What is the currency of the United Kingdom?
The currency of the United Kingdom is the pound sterling, written £ with the code GBP. It is the oldest currency still in use, with a history going back more than 1,200 years.
One pound is divided into 100 pence. Coins include 1p, 2p, 5p, 10p, 20p, 50p, £1 and £2, and banknotes come in £5, £10, £20 and £50. The Bank of England issues notes in England and Wales, while some banks in Scotland and Northern Ireland issue their own notes, which are also pounds.
The name pound comes from the Anglo-Saxon practice of using a pound weight of silver to make 240 silver pennies. Before 1971, a pound was divided into 20 shillings, and each shilling into 12 pennies. On Decimal Day, February 15, 1971, Britain switched to 100 pence per pound.
The King's portrait
Banknotes featuring King Charles III entered circulation in June 2024, replacing designs with Queen Elizabeth II gradually. Notes and coins with both monarchs remain legal tender. The UK kept the pound rather than adopting the euro when it was an EU member.
Did You Know?
The £ symbol comes from the letter L, short for libra, the Latin word for pound.