Pound, also called pound sterling, is the monetary unit of the United Kingdom and some other countries. The British pound is equal to 100 pence. There are paper or polymer bills for 5 pounds, 10 pounds, 20 pounds, and 50 pounds. Polymer bills are made of a plastic material that is more durable and more difficult to counterfeit than paper. The government formerly issued banknotes of higher denominations up to 1,000 pounds.
In 1983, the British government introduced a one-pound coin to replace the one-pound note, which it stopped issuing Dec. 31, 1984. In 1998, the government began issuing a two-pound coin. The government discontinued production of the round one-pound coin in December 2015, noting that the coin had become popular with counterfeiters. A new, 12-sided one-pound coin replaced the “round pound” in 2017. The new coin includes features that make it more difficult to counterfeit, including its shape and the fact that it is made of two different metals. The new one-pound coin has a picture of Queen Elizabeth II on the front and traditional floral emblems symbolizing the four political divisions of the United Kingdom on the back. The four emblems include the leek, the national symbol of Wales; the thistle, Scotland’s national flower; the shamrock, representing Northern Ireland; and the rose, the national flower of England.
Until 1931, the British government made for circulation one-pound gold coins called sovereigns. Sovereigns were first made in 1489. Later, the sovereign was called a unite, in honor of the joining of England and Scotland under James I, who became king of both nations in 1603. George III chose the sovereign as the monetary unit, and it was first issued regularly in 1817. Half sovereign, two-pound, and five-pound pieces were also coined. Sovereigns and other gold coins are now used for dealings with nations that require payment in gold.
When a nation buys more from other countries than it sells to them, it usually must pay the difference in international money (widely accepted currency). The British pound has often been used as international money. But gold and United States dollars are the major forms of international money.
