Pound sterling

The pound sterling (symbol: £; ISO code: GBP), known in some contexts simply as the pound or sterling,[2] is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, Gibraltar, South Georgia and the South Sandwich Islands, the British Antarctic Territory,[3][4] and Tristan da Cunha.[5] It is subdivided into 100 pence (singular: penny, abbreviated: p). The "pound sterling" is the oldest currency in continuous use. Some nations that do not use sterling also have currencies called the pound.

Pound sterling
£50 banknote
(series G)
£1 coin (obverse)
ISO 4217
CodeGBP
Number826
Exponent2
Denominations
Subunit
1100Penny
1240Penny (pre-decimal)
PluralPounds
PennyPence
Symbol£
Pennyp (d pre-decimal)
NicknameQuid (singular and plural)
Banknotes
Freq. used
Rarely used
Coins
Demographics
User(s)
Issuance
Central bankBank of England
Websitewww.bankofengland.co.uk
Printer
Multiple printers
Website
MintRoyal Mint
Websitewww.royalmint.com
Valuation
Inflation1.4% (12 months ending December 2019)
Source"Inflation and price indices". ons.gov.uk. Office for National Statistics. 15 January 2020.
MethodCPI
Pegged by

Sterling is the fourth most-traded currency in the foreign exchange market, after the United States dollar, the euro, and the Japanese yen.[6] Together with those three currencies and the Chinese yuan, it forms the basket of currencies which calculate the value of IMF special drawing rights. As of mid-2021, sterling is also the fifth most-held reserve currency in global reserves.[7]

The British Crown dependencies of Guernsey, Jersey and the Isle of Man produce their own local issues of sterling (the Guernsey pound, the Jersey pound and the Manx pound) which are considered fully equivalent to UK sterling in their respective regions.[8] The pound sterling is also used in the British Overseas Territories: Gibraltar (alongside the Gibraltar pound), the Falkland Islands (alongside the Falkland Islands pound), and in Saint Helena, Ascension and Tristan da Cunha (alongside the Saint Helena pound), others having transitioned to dollar currencies, such as Bermuda in 1970. The Bank of England is the central bank for the pound sterling, issuing its own banknotes, and regulating issuance of banknotes by private banks in Scotland and Northern Ireland. Sterling banknotes issued by other jurisdictions are not regulated by the Bank of England; their governments guarantee convertibility at par. The pound sterling was also used to varying degrees by colonies in the British Empire.