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United Kingdom - A brief monetary history

England was unified under William the Conqueror in 1066. The United Kingdom of Great Britain (including Scotland) was founded on May 1, 1707; the United Kingdom of Great Britain and Ireland was founded on January 1, 1801; and the United Kingdom of Great Britain and Northern Ireland was founded on April 12, 1927.

The ISO symbol for the United Kingdom is GB. Both the Ukraine and the United Kingdom wanted the two-letter code UK, so the ISO solved the problem by giving the Ukraine UA and the United Kingdom GB.

Gold, silver and potin (tin-bronze) coins minted by the Gallo-Belgic tribes were the first coins to circulate in Britain. Rome was incorporated into the Roman Empire after Claudius’s invasion of Britain in AD 43. Roman coins were minted until about 326 AD.

The Anglo-Saxons began minting their own coins, copying coins from Merovingian France, around 600. These coins included gold tremisses and silver pennies known today as sceattas.

The Pound (GBP) was introduced into England by the Normans even before William I conquered England. The principle subdivisions of the Pound Sterling (sterling referring to a coin with 92.5% silver content), or Gold Sovereign, were into 20 Shillings or 240 pence, but it was also divisible into the Guinea (21 Shillings or 1.05 Pounds), Crown (5 Shillings), Florin (2 Shillings) and Farthing (1/4 Pence). The reintroduction of a gold penny under Henry III (1257-63) was not successful, but Edward III (1327-1377) did successfully reintroduce a gold florin (worth 6 shillings) and a gold noble (worth 6s. 8d.) Coins issued under Elizabeth I included the gold sovereign, (30 shillings), ryal (25 shillings), angel (10 shillings) and crown (5 shillings). Each introduction of new coins was gradually followed by a debasement of the currency which inevitably led to a currency reform by a future king or queen. The guinea, named after the African origin of its gold, was originally equal to 20 shillings, but it increased in value to 21 shillings as the gold-silver ratio changed. A gold sovereign, equal to 20 shillings, was introduced in 1816.

The availability of coins changed over time. For example, hardly any silver coins were minted between 1758 and 1788 and in 1797, the Bank of England purchased Spanish silver 8 reals of Charles IV (equal to 4s. 9d) and countermarked them with the head of George III.

The Bank of England was created on July 27, 1694 and was given a monopoly on banknote issue in England and Wales in 1708. The United Kingdom left the Gold Standard on February 26, 1797, reinstated it on May 1, 1821, and left it again on August 6, 1914, reintroduced it on April 28, 1925, only to abandon it again on September 21, 1931. Throughout this time period, the rate at which the Bank of England would buy gold remained constant at 3 Pounds, 17 Shillings, 10.5 Pence. The United Kingdom went back on the Gold Standard under Bretton Woods, removed exchange controls on August 15, 1947 and reimposed them on August 20, 1947. The official link to gold was abandoned on June 23, 1972 and exchange controls were fully abolished in 1979.

Great Britain introduced the decimal system on February 15, 1971. Currently, Bank of England notes are legal tender in England, Wales, the Channel Islands and the Isle of Man, but not in Scotland and Northern Ireland. The Pound Sterling (GBP) became the basis for the monetary systems of all of Britain’s colonies. Banks in Scotland and Northern Ireland, as well as the governments of Guernsey, Jersey and the Isle of Man can still issue banknotes, though the banknotes are not legal tender. The Bank of England will redeem all banknotes it has issued, as well as banknotes issued by the West African Currency Board, East African Currency Board, Palestine Currency Board and other colonial currency board issues. Great Britain has decided not to join the Euro.

This 1 Farthing coin is dated 1873. The obverse features Queen Victoria facing left. The reverse depicts Britannia.

• Weight: g
• Diameter: mm
• Material: Bronze
• Edge:
• Mint:
• Mintage: 3,226,000
• Krause # KM-747.2

Here is a 1950 dated 6 pence piece. The obverse features King George VI facing left. George VI was King of the United Kingdom and the Dominions of the British Commonwealth from December 11th, 1936 until his death. He was the last Emperor of India (until June 22, 1948), the last King of Ireland (until April 18, 1949), and the first Head of the Commonwealth. The reverse depicts King George VI's crowned monogram dividing the date, with the value below.

• Weight:
• Diameter: 19.5mm
• Material: Copper-Nickel
• Edge:
• Mint:
• Mintage: 32,741,999
• Krause # KM-875

This 1 Pound coin is dated 1983. The obverse features Queen Elizabeth II, young bust facing right. Elizabeth was named after her mother, Alexandra after George V's mother, and Mary after her grandmother. The reverse depicts the Shield of Great Britain within the Garter, crowned and supported.

• Weight: 9.50g
• Diameter: 22.5mm
• Material: Nickel-Brass
• Edge:
• Mint:
• Mintage: 443,054,000
• Krause # KM-933

This is a 1986 2 pounds coin with the theme of the commonwealth games. The obverse features the Crowned head, facing right, of Queen Elizabeth II. Elizabeth was educated at home under the supervision of her mother and their governess, Marion Crawford, who was casually known as "Crawfie". The reverse depicts thistle on St. Andrews cross. The edge insciption states: COMMONWEALTH GAMES SCOTLAND 1986.

• Weight: 15.98g
• Diameter: 28.4mm
• Material: Nickel-Brass
• Edge: Inscribed
• Mint:
• Mintage: 8,212,000
• Krause # KM-947

Here is a 1 Pound coin dates 1987. The obverse features the crowned head, facing right, of Queen Elizabeth II. With Elizabeth's accession in 1952 it seemed likely that the royal house would bear her husband's name. Lord Mountbatten thought it would be the House of Mountbatten, as Elizabeth would typically have taken Philip's last name on marriage; however, Queen Mary and British Prime Minister Winston Churchill favoured the retention of the House of Windsor, and so Windsor it remained. The Duke complained,"I am the only man in the country not allowed to give his name to his own children." In 1960, after the death of Queen Mary and the resignation of Churchill, the surname Mountbatten-Windsor was adopted for Philip and Elizabeth's male-line descendants who do not carry royal titles.The reverse depicts an Oak Tree with a crown encircling the trunk. The edge insciption states: DECUS ET TUTAMEN - which translates to 'An ornament and a safeguard'.

• Weight: 9.50g
• Diameter: 22.5mm
• Material: Nickel-Brass
• Edge: Inscribed
• Mint:
• Mintage: 39,299,000
• Krause # KM-948

This 2 Pound coin is dated 1994 with the theme of the 300th anniversary of the Bank of England. The obverse features the right facing crowned head of Queen Elizabeth II. As 1 in a series of 'First's' for the Queen, Elizabeth became the first reigning monarch of Australia and New Zealand to visit those countires, when she visited them during a 1953-1954 around-the-world-tour. The reverse depicts Britannia seated within an oval, which divides the dual dates, with the WM monogram above. WM stands for Windsow-Mountbatten. The edge inscription staes: SIC VOS NON VOBIS - which tanslates to 'Thus do ye, Not for yourselves.'

• Weight: 15.98g
• Diameter: 28.4mm
• Material: Nickel_brass
• Edge: Inscribed
• Mint:
• Mintage: 1,443,000
• Krause # KM-968

Here is an undated 2 pound coin issued in 1995 with the theme of the 50th anniversary of the end of World War II. The obverse features Queen Elizabeth II, crowned head facing right. As 1 in a a series of 'First's' for the Queen, The Queen and the Duke of Edinburgh celebrated their 60th wedding anniversary in 2007; their marriage is the longest of any British monarch. The reverse depicts a large dove with a laurel branch in its beak. The coin carries an edge inscription that staes: 1945 IN PEACE GOODWILL 1995.

• Weight: 15.98g
• Diameter: 28.5mm
• Material: Nickel-Brass
• Edge: Inscribed
• Mint:
• Mintage: 6,057,000
• Krause # KM-970

This 5 Pound coin is dated 1997 and celebrates the golden wedding (50th) anniversary of Queen Elizabeth and Prince Phillip. The obverse features the combined portrait of Queen Elizabeth and Prince Phillip facing right. The reverse depicts St. Edwards Crown above 2 shields and the denomination.

• Weight: 28.28g
• Diameter: 38.61mm
• Material: Copper-Nickel
• Edge:
• Mint:
• Mintage: 1,733,000
• Krause # KM-977

Here is a 5 Pounds coin dated 2009. The obverse of the coin features Queen Elizabeth II. During a Trooping the Colour ceremony in 1981, six shots were fired at the Queen from close range as she rode down The Mall on her horse, Burmese. Later, it was discovered that the shots were blanks. The reverse depicts Henry VIII.

• Weight: g
• Diameter: mm
• Material:
• Edge:
• Mint:
• Mintage:
• Krause # KM-Not Listed

• Weight: g
• Diameter: mm
• Material:
• Edge:
• Mint:
• Mintage:
• Krause #