency InformationUSD - US DollarOur currency rankings show that the most popular US Dollar exchange rate is the USD to USD rate. The currency code for US Dollars is USD. The currency symbol is $.More US Dollar infoGBP - British PoundOur currency rankings show that the most popular British Pound exchange rate is the GBP to USD rate. The currency code for British Pounds is GBP. The currency symbol is £.More British Pound infoPopular US Dollar (USD) Currency PairingsUSD to USDUSD to EURUSD to JPYUSD to CADUSD to AUDUSD to CHFUSD to CNYUSD to ZARThe world's most popular currency toolsXe International Money TransferSend money online fast, secure and easy. Live tracking and notifications + flexible delivery and payment options.Send moneyXe Currency ChartsCreate a chart for any currency pair in the world to see their currency history. These currency charts use live mid-market rates, are easy to use, and are very reliable.View chartsXe Rate AlertsNeed to know when a currency hits a specific rate? The Xe Rate Alerts will let you know when the rate you need is triggered on your selected currency pairs.Create alertXe Currency Data APIPowering commercial grade rates at 300+ companies worldwideSee our API plansDownload the Xe AppCheck live rates, send money securely, set rate alerts, receive notifications and more.Scan me!Over 70 million downloads worldwide4.5/5, 2.2k ratings3.8/5, 90.8k ratings4.7/5, 41.5k ratingsLanguageEnglishEnglish (UK)DeutschEspañolFrançaisPortuguêsItalianoSvenska日本語简体中文繁體中文العربيةTransfer MoneySend Money OnlineSend Money to IndiaSend Money to PakistanSend Money to MexicoSend Money to JapanSend Money to the UKSend Money to CanadaSend Money to AustraliaSend Money to New ZealandSend Money to Mobile WalletSecurityReport fraudTrustpilot ReviewsXE BusinessBusiness PaymentsInternational Business PaymentsGlobal Business PaymentsRisk ManagementEnterprise Resource PlanningCurrency Data API IntegrationAffiliate Referral Partner ProgramMass PaymentsAppsMoney Transfer & Currency AppsAndroid Money Transfer AppiOS Money Transfer AppTools & ResourcesBlogCurrency ConverterCurrency ChartsHistorical Currency RatesCurrency EncyclopediaCurrency Rate AlertsCurrency NewslettersIBAN CalculatorGlossaryCompany InfoAbout UsPartnershipsCareersHelp CenterSite MapLegalPrivacyCookie PolicyConsent ManagerMoney Transfer InformationFile a ComplaintAccessibility© 1995-2024 XE.com I

British pounds sterling to US dollars Exchange Rate. Convert GBP/USD - Wise

ish pounds sterling to US dollars Exchange Rate. Convert GBP/USD - WiseSkip to main contentPersonalBusinessFeaturesMulti-currency accountExplore the account used by 16 million people to live, work, travel and transfer money worldwide.Manage your moneyWise cardMoney transfersLarge amount transfersInterest NewPricingHelpLog inRegisterCurrency ConverterBrowse all currenciesGet rate alertsCompare bank ratesBritish pounds sterling to US dollars todayConvert GBP to USD at the real exchange rateAmount1,000 gbpConverted to1,278.45 usd1.000 GBP = 1.278 USDMid-market exchange rate at 17:44Track the exchange rateSend moneySpend abroad without hidden feesSign up todayLoadingCompare prices for sending money abroadLeading competitors have a dirty little secret. They add hidden markups to their exchange rates - charging you more without your knowledge. And if they have a fee, they charge you twice.Wise never hides fees in the exchange rate. We give you the real rate. Compare our rate and fee with our competitors and see the difference for yourself. Top currencies EURGBPUSDINRCADAUDCHFMXN1 EUR10.8541.09290.4211.4741.6550.95918.3731 GBP1.17111.278105.861.7261.9371.12321.511 USD0.9160.782182.8031.351.5150.87816.8251 INR0.0110.0090.01210.0160.0180.0110.203Beware of bad exchange rates. Banks and traditional providers often have extra costs, which they pass to you by marking up the exchange rate. Our smart tech means we’re more efficient – which means you get a great rate. Every time.Compare exchange ratesHow to convert British pounds sterling to US dollars1Input your amountSimply type in the box how much you want to convert.2Choose your currenciesClick on the dropdown to select GBP in the first dropdown as the currency that you want to convert and USD in the second drop down as the currency you want to convert to.3That’s itOur currency converter will show you the current GBP to USD rate and how it’s changed over the past day, week or month.Top currency pairings for British pound sterling→←GBP to USD→←GBP to EUR→←GBP to INR→←GBP to AUD→←GBP to JPY→←GBP to CAD→←GBP to CHF→←GBP to NZDChange Converter source currencyAustralian DollarBrazilian RealBritish Pound SterlingBulgarian LevCanadian DollarChinese Yuan RMBCzech Republic KorunaDanish KroneEuroHong Kong DollarHungarian ForintIndian RupeeIndonesian RupiahIsraeli New SheqelJapanese YenMalaysian RinggitNew Zealand DollarNorwegian KronePolish ZlotyRomanian LeuSingapore DollarSwedish KronaSwiss FrancTurkish LiraAre you overpaying your bank?Banks often advertise free or low-cost transfers, but add a hidden markup to the exchange rate. Wise gives you the real, mid-market, exchange rate, so you can make huge savings on your international money transfers.Compare us to your bankSend money with WiseDownload Our Currency Converter AppFeatures our users love: Free and ad-free.Track live exchange rates.Compare the best money transfer providers.See how rates have changed over the last day or the last 500. Add currencies you use often — or just want to keep an eye on — to your favourites for easy access. Pounds, dollars, pesos galore.Currency Converter is an exchange rate information and news app only and not a currency trading platform. The information shown there does not constitute financial advice.Conversion rates British Pound Sterling / US Dollar1 GBP1.27845 USD5 GBP6.39225 USD10 GBP12.78450 USD20 GBP25.56900 USD50 GBP63.92250 USD100 GBP127.84500 USD250 GBP319.61250 USD500 GBP639.22500 USD1000 GBP1,278.45000 USD2000 GBP2,556.90000 USD5000 GBP6,392.25000 USD10000 GBP12,784.50000 USDConversion rates US Dollar / British Pound Sterling1 USD0.78220

GBP5 USD3.91099

GBP10 USD7.82197

GBP20 USD15.64394

GBP50 USD39.10985

GBP100 USD78.21970

GBP250 USD195.54925

GBP500 USD391.09850

GBP1000 USD782.19700

GBP2000 USD1,564.39400

GBP5000 USD3,910.98500

GBP10000 USD7,821.97000

GBPالإمارات العربية المتحدةAustraliaBrazilБългарияSwitzerlandCzechiaDeutschlandDenmarkEspañaSuomiFranceUnited KingdomGreeceHrvatskaMagyarországIndonesiaIsraelIndiaItaliaJapanSouth KoreaမလေးရှားMexicoNederlandNorgePortugalPolskaRomâniaРоссияRuoŧŧaไทยTürkiyeUnited StatesVietnam中国中國香港特別行政區Company and teamCompany and teamPressCareersService statusInvestor relationsMission roadmapAffiliates and partnershipsHelp centreAccessibilityWise ProductsInternational money transfersWise accountInternational debit cardLarge amount transferReceive moneyWise PlatformWise BusinessBusiness debit cardMass paymentsResourcesNews and blogResearch privacy policyCurrency converterInternational stock tickerSwift/BIC codesIBAN codesRate alertsCompare exchange ratesInvoice generatorBusiness CalculatorsFollow usLegalPrivacy policyCookie PolicyComplaintsCountry site mapModern slavery statement© Wise US Inc 2024Wise is a Money Service Business registered with FinCen. It is authorized to operate in most states. In other states, the program is sponsored by Community Federal Savings Bank, to which we’re a service provid

1 British pounds sterling to US dollars Exchange Rate. Convert GBP/USD - Wise

itish pounds sterling to US dollars Exchange Rate. Convert GBP/USD - WiseSkip to main contentPersonalBusinessFeaturesMulti-currency accountExplore the account used by 16 million people to live, work, travel and transfer money worldwide.Manage your moneyWise cardMoney transfersLarge amount transfersInterest NewPricingHelpLog inRegisterCurrency ConverterBrowse all currenciesGet rate alertsCompare bank rates1 British pounds sterling to US dollarsConvert GBP to USD at the real exchange rateAmount1.12 gbpConverted to1.43 usd1.000 GBP = 1.278 USDMid-market exchange rate at 17:44Track the exchange rateSend moneySpend abroad without hidden feesSign up todayLoadingCompare prices for sending money abroadLeading competitors have a dirty little secret. They add hidden markups to their exchange rates - charging you more without your knowledge. And if they have a fee, they charge you twice.Wise never hides fees in the exchange rate. We give you the real rate. Compare our rate and fee with our competitors and see the difference for yourself. Top currencies EURGBPUSDINRCADAUDCHFMXN1 EUR10.8541.09290.4211.4741.6550.95918.3731 GBP1.17111.278105.861.7261.9371.12321.511 USD0.9160.782182.8031.351.5150.87816.8251 INR0.0110.0090.01210.0160.0180.0110.203Beware of bad exchange rates. Banks and traditional providers often have extra costs, which they pass to you by marking up the exchange rate. Our smart tech means we’re more efficient – which means you get a great rate. Every time.Compare exchange ratesHow to convert British pounds sterling to US dollars1Input your amountSimply type in the box how much you want to convert.2Choose your currenciesClick on the dropdown to select GBP in the first dropdown as the currency that you want to convert and USD in the second drop down as the currency you want to convert to.3That’s itOur currency converter will show you the current GBP to USD rate and how it’s changed over the past day, week or month.Top currency pairings for British pounds sterling→←GBP to USD→←GBP to EUR→←GBP to INR→←GBP to AUD→←GBP to JPY→←GBP to CAD→←GBP to CHF→←GBP to NZDChange Converter source currencyAustralian DollarBrazilian RealBritish Pound SterlingBulgarian LevCanadian DollarChinese Yuan RMBCzech Republic KorunaDanish KroneEuroHong Kong DollarHungarian ForintIndian RupeeIndonesian RupiahIsraeli New SheqelJapanese YenMalaysian RinggitNew Zealand DollarNorwegian KronePolish ZlotyRomanian LeuSingapore DollarSwedish KronaSwiss FrancTurkish LiraAre you overpaying your bank?Banks often advertise free or low-cost transfers, but add a hidden markup to the exchange rate. Wise gives you the real, mid-market, exchange rate, so you can make huge savings on your international money transfers.Compare us to your bankSend money with WiseDownload Our Currency Converter AppFeatures our users love: Free and ad-free.Track live exchange rates.Compare the best money transfer providers.See how rates have changed over the last day or the last 500. Add currencies you use often — or just want to keep an eye on — to your favourites for easy access. Pounds, dollars, pesos galore.Currency Converter is an exchange rate information and news app only and not a currency trading platform. The information shown there does not constitute financial advice.Conversion rates British Pound Sterling / US Dollar1 GBP1.27845 USD5 GBP6.39225 USD10 GBP12.78450 USD20 GBP25.56900 USD50 GBP63.92250 USD100 GBP127.84500 USD250 GBP319.61250 USD500 GBP639.22500 USD1000 GBP1,278.45000 USD2000 GBP2,556.90000 USD5000 GBP6,392.25000 USD10000 GBP12,784.50000 USDConversion rates US Dollar / British Pound Sterling1 USD0.78220

GBP5 USD3.91099

GBP10 USD7.82197

GBP20 USD15.64394

GBP50 USD39.10985

GBP100 USD78.21970

GBP250 USD195.54925

GBP500 USD391.09850

GBP1000 USD782.19700

GBP2000 USD1,564.39400

GBP5000 USD3,910.98500

GBP10000 USD7,821.97000

GBPالإمارات العربية المتحدةAustraliaBrazilБългарияSwitzerlandCzechiaDeutschlandDenmarkEspañaSuomiFranceUnited KingdomGreeceHrvatskaMagyarországIndonesiaIsraelIndiaItaliaJapanSouth KoreaမလေးရှားMexicoNederlandNorgePortugalPolskaRomâniaРоссияRuoŧŧaไทยTürkiyeUnited StatesVietnam中国中國香港特別行政區Company and teamCompany and teamPressCareersService statusInvestor relationsMission roadmapAffiliates and partnershipsHelp centreAccessibilityWise ProductsInternational money transfersWise accountInternational debit cardLarge amount transferReceive moneyWise PlatformWise BusinessBusiness debit cardMass paymentsResourcesNews and blogResearch privacy policyCurrency converterInternational stock tickerSwift/BIC codesIBAN codesRate alertsCompare exchange ratesInvoice generatorBusiness CalculatorsFollow usLegalPrivacy policyCookie PolicyComplaintsCountry site mapModern slavery statement© Wise US Inc 2024Wise is a Money Service Business registered with FinCen. It is authorized to operate in most states. In other states, the program is sponsored by Community Federal Savings Bank, to which we’re a service provid