Pound Currency Exchange Rates

Pound (GBP) Currency converter. — Pound banknotes (£; GBP) and coins

The Pound sterling (£; GBP) is the currency of the United Kingdom. Jersey and Guernsey in the Channel Islands, the Isle of Man, Gibraltar, South Georgia and the South Sandwich Islands also use the Pound.

History

Pound Sterling is the oldest currency in continuous use in the world and has been in circulation since Anglo-Saxon times. It is the 4th most traded currency after the US dollar, the euro and the Japanese yen.

Back in Anglo-Saxon days it was equivalent to one pound ^[1] weight of silver, hence the name. The Pound sterling is issued by the Bank of England which was founded in 1694.

Before decimalization the Pound was divided into shillings and pence (£sd). Guineas were the equivalent of 21 shillings ("bob"). 20 shillings made up one pound and 12 pence one shilling. A two-shillings-and-sixpence piece was known as "half a crown" pre-decimalization. A five-shilling piece was a "crown". A sixpence or "tanner" was half a shilling, farthings were a quarter of a penny. It was all rather confusing, or certainly seems so today.

Colloquially the pound is "quid" so 50 quid is 50 pounds, 20 quid is 20 pounds, 3 quid is 3 pounds, a quid is 1 pound etc.

The Royal Mint Museum in Llantrisant, Pontyclun northwest of Cardiff is an interesting resource on the history of money in Britain. It has a superb collection of coins from many different ages.

Denominations

From 1971 the currency has been decimalized. Now there are pound notes in denominations of £50, £20, £10 and £5 and coins (pence) in denominations of £2, £1, 50p, 20p, 10p, 5p, 2p and 1p.

Scotland and Northern Ireland have their own versions of pound banknotes with different designs. They do not usually feature an image of the British monarchy except on commemorative banknotes.

Exchange Rates

Foreign currency can be exchanged for GBP at Bureau de Change kiosks at airports, at major high street banks, at post offices and even at certain supermarkets such as Sainsbury's. For minor currencies your best options are at airports and major banks. View a selection of world currency exchange rates as compared to the Pound (GBP).