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What is GBP?

British pound - GBP.

What is GBP? It's Pound sterling, £.

A pile of one GBP coins.

Look after the pennies and the pounds will look after themselves.

British pound sterling

GBP is the currency code for the pound sterling which is represented in accounting with the £ symbol. 1 pound is subdivided into 100 pence. The pound is the fourth most traded currency and third most widely held reserve currency in the world. It is issued by the second oldest central bank (formed in 1694) in the world, the Bank of England, once known as the Governor and Company of the Bank of England. This is because pound sterling is the official currency of the entire United Kingdom, the Channel Islands, the Isle of Man, as well as British dependencies and territories such as South Georgia, the South Sandwich Islands, British Antarctica, as well as Tristan da Cunha. 1 Pound is subdivided into 100 pence. According to the Merrypenny currency converter the most popular operation with currency is to convert US dollars to pounds.

Currency fact sheet

British pound sterling fact sheet.
Name Pound sterling
ISO 4217 code GBP
Sign £
Symbol £
Coin 1p, 2p, 5p, 10p, 20p, 50p, £1, £2
Banknote £5, £10, £20, £50
Central bank Bank of England
Nickname pound, British pound, sterling, quid.

More about...

More about the British money.

The pound sterling of the United Kingdom was originally the value of one Troy pound of sterling silver, hence the name: Pound Sterling. The Pound Sterling was adopted as the Royal Chartered Bank of England's currency in 1694.

Monetary policies affecting the pound sterling are dispersed amongst 8 separate central banks throughout the territories, dependencies, and countries of the United Kingdom. British pound as a floating currency is the third most widely held reserve currency in the world. The future of the pound is dependent upon the political decision of whether or not to allow the pounds to be absorbed by the euro, effectively placing all of the United Kingdom into the eurozone.

The pound sterling is only used in the United Kingdom of Great Britain and Northern Ireland and the following British dependencies outside the UK: The Isle of Man, the States of Jersey and the States of Guernsey. The Bank of England prints and distributes money for England and Wales. The Bank of Ireland, the First Trust Bank, the Northern Bank, and the Ulster Bank print the notes for Northern Ireland. The Bank of Scotland, the Royal Bank of Scotland, and the Clydesdale Bank print and distribute the notes for Scotland.

Since Pound Sterling bank notes are printed in different parts of the UK, the design differs depending on where they are printed. Regardless of the region where the notes are printed, they should be accepted anywhere in the United Kingdom as legal tender. However, some people often do not recognise a 'different' looking note from elsewhere in the UK and subsequently consider it to be a foreign currency.

Pound vs pound sterling. Pound sterling is the official name of the British currency, and pound is a denomination of the pound sterling. Something may cost £1 or £10. It would not be correct to say that it cost 10 sterling. It costs ten pound. Nor can you talk about the number of sterling to the dollar. The quid is just a colloquial name for pound.

Polymer pound 2016

Bank of England is going to introduce smaller, wipe-clean plastic banknotes that survive a spell in the washing machine, from 2016. The switch could start with the new £5 banknote, featuring Sir Winston Churchill, followed within a year by the Jane Austen note. BoE has published dedicated polymer web pages on their internet site.

Polymer notes will be printed at the Bank's print works in Debden, Essex. They are produced from a thin, transparent and flexible film made of polypropylene. The current Bank of England banknotes are made from cotton fibre and linen rag, with the average fiver only lasting for a year.

There are some disadvantages of polymer banknotes, they are harder to fold and they are more slippery, which makes them harder to count by hand. Polymer is very hard to counterfeit, but it hasn't stopped people trying and good imitations do appear from time to time.

39 countries all over the world have issued polymer banknotes, either for some or all of their denominations or as a commemorative issue.

Her Majesty the Queen on British pound.

The British Sovereign features pound notes since 1960.

British pound sterling.

1 in 35 of all £1 coins in circulation are counterfeit.

Exchange rates

What is the British pound exchange rate today?

Bank of England (BoE)

As the main governing body in the United Kingdom, the central Bank of England serves as the monetary equivalent of the Federal Reserve System. In the same fashion, the governing body establishes a committee headed by the governor of the bank. Made up of nine members, the committee includes four external participants (appointed by the Chancellor of Exchequer), a chief economist, director of market operations, committee chief economist and two deputy governors. British pound (GBP) interest rate information

Converters and rates

Easy to use currency converters and fresh exchange rates every weekday.

The British currency has got many cute names: quid, pound, sterling... find out what is GBP on Google: dollars to pounds, pound to euro, pound to rupee and london currency.

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