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For a VERY nice, seeminlgy complete English monetary history Please visit here!

United Kingdom - A brief currency 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.

Here is a 10 Shillings note that was printed between 1960 and 1961. The note is brown on multicolored underprint. The obverse features a portrait of Queen Elizabeth II. The reverse depicts Britannia seated with shield in the center. The note carries a watermark of a continuous row or laureate heads. Signature L. K. O'Brien.

• Krause# Pick-373a

Note donated by De Orc

This 1 Pound note was printed between 1970 and 1977. The note is deep green on multicolored underprint. The obverse features a portrait of Queen Elizabeth II. The reverse depicts Britannia seated with shield in the center. There is a watermark on this note depicting a vertical row of laureate heads. Signature J. B. Page.

• Krause# Pick-374g

Note donated by De Orc

Here is a 1 Pound note undated and printed between 1981 and 1984. The note is deep green on multicolored underprint. The obverse features Queen Elizabeth II in court robes. The reverse depicts Sir Isaac Newton (born January 1643 and died March 1727, was an English physicist, mathematician, astronomer, natural philosopher, alchemist, and theologian) to the right. Signature D. H. F. Somerset.

• Krause# Pick-377b

Note donated by De Orc

Military Payment Certificates (MPC's)

This note is a Military Payment copoun worth 1 Pound from 1948 as part of the second series of issuances. The note is lilac on red and blue underprint.

• Krause# Pick-M22

This note is a Military Payment copoun worth 1 Pound from 1962 as part of the fourth series of issuances. The note is violet on pale green and lilac underprint.

• Krause# Pick-M36

Here is a 5 New Pence Military Voucher from the sixth series printed in 1972. The note is orange-brown and green.

• Krause# Pick-M44

This note is a Military Payment copoun worth 10 Pence from 1972 as part of the sixth series of issuances. This note is violet, green and olive.

• Krause# Pick-M45

Here is a 50 New Pence Military Voucher note from the 6th series printed in 1972. The note is green on pink underprint.

• Krause# Pick-M46

This note is a Military Payment Coupon worth 5 New Pence from 1972 as part of the 6th series. The note is orange-brown and green.

• Krause# Pick-M47

This 10 New Pence note is undated but part of the 6th series of Military Payment Coupons issued in 1972. The note is violet, green and olive.

• Krause# Pick-M48

Community Currencies

Lewes England - Community Currency - 1 Pound

This 1 Pound note is distributed in Lewes as a means of stimulating the local economy. Notes are accepted at par by local merchants who accept them. The notes do not circulate outside of Lewes, and therefore all notes spent stay within the area helping local businesses.

• Krause# Pick-Not Listed

Note donated by De Orc

• Krause# Pick-