Money in England: history, current status, names

The English national monetary unit is not in vain considered the most stable in the world. The country does not accept any other units, except pounds sterling. The article will consider the history of the appearance of this currency, its value at the present time and other possible variants of names.

History

When did the money come from England? Their history originates from the Anglo-Saxons, where the monetary unit was a penny, which was previously used in the empire of the Romans. And the pound was a unit of weight, which contained two hundred and forty pennies. Then the penny was replaced by sterling.

In medieval England, coins were started from pure silver, in which there were no impurities. This became the standard of any mint of the state. But in the middle of the sixteenth century, when Henry II became king of England, he decided to save a few treasuries. Coins were coined from 925 silver, which contained about 7-8% impurities of various kinds. Such money in England (photo coins presented below) was used until the first quarter of the nineteenth century. Coins from such silver practically did not wear out and for a long time were in circulation.

However, long before that, there were gold pennies in circulation. In the middle of the fourteenth century, they were replaced by silver ones. The fact is that by that time silver pennies began to depreciate.

At the same time, the price for pound sterling began to increase significantly. But the money of England with a smaller face value, on the contrary, was losing its momentum. In the next century, the Scottish pound was equated to the British. But a century later, pounds of Scotland were withdrawn from circulation. In Britain, only the pound was officially used.

At the turn of the 17th and 18th centuries, a huge amount of gold appeared in the country, and there was the same large deficit of silver. This was due to the fact that foreign merchants brought here only "despicable metal." It was the UK that first began to use coins from it in wide access.

At the end of the seventeenth century, an English bank was created. At the same time, a bank was formed in Scotland. Having united, they began to issue paper money, which became the first for England. The present money of England, the photo of which is presented below, originated in this period.

A little later, the pound began to spread around the world, as the UK turned into the British Empire and began to acquire colonies. Here and began to appear English money. The pound remained the same, only the word that stood before him changed. He was Australian, Cypriot and so on. Territories, becoming colonies, simultaneously entered the sterling zone.

In 1944, an agreement was concluded between the United States and Great Britain, according to which the exchange of national currencies was established. One pound was equal to four dollars. This agreement was called the Bretton Woods. But after 10 years, England's money fell 3 times. The dollar has become a stronger currency.

Current state

Now pound sterling is recognized as the national monetary unit of the United Kingdom. One pound contains one hundred pence, which are issued at a nominal value of 50, 25, 20, 10, 5, 2, 1 pence. Pounds are also represented in coins. Denominations are issued in nominal value of 50, 20, 10 and 5 pounds. One side of the note must contain the image of Elizabeth II. The other is usually depicted one of the outstanding historical personalities of England. In Northern Ireland and Scotland, the design of banknotes differs from those used on Foggy Albion.

The money of England is not fully economically stable, their course always depends on several factors.

Variability of names

Most often, when we talk about English money, we use the word "pound". But some people are stymied because they think that the pound sterling is the only correct name for the unit. In fact, everything is as follows: "pound sterling" - the name for official documents and papers. Even the English often use the word "pound". Also often the use of the term "sterling". And it has a right to exist.

Conclusion

Thus, the money in England, the photos of which are given in this article, are estimated higher than the dollar. Nevertheless, they are not economically stable units, which has been repeatedly confirmed in the course of their history.