The British pound is said to be the oldest currency which is still a legal tender.Īpart from the United Kingdom, several settlements of the British Empire such as Australia, Canada, and New Zealand used the British pound as their currency. However, it is believed that the first creation of the British pound in the form of money was done in 760. In the year 1707, when England and Scotland decided to unite and form a single country, then the British pound was made the official currency of the UK. As we know that pence is used to trade the stocks and the investors could see the prices of the stocks being marked as pence sterling. £ and it is also referred to as “quid” which is its nickname. Sometimes the British pound sterling is represented by the symbol of the pound i.e. The GBP is said to be the oldest currency in the world that is still used actively. dollar are paired with the British pound most commonly and the foreign exchange traders refer to these pairs as “cable”. The symbol of the pound is £ whereas the symbol of the euro is €. In the foreign exchange markets around 13 per cent of the total daily trading volume is done in British pounds. In the world, The British pound is one of the most traded currencies just behind the US dollar, Japanese yen, and euro. Although pound sterling is the official name of GBP it is seen that GBP or sterling is generally used in accounting as well as foreign exchange situations. Instead of pounds a lot of stocks are dealt in pence and in such cases, the stock exchange would use GBX or GBP in order to specify the difference between pence and pounds. The pound is divided into smaller parts known as penny sterling which is one-hundredth of a GBP. GBP is one of the chief currencies and traders around the world follow it closely. The British pound sterling is also known as GBP. Other currencies such as the Falkland Islands pound, Jersey pound, Scotland notes etc. GBP could be defined as the short form of the British pound sterling which is the official currency of countries such as the United Kingdom, the South Sandwich Islands, the British Overseas Territories of South Georgia and the British Antarctic Territory.
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