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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

Code
GBP (numeric: 826)
Subunit
0.01
Unit
pound
Plural
pounds
Symbol
£‎
mw- 1⁄100
penny
penny
p
Freq. used
mw- li , li £5£10£20£50
Rarely used
£1[a]£100[a]
Coins
1p2p5p10p20p50p£1£2
Date of introduction
c. 800; 1225 years ago (800)
User(s)
mw- United Kingdomsee § Crown Dependencies and British Overseas Territories, below
Central bank
Bank of England
Website
www.royalmint.com
Printer
De La Rue
Mint
Royal Mint
Inflation
3.8% or 3.6%
Source
Office for National Statistics, 19 November 2025
Method
CPIH or CPI
Pegged by
see § Pegged currencies

Tables

Value of £1 sterling in grams and troy ounces · History (600–1945)
Grams
Grams
Year
Grams
Silver
Troy ounces
Silver
Grams
Gold
Troy ounces
800
800
Year
800
Silver
349.9 g
Silver
11.25 ozt
Gold
Gold
1158
1158
Year
1158
Silver
323.7 g
Silver
10.41 ozt
Gold
Gold
1351
1351
Year
1351
Silver
258.9 g
Silver
8.32 ozt
Gold
23.21 g
Gold
0.746 ozt
1412
1412
Year
1412
Silver
215.8 g
Silver
6.94 ozt
Gold
20.89 g
Gold
0.672 ozt
1464
1464
Year
1464
Silver
172.6 g
Silver
5.55 ozt
Gold
15.47 g
Gold
0.497 ozt
1551
1551
Year
1551
Silver
115.1 g
Silver
3.70 ozt
Gold
10.31 g
Gold
0.331 ozt
1601
1601
Year
1601
Silver
111.4 g
Silver
3.58 ozt
Gold
variable
1717
1717
Year
1717
Silver
111.4 g
Silver
3.58 ozt
Gold
7.32238 g
Gold
0.235420 ozt
1816
1816
Year
1816
Silver
Silver
Gold
7.32238 g
Gold
0.235420 ozt
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
· Legal tender and national issues
£100 (produced from 2015)
£100 (produced from 2015)
Coin
£100 (produced from 2015)
Maximum usable as legal tender
unlimited
£20 (produced from 2013)
£20 (produced from 2013)
Coin
£20 (produced from 2013)
Maximum usable as legal tender
unlimited
£5 (post-1990 crown)
£5 (post-1990 crown)
Coin
£5 (post-1990 crown)
Maximum usable as legal tender
unlimited
£2
£2
Coin
£2
Maximum usable as legal tender
unlimited
£1
£1
Coin
£1
Maximum usable as legal tender
unlimited
50p
50p
Coin
50p
Maximum usable as legal tender
£10
25p (pre-1990 crown)
25p (pre-1990 crown)
Coin
25p (pre-1990 crown)
Maximum usable as legal tender
£10
20p
20p
Coin
20p
Maximum usable as legal tender
£10
10p
10p
Coin
10p
Maximum usable as legal tender
£5
5p
5p
Coin
5p
Maximum usable as legal tender
£5
2p
2p
Coin
2p
Maximum usable as legal tender
20p
1p
1p
Coin
1p
Maximum usable as legal tender
20p
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
Buying power of one pound compared to its value in 1971 · Value
1971
1971
Year
1971
Equivalent  buying power
£1.00
Year
1981
Equivalent  buying power
£0.271
Year
1991
Equivalent  buying power
£0.152
Year
2001
Equivalent  buying power
£0.117
Year
2011
Equivalent  buying power
£0.0900
Year
2021
Equivalent  buying power
£0.0678
1972
1972
Year
1972
Equivalent  buying power
£0.935
Year
1982
Equivalent  buying power
£0.250
Year
1992
Equivalent  buying power
£0.146
Year
2002
Equivalent  buying power
£0.115
Year
2012
Equivalent  buying power
£0.0850
Year
2022
Equivalent  buying power
£0.0612
1973
1973
Year
1973
Equivalent  buying power
£0.855
Year
1983
Equivalent  buying power
£0.239
Year
1993
Equivalent  buying power
£0.144
Year
2003
Equivalent  buying power
£0.112
Year
2013
Equivalent  buying power
£0.0826
Year
2023
Equivalent  buying power
£0.0560
1974
1974
Year
1974
Equivalent  buying power
£0.735
Year
1984
Equivalent  buying power
£0.227
Year
1994
Equivalent  buying power
£0.141
Year
2004
Equivalent  buying power
£0.109
Year
2014
Equivalent  buying power
£0.0800
1975
1975
Year
1975
Equivalent  buying power
£0.592
Year
1985
Equivalent  buying power
£0.214
Year
1995
Equivalent  buying power
£0.136
Year
2005
Equivalent  buying power
£0.106
Year
2015
Equivalent  buying power
£0.0780
1976
1976
Year
1976
Equivalent  buying power
£0.510
Year
1986
Equivalent  buying power
£0.207
Year
1996
Equivalent  buying power
£0.133
Year
2006
Equivalent  buying power
£0.102
Year
2016
Equivalent  buying power
£0.0777
1977
1977
Year
1977
Equivalent  buying power
£0.439
Year
1987
Equivalent  buying power
£0.199
Year
1997
Equivalent  buying power
£0.123
Year
2007
Equivalent  buying power
£0.0980
Year
2017
Equivalent  buying power
£0.0744
1978
1978
Year
1978
Equivalent  buying power
£0.407
Year
1988
Equivalent  buying power
£0.190
Year
1998
Equivalent  buying power
£0.125
Year
2008
Equivalent  buying power
£0.0943
Year
2018
Equivalent  buying power
£0.0726
1979
1979
Year
1979
Equivalent  buying power
£0.358
Year
1989
Equivalent  buying power
£0.176
Year
1999
Equivalent  buying power
£0.123
Year
2009
Equivalent  buying power
£0.0952
Year
2019
Equivalent  buying power
£0.0707
1980
1980
Year
1980
Equivalent  buying power
£0.303
Year
1990
Equivalent  buying power
£0.161
Year
2000
Equivalent  buying power
£0.119
Year
2010
Equivalent  buying power
£0.0910
Year
2020
Equivalent  buying power
£0.0695
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
Currency composition of official foreign exchange reserves (1965–2024, fourth quarters)
US dollar
US dollar
vte
US dollar
2024
57.80%
2023
58.42%
2022
58.52%
2021
58.80%
2020
58.92%
2019
60.75%
2018
61.76%
2017
62.73%
2016
65.36%
2015
65.73%
2014
65.14%
2013
61.24%
2012
61.47%
2011
62.59%
2010
62.14%
2009
62.05%
2008
63.77%
2007
63.87%
2006
65.04%
2005
66.51%
2004
65.51%
2003
65.45%
2002
66.50%
2001
71.51%
2000
71.13%
1995
58.96%
1990
47.14%
1985
56.66%
1980
57.88%
1975
84.61%
1970
84.85%
1965
72.93%
Euro (until 1999—ECU)
Euro (until 1999—ECU)
vte
Euro (until 1999—ECU)
2024
19.83%
2023
19.95%
2022
20.37%
2021
20.59%
2020
21.29%
2019
20.59%
2018
20.67%
2017
20.17%
2016
19.14%
2015
19.14%
2014
21.20%
2013
24.20%
2012
24.05%
2011
24.40%
2010
25.71%
2009
27.66%
2008
26.21%
2007
26.14%
2006
24.99%
2005
23.89%
2004
24.68%
2003
25.03%
2002
23.65%
2001
19.18%
2000
18.29%
1995
8.53%
1990
11.64%
1985
14.00%
1980
17.46%
Japanese yen
Japanese yen
vte
Japanese yen
2024
5.82%
2023
5.69%
2022
5.54%
2021
5.52%
2020
6.03%
2019
5.87%
2018
5.19%
2017
4.90%
2016
3.95%
2015
3.75%
2014
3.54%
2013
3.82%
2012
4.09%
2011
3.61%
2010
3.66%
2009
2.90%
2008
3.47%
2007
3.18%
2006
3.46%
2005
3.96%
2004
4.28%
2003
4.42%
2002
4.94%
2001
5.04%
2000
6.06%
1995
6.77%
1990
9.40%
1985
8.69%
1980
3.93%
1975
0.61%
Pound sterling
Pound sterling
vte
Pound sterling
2024
4.73%
2023
4.86%
2022
4.90%
2021
4.81%
2020
4.73%
2019
4.64%
2018
4.43%
2017
4.54%
2016
4.35%
2015
4.71%
2014
3.70%
2013
3.98%
2012
4.04%
2011
3.83%
2010
3.94%
2009
4.25%
2008
4.22%
2007
4.82%
2006
4.52%
2005
3.75%
2004
3.49%
2003
2.86%
2002
2.92%
2001
2.70%
2000
2.75%
1995
2.11%
1990
2.39%
1985
2.03%
1980
2.40%
1975
3.42%
1970
11.36%
1965
25.76%
Canadian dollar
Canadian dollar
vte
Canadian dollar
2024
2.77%
2023
2.59%
2022
2.39%
2021
2.38%
2020
2.08%
2019
1.86%
2018
1.84%
2017
2.03%
2016
1.94%
2015
1.77%
2014
1.75%
2013
1.83%
2012
1.42%
Chinese renminbi
Chinese renminbi
vte
Chinese renminbi
2024
2.18%
2023
2.29%
2022
2.61%
2021
2.80%
2020
2.29%
2019
1.94%
2018
1.89%
2017
1.23%
2016
1.08%
Australian dollar
Australian dollar
vte
Australian dollar
2024
2.06%
2023
2.14%
2022
1.97%
2021
1.84%
2020
1.83%
2019
1.70%
2018
1.63%
2017
1.80%
2016
1.69%
2015
1.77%
2014
1.59%
2013
1.82%
2012
1.46%
Swiss franc
Swiss franc
vte
Swiss franc
2024
0.17%
2023
0.19%
2022
0.23%
2021
0.17%
2020
0.17%
2019
0.15%
2018
0.14%
2017
0.18%
2016
0.16%
2015
0.27%
2014
0.24%
2013
0.27%
2012
0.21%
2011
0.08%
2010
0.13%
2009
0.12%
2008
0.14%
2007
0.16%
2006
0.17%
2005
0.15%
2004
0.17%
2003
0.23%
2002
0.41%
2001
0.25%
2000
0.27%
1995
0.33%
1990
0.84%
1985
1.40%
1980
2.25%
1975
1.34%
1970
0.61%
Deutsche Mark
Deutsche Mark
vte
Deutsche Mark
1995
15.75%
1990
19.83%
1985
13.74%
1980
12.92%
1975
6.62%
1970
1.94%
1965
0.17%
French franc
French franc
vte
French franc
1995
2.35%
1990
2.71%
1985
0.58%
1980
0.97%
1975
1.16%
1970
0.73%
1965
1.11%
Dutch guilder
Dutch guilder
vte
Dutch guilder
1995
0.32%
1990
1.15%
1985
0.78%
1980
0.89%
1975
0.66%
1970
0.08%
Other currencies
Other currencies
vte
Other currencies
2024
4.64%
2023
3.87%
2022
3.48%
2021
3.09%
2020
2.65%
2019
2.51%
2018
2.45%
2017
2.43%
2016
2.33%
2015
2.86%
2014
2.83%
2013
2.84%
2012
3.26%
2011
5.49%
2010
4.43%
2009
3.04%
2008
2.20%
2007
1.83%
2006
1.81%
2005
1.74%
2004
1.87%
2003
2.01%
2002
1.58%
2001
1.31%
2000
1.49%
1995
4.87%
1990
4.89%
1985
2.13%
1980
1.29%
1975
1.58%
1970
0.43%
1965
0.03%
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.

References

  1. Scotland and Northern Ireland only
  2. Historically, 'sterling' was the name of the currency and the pound (or, for centuries, the silver penny) were its units
  3. "Anglo-Saxon King Offa is credited with introducing the system of money to central and southern England in the latter ha
  4. For example, Vitalis records that sometime after 1078, the Archbishop of Canterbury sent "XL libras sterilensium" [forty
  5. £50 in 1966 is about £1176 in 2023.
  6. The full‑stop here is not a decimal point, but a unit separator like the full‑stops separating the pound, shilling, and
  7. "Our banknotes"
    https://www.bankofengland.co.uk/banknotes
  8. "Inflation and price indices"
    https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpriceinflation/october2025
  9. A Dictionary of Economics
    https://global.oup.com/academic/product/a-dictionary--of-economics-9780198759430?lang=en&cc=gb
  10. Canadian Oxford Dictionary
  11. Royal Mint
    https://www.royalmintmuseum.org.uk/journal/history/pounds-shillings-and-pence/
  12. Bank of England
    https://www.bankofengland.co.uk/banknotes/uk-notes-and-coins
  13. The Handbook of International Financial Terms
    https://global.oup.com/academic/product/the-handbook-of-international-financial-terms-9780198294818
  14. BBC News
    http://news.bbc.co.uk/1/hi/programmes/bbc_parliament/7090665.stm
  15. "Triennial Central Bank Survey"
    https://www.bis.org/statistics/rpfx22_fx.pdf
  16. "Currency Composition of Official Foreign Exchange Reserves"
    http://data.imf.org/COFER
  17. British weights & measures : a history from antiquity to the seventeenth century
    http://archive.org/details/britishweightsme0000zupk
  18. BBC News
    https://www.bbc.co.uk/news/uk-politics-26169070
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