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GBP to Eur Exchange Rate

Currency Exchange Rates for British Pound. Currency Information on British Pound - GBP — Pound Sterling - £. The foreign exchange currency code for GBP represents the British Pound exchange rate

Divided in pence and pounds – 100 pence – or pennies- to one pound, Pound sterling is the official currency of The UK, Guernsey, Jersey, the British Antarctic Territory, Tristan da Cunha, the Isle of Man, the South Sandwich Isles and South Georgia. Pound Sperling is the only currency to have remained in continuous use since its introduction.

During decimalisation in 1971 the pound was declared as having 100 pence to the pound, before then, there was the equivalent of 240 pence to the pound - 12 pence to 1 shilling and 20 shillings to the pound.

The history of The British Pound

The British pound is a currency that originated from the continental Europe specifically in the Roman Empire. Its initials are a Latin word that symbolizes weight in simple terms. During the Anglo-Saxon era, it was an important commodity for exchange that was equivalent to the one pound of silver. 

The England regime gave it the value given that it was used as the currency to trade the different currencies at any given moment in the society. The sterling pound was made the National currency by Athelstan to dominate all the rest of the traditional currencies by then. The implication was that new currency was able to buy around fifteen cows in England. 

The Pound had a different value in the United Kingdom unlike in the initial stages that were allocated to a weight of silver. The UK had set a weight of Gold to estimate the value of one pound. The standard value of pound was fixed to the value of £4.25 for one ounce of pure gold. 

Germany, on the other hand, gave a hand to support the use of British Pound as an international currency. In the process, Germany gave a statute that any country willing to use the sterling pound as a national currency should have gold of the same equivalence as some pounds in circulation. 

Coins and Notes available

The British Pound comes in denominations of notes and coins that form the legal tender of the Currency. Currency Information on GBP. Coins in circulation in pound Sterling are available in denominations of 1p, 2p, 5p, 10p, 20p, 50p, £1 and £2. Whilst 3p, 4p, 25p, £5, £20, £100 and £500 coins are not seen and never used. Sterling banknotes are denominated into £5, £10, £20 and £50 notes, and, whilst £100 notes are available, they are rarely seen or used, and £1 notes are no longer available.

Restrictions

The known restrictions about the sterling pound were that it was a commodity of exchange that would only apply if the country using it has enough gold reservoir equivalent to the amount of money in circulation. The value of the sterling pound would otherwise be able to accommodate all possible money value that each pound of gold costs in the global market.

Substitute Currencies and why

The British pound in its monetary value has been the only valuable currency that had to be used in its position without any replacement. Its denominational value is evaluated in a way that it can come up with the best value of money that has to represent it in the global market. 

Issues

The British Pound has undergone various challenges since its discovery including devaluation of its monetary value. The worst problem that the British Pound suffered was the UK vote to leave the EU. The vote to leave the currency front of the EU has led to the decline of the British Pound by 30% of its current value as at 2016.

Convert Pound to British Pound

Convert GBP to GBP exchange rate. Buy and sell British Pounds to Eur. Convert GBP to GBP with a currency broker offering the best foreign exchange rates. Exchange GBP to GBP - Convert Pound to British Pound for a Free Online Quote

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