![]() Prior to decimalisation, the pound was divided into twenty shillings, with each shilling equal to twelve pence, making a total of 240 pence to the pound. (This also helped to distinguish between new and old pence amounts during the changeover to the decimal system). The symbol for the penny is "p" hence an amount such as 50p (£0.50) is usually pronounced "fifty pee" rather than "fifty pence". Since decimalisation in 1971, the pound has been divided into 100 pence (singular "penny"). Stocks are often traded in pence, so traders may refer to Pence sterling, GBX (sometimes GBp), when listing stock prices.įollowing the adoption of the euro, sterling became the oldest currency in use, and is the third most traded currency in the world, after the US dollar and the euro. The Crown Dependencies use their own (non-ISO) codes when they wish to reflect their distinctiveness. Occasionally the abbreviation UKP is seen, but this is incorrect. The ISO 4217 currency code is GBP (Great Britain pound). Libra was the basic Roman unit of weight, which in turn derived from the Latin word for scales or balance. The pound sign derives from the black-letter "L", from the abbreviation LSD – librae, solidi, denarii – used for the pounds, shillings and pence of the original duodecimal currency system. The currency sign is the pound sign, originally ₤ with two cross-bars, then later more commonly £ with a single cross-bar. ![]() The pound was originally the value of one Troy pound of sterling silver (hence "pound sterling"). media, is not an official name of the currency. The term British pound, used particularly by the U.S. The abbreviations "ster." or "stg." are sometimes used. The currency name - but not the names of its units - is sometimes abbreviated to just "sterling", particularly in the wholesale financial markets so "payment accepted in sterling", but never "that costs five sterling". The official full name pound sterling ( plural: pounds sterling) is used mainly in formal contexts and also when it is necessary to distinguish the currency used within the United Kingdom from others that have the same name. The slang term " quid" is very common in the UK. The pound (symbol: £ ISO code: GBP), divided into 100 pence, is the official currency of the United Kingdom and the Crown Dependencies.
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