English money: description and photo

The English currency is called the pound sterling, in one unit of which there are 100 pence. In the singular they are called penalties. Despite the fact that the pound sterling is inferior to the dollar and the euro, they constitute one-third of the world's foreign exchange reserves. English money was able to preserve its independence from the European Union, when the country refused to switch to another currency and left the national currency.

Create an English currency

The history of its creation goes back to the King of Mercia Offa, who ruled in East Anglia. It was this monarch who first introduced the silver penny, which immediately became widespread. In 12 centuries, official coins began to be minted in Britain. They were also of pure silver. Then came pounds sterling.

origin of name

Since then, so called English money. In this language, sterling means "good sample, clean." The second component of the name of the currency was a measure from which the coins were minted. The result was a pound sterling (in the singular). This name is used for official distinction from similar sounding currencies. In everyday life, English money sounds simpler - sterling or pound.

Unusual Currency History

This is the oldest currency that still exists in world circulation. The first money in England appeared with the money changers. They were jewelers. They kept precious metals and products from them, brought by other people. For things issued receipts, which were considered the first paper money.

Later they began to be produced in large quantities, but were provided with a minimum of gold. Loans were issued. Interest for the use of money was paid. And the amount of loans was much larger than the available assets. King Henry I decided to fight the scammers.

He took away from jewelers the right to issue money and created a system of measuring racks, which lasted until 1826. The denomination was denoted by jags. The rake was split along them and put into circulation. One part remained with the monarch, as proof of the authenticity of a peculiar currency.

After the arrival of Queen Mary, minted British money of gold and silver began to be hidden. The result was an economic downturn. When Elizabeth I came to power, the issue of money was already fully controlled. Coins began to be minted only in the royal treasury.

Gold coins were a rarity and equaled 20 silver. Over time, there were other denominations, which began to be called:

• crown;
• Penny;
• sovereign;
• guinea.

Gold was minted much more, but the value of such money, respectively, declined. Over time, coins from metal, copper and tin entered into circulation. In 1660, chasing changed, and for the first time forged wrought. In 1937 there were nickel-brass coins, in 1947 - nickel-silver coins.

Decimal Pound System

In February 1971, a decimal system appeared to simplify the calculations. Pennies and shillings the government replaced with one coin. One pound was equal to 100 pence. This differentiated the old and the new coinage. In 1969, the previous monetary units began to withdraw from circulation.

The first coins of the decimal system were made of nickel silver. In 1971, the minting of money from bronze began. Over time, it was replaced by steel coated with copper. Modern coins appeared in 1998. Of the old samples there were only copper ones. At that time, the pound sterling to the ruble was 1: 24.6966. This value varies annually.

Description of English coins and banknotes

What money is in the UK now? The decimal system still works. The official currency of the country is pound sterling. In everyday life there are bills and coins in denominations (in pence):

• 1;
• 2;
• 5;
• 10;
• 20.

There are money in the household at 1 and 2 pounds. Elizabeth II is depicted on the coins, and alphabetic engraving is on the edges of the money. On the reverse side is minted:

• The grille of the abbey;
• thistle;
• The Tudor rose;
• The coat of arms of the Prince of Wales;
• A symbol of the British Isles;
• a lion;
• leek.

Crowns are still in circulation and are considered legal money. The first banknotes were issued by the Bank of England in 1964. They have dignity:

• 5;
• 10;
• 20;
• 50.

Elizabeth II is depicted on all. On the reverse side, prominent figures from the history of the country are drawn.

Rate

The British currency is one of the most expensive in the world. The pound sterling rate against the ruble stopped at 1: 95.3. This is the data of the Central Bank of Russia. Despite the fact that the British currency is weakening slightly, demand for pounds remains the same. The pound sterling rate in relation to other currencies practically remains stable. To the euro - 1: 1,239, to the US dollar - 1: 1,413, to the Swiss franc - 1: 1,348.