GBP: what is the currency?
Each state has a certain currency that can be used by citizens within that country.
Many people know such a currency as the dollar or the euro, but in addition to these two there are many others. For example, GBP. What is the currency? Now we will understand.
Currency unit of Britain
GBP is abbreviated from English and means Great Britain Pound. This is the name of the monetary unit of Britain and Ireland, namely - British pounds. Such currency is used in Wales, Scotland, England and Northern Ireland.
One pound has a hundred pence. In everyday life, the British use banknotes of 5, 10, 20 and 50 pounds. In coin form, there are 5, 10, 20 and 50 pence, as well as 1 and 2 pounds. It is rare to find coins of 25 pence and 5 pounds.
Facts of the story
This currency has its own interesting history. There are many versions of where the pounds come from. Some say that such a name has its roots in the distant 12th century, then it mattered the value of one pound of refined silver. This name has an inextricable link with the ancient English coin, made of silver,she was called sterling.
Another common theory is the version of Walter Pinchbek. According to her, for the currency used the name "Easterling Silver", which means silver from the eastern lands. Such 925 sample coins consisted of a silver alloy and were created in Germany. It is the area of northern Germany called “Easterling”. It was difficult to use such a long name in everyday speech, so the coins that were made by Henry II for England acquired a shortened version, sounding like “Sterling Silver” and translated as coin silver.
The final name of the monetary unit of Britain was assigned to it in 1694. In the same year, an English bank issued a banknote for the first time. Although the full name of GBP is pounds sterling, in the modern world a short reduction in pounds is used.