Author Topic: The British pound  (Read 112 times)

Online Talk Merit

The British pound
« on: May 24, 2018, 02:45:35 PM »
The British currency is referred to as Sterling, and the two primary units in the modern monetary system are the Pound and the Penny. The Penny is one hundredth of a Pound. The older units such as - the Crown, the Florin, the Groat, the Shilling, and the Farthing are no longer in common use. Two other coins are legal tender in Britain - the Sovereign, and the Britannia, and they are now investment tools for gold investors. For example, the Britannia has a face value of 100, but it will cost around 1,000 to purchase one from the Royal Mint. The other unit that is still in use is the Guinea, and this is worth 1,05. It's use is confined largely to bidding at livestock and other auctions. It was created to include the auctioneers fee in the auction price. A bid of one Guinea would include 1 for the seller, and 0.05 for the auctioneer. Settlement would be in Pounds Sterling, although I believe that at one time, golden guinea coins did exist.

The word 'pound' comes from the Latin word 'poundus' meaning weight, and the Sterling symbol '' is an ornate version of the letter 'L' in the Latin word 'libra'. It was originally equivalent to a pound in weight of silver.
« Last Edit: May 24, 2018, 02:47:54 PM by Talk Merit »

Offline mdayonliner

Re: The British pound
« Reply #1 on: June 01, 2018, 10:11:33 AM »
The word 'pound' comes from the Latin word 'poundus' meaning weight, and the Sterling symbol '' is an ornate version of the letter 'L' in the Latin word 'libra'. It was originally equivalent to a pound in weight of silver.
In other words, it was the re-branding for currency name but not for the currency symbol.