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Importance of the British Pound The British Pound is the oldest currency still in use today, as well as one of the most commonly converted currencies.The Falkland Islands, Gibraltar, and Saint Helena are all pegged at par to the GBP.Early Currency in Britain With its origins dating back to the year 760, the Pound Sterling was first introduced as the silver penny, which spread across the Anglo-Saxon kingdoms.

A gold standard was created, which allowed conversion between different countries' currencies and revolutionized trading and the international economy.

In 1949, the Pound was devalued by 30% and a second devaluation followed in 1967.

When the British Pound was decimalized and began to float freely in the market, in 1971, the Sterling Area was terminated.

You can also subscribe to our currency newsletters with daily rates and analysis, read the XE Currency Blog, or take GBP rates on the go with our XE Currency Apps and website.

More info Coins: Freq Used: £1, £2, 1p, 2p, 5p, 10p, 20p, 50p Banknotes: Freq Used: £5, £10, £20, £50Rarely Used: £100Central Bank: Bank of England Website: Users: United Kingdom (UK), England, Northern Ireland, more ... Email us The United Kingdom's central bank is the Bank of England.

The currency code for Pounds is GBP, and the currency symbol is £.

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