Pound sterling
Updated: 12/10/2025, 9:01:56 PM Wikipedia source
Sterling (symbol: £; currency code: GBP) is the currency of the United Kingdom and nine of its associated territories. The pound is the main unit of sterling, and the word pound is also used to refer to the British currency generally, often qualified in international contexts as the British pound or the pound sterling. Sterling is the world's oldest currency in continuous use since its inception. 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. Together with those three currencies and the renminbi, it forms the basket of currencies that calculate the value of IMF special drawing rights. As of late 2022, sterling is also the fourth most-held reserve currency in global reserves. The Bank of England is the central bank for sterling, issuing its own banknotes and regulating issuance of banknotes by private banks such as the Bank of Scotland and Clydesdale Bank in Scotland, and Danske Bank in 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.
Infobox
Tables
| Year | Silver | Gold | ||
| Grams | Troy ounces | Grams | Troy ounces | |
| 800 | 349.9 g | ozt | – | – |
| 1158 | 323.7 g | ozt | – | – |
| 1351 | 258.9 g | ozt | 23.21 g | ozt |
| 1412 | 215.8 g | ozt | 20.89 g | ozt |
| 1464 | 172.6 g | ozt | 15.47 g | ozt |
| 1551 | 115.1 g | ozt | 10.31 g | ozt |
| 1601 | 111.4 g | ozt | variable | |
| 1717 | 111.4 g | ozt | 7.32238 g | ozt |
| 1816 | – | – | 7.32238 g | ozt |
| Coin | Maximum usable as legal tender |
| £100 (produced from 2015) | 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 |
| 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 | 2023 | £0.0560 |
| 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 |
| vte | 2024 | 2023 | 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 | 57.80% | 58.42% | 58.52% | 58.80% | 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) | 19.83% | 19.95% | 20.37% | 20.59% | 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 | 5.82% | 5.69% | 5.54% | 5.52% | 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 | 4.73% | 4.86% | 4.90% | 4.81% | 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% |
| Canadian dollar | 2.77% | 2.59% | 2.39% | 2.38% | 2.08% | 1.86% | 1.84% | 2.03% | 1.94% | 1.77% | 1.75% | 1.83% | 1.42% | |||||||||||||||||||
| Chinese renminbi | 2.18% | 2.29% | 2.61% | 2.80% | 2.29% | 1.94% | 1.89% | 1.23% | 1.08% | |||||||||||||||||||||||
| Australian dollar | 2.06% | 2.14% | 1.97% | 1.84% | 1.83% | 1.70% | 1.63% | 1.80% | 1.69% | 1.77% | 1.59% | 1.82% | 1.46% | |||||||||||||||||||
| Swiss franc | 0.17% | 0.19% | 0.23% | 0.17% | 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 | 4.64% | 3.87% | 3.48% | 3.09% | 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. | ||||||||||||||||||||||||||||||||
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- "Security by Design – A closer look at Bank of England notes"https://web.archive.org/web/20160507121857/http://bankofengland.co.uk/archive/Documents/archivedocs/freshfields/securitybydesign.pdf
- www.bankofengland.co.ukhttp://www.bankofengland.co.uk/banknotes/polymer-banknotes
- "Scottish and Northern Ireland banknotes"https://www.bankofengland.co.uk/banknotes/scottish-and-northern-ireland-banknotes
- "Act of Parliament gives devolved responsibility to the MPC with reserve powers for the Treasury"http://www.opsi.gov.uk/acts/acts1998/ukpga_19980011_en_3#pt2-pb4-l1g19
- Royal Minthttp://www.royalmint.com/aboutus/policies-and-guidelines/legal-tender-guidelines
- The Royal Mint Museumhttps://web.archive.org/web/20180706021741/http://www.royalmintmuseum.org.uk/FAQRetrieve.aspx?ID=49900
- The Guardianhttps://www.theguardian.com/money/2012/sep/12/can-i-spend-scottish-money-england
- www.discoveringireland.comhttps://www.discoveringireland.com/currency-northern-ireland/
- "Foreign travel advice: Gibraltar"https://www.gov.uk/foreign-travel-advice/gibraltar/money
- "100 Falkland Island Pounds to GBP"https://fkp.mconvert.net/gbp/100
- "Foreign travel advice: Falkland Islands"https://www.gov.uk/foreign-travel-advice/falkland-islands/money
- Liverpool Echohttps://www.liverpoolecho.co.uk/news/uk-world-news/man-arrested-using-100-coin-22002870
- "British Royal Mint – What are the legal tender amounts acceptable for the United Kingdom coins?"https://web.archive.org/web/20140310214242/http://www.royalmint.com/help/help/legal-tender-amounts
- "Other British Islands' Notes"https://web.archive.org/web/20170721035725/http://www.bankofengland.co.uk/banknotes/Pages/about/other_notes.aspx
- "Can I use coinage from United Kingdom Overseas Territories?"https://web.archive.org/web/20170614172729/http://www.royalmint.com/help/help/spending-overseas-coins-in-the-uk
- Inflation: the value of the pound 1750–2005https://web.archive.org/web/20111123051206if_/http://www.parliament.uk/Templates/BriefingPapers/Pages/BPPdfDownload.aspx?bp-id=RP06-09
- Economic Trendshttp://www.ons.gov.uk/ons/rel/elmr/economic-trends--discontinued-/no--604--march-2004/consumer-price-inflation-since-1750.pdf
- "Measuring Worth – Purchasing Power of Money in the United Kingdom from 1971 to 2009"https://web.archive.org/web/20100403094220/http://www.measuringworth.com/ukcompare/index.php