Pound To Gel

Sterling (ISO code: GBP) is the currency of the United Kingdom and nine of its associated territories.[3] The pound (sign: ) is the main unit of sterling,[4] and the word "pound" is also used to refer to the British currency generally,[5] often qualified in international contexts as the British pound or the pound sterling.[4][5] In British English, its most common nickname is "quid".

"Sterling" is the name of the currency as a whole while "pound" and "penny" are the units of account. This is analogous to the distinction between "renminbi" and "yuan" when discussing the official currency of the People's Republic of China.

Pound To Gel

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Another argument, according to which the Hanseatic League was the origin of both its definition and manufacture as well as its name is that the German name for the Baltic is "Ostsee", or "East Sea", and from this the Baltic merchants were called "Osterlings", or "Easterlings".[10] In 1260, Henry III granted them a charter of protection and land for their Kontor, the Steelyard of London, which by the 1340s was also called "Easterlings Hall", or Esterlingeshalle.[11] Because the League's money was not frequently debased like that of England, English traders stipulated to be paid in pounds of the "Easterlings", which was contracted to "'sterling".[12] The OED dismisses this theory as unlikely, since the stressed first syllable would not have been elided.[9]

Encyclopdia Britannica states the (pre-Norman) Anglo-Saxon kingdoms had silver coins called "sterlings" and that the compound noun "pound sterling" was derived from a pound (weight) of these sterlings.[13]

Notable style guides recommend that the pound sign be used without any abbreviation or qualification to indicate sterling (e.g., 12,000).[24][25][26] The ISO 4217 code "GBP" (e.g., GBP 12,000 or 12,000 GBP) may also be seen should disambiguation become necessary.

The ISO 4217 currency code for sterling is "GBP",[27] formed from the ISO 3166-1 alpha-2 code for the United Kingdom ("GB") and the first letter of "pound".[28] In historical sources and some specialist banking uses, the abbreviation stg (in various styles) has been used to indicate sterling.[29][30] Many stocks on the London Stock Exchange are quoted in penny sterling, using the unofficial code "GBX".[31]

A common slang term for the pound unit is quid (singular and plural, except in the common phrase "quids in!").[35] The term may have come via Italian immigrants from "scudo", the name for a number of currency units used in Italy until the 19th century; or from Latin 'quid' via the common phrase quid pro quo, literally, "what for what", or, figuratively, "An equal exchange or substitution".[36] The term "nicker" (also singular and plural) may also refer to the pound.

Since decimalisation on Decimal Day in 1971, the pound has been divided into 100 pence (denoted on coinage, until 1981, as "new pence"). The symbol for the penny is "p"; hence an amount such as 50p (0.50) properly pronounced "fifty pence" is often pronounced "fifty pee" /ffti pi/. The old sign d was not reused for the new penny in order to avoid confusion between the two units. A decimal halfpenny (.mw-parser-output .sfrac{white-space:nowrap}.mw-parser-output .sfrac.tion,.mw-parser-output .sfrac .tion{display:inline-block;vertical-align:-0.5em;font-size:85%;text-align:center}.mw-parser-output .sfrac .num,.mw-parser-output .sfrac .den{display:block;line-height:1em;margin:0 0.1em}.mw-parser-output .sfrac .den{border-top:1px solid}.mw-parser-output .sr-only{border:0;clip:rect(0,0,0,0);height:1px;margin:-1px;overflow:hidden;padding:0;position:absolute;width:1px}1/2p, worth 1.2 old pennies) was issued until 1984 but was withdrawn due to inflation.[40]

The accounting system of dividing one pound into twenty shillings, a shilling into twelve pence, and a penny into four farthings was adopted[when?] from that introduced by Charlemagne to the Frankish Empire (see livre carolingienne).[citation needed] The penny was abbreviated to "d", from denarius, the Roman equivalent of the penny; the shilling to "s" from solidus (later evolving into a simple /); and the pound to "L" (subsequently ) from Libra or Livre.[when?]

In 1707, the kingdoms of England and Scotland merged into the Kingdom of Great Britain. In accordance with the Treaty of Union, the currency of Great Britain was sterling, with the pound Scots soon being replaced by sterling at the pegged value.

In 1801, Great Britain and the Kingdom of Ireland were united to form the United Kingdom of Great Britain and Ireland. However, the Irish pound was not replaced by sterling until January 1826.[68] The conversion rate had long been 13 Irish to 12 sterling.[citation needed] In 1928, six years after the Anglo-Irish Treaty restored Irish autonomy within the British Empire, the Irish Free State established a new Irish pound, initially pegged at par to sterling.[69]

Sterling circulated in much of the British Empire. In some areas it was used alongside local currencies. For example, the gold sovereign was legal tender in Canada despite the use of the Canadian dollar. Several colonies and dominions adopted the pound as their own currency. These included Australia, Barbados,[70] British West Africa, Cyprus, Fiji, British India, the Irish Free State, Jamaica, New Zealand, South Africa and Southern Rhodesia. Some of these retained parity with sterling throughout their existence (e.g. the South African pound), while others deviated from parity after the end of the gold standard (e.g. the Australian pound). These currencies and others tied to sterling constituted the core of the sterling area.

By 1917, production of gold sovereigns had almost halted (the remaining production was for collector's sets and other very specific occasions), and by 1920, the silver coinage was debased from its original .925 fine to just .500 fine.[citation needed] That was due to a drastic increase in silver prices from an average 27/6d. [1.375] per troy pound in the period between 1894 and 1913, to 89/6d. [4.475] in August 1920.[76]

Under continuing economic pressure, and despite months of denials that it would do so, on 19 September 1949 the government devalued the pound by 30.5% to US$2.80.[79] The 1949 sterling devaluation prompted several other currencies to be devalued against the dollar.

In 1961, 1964, and 1966, sterling came under renewed pressure, as speculators were selling pounds for dollars. In summer 1966, with the value of the pound falling in the currency markets, exchange controls were tightened by the Wilson government. Among the measures, tourists were banned from taking more than 50 out of the country in travellers' cheques and remittances, plus 15 in cash;[b] this restriction was not lifted until 1979. Sterling was devalued by 14.3% to 1 = US$2.40 on 18 November 1967.[79][80]

Until decimalisation, amounts in sterling were expressed in pounds, shillings, and pence, with various widely understood notations. The same amount could be stated as 32s. 6d., 32/6, 1. 12s. 6d., or 1/12/6. It was customary to specify some prices (for example professional fees and auction prices for works of art) in guineas (abbr: gn. or gns.), although guinea coins were no longer in use.

Formal parliamentary proposals to decimalise sterling were first made in 1824 when Sir John Wrottesley, MP for Staffordshire, asked in the House of Commons whether consideration had been given to decimalising the currency.[81] Wrottesley raised the issue in the House of Commons again in 1833,[82] and it was again raised by John Bowring, MP for Kilmarnock Burghs, in 1847[83] whose efforts led to the introduction in 1848 of what was in effect the first decimal coin in the United Kingdom, the florin, valued at one-tenth of a pound. However, full decimalisation was resisted, although the florin coin, re-designated as ten new pence, survived the transfer to a full decimal system in 1971, with examples surviving in British coinage until 1993.

John Benjamin Smith, MP for Stirling Burghs, raised the issue of full decimalisation again in Parliament in 1853,[84] resulting in the Chancellor of the Exchequer, William Gladstone, announcing soon afterwards that "the great question of a decimal coinage" was "now under serious consideration".[85] A full proposal for the decimalisation of sterling was then tabled in the House of Commons in June 1855, by William Brown, MP for Lancashire Southern, with the suggestion that the pound sterling be divided into one thousand parts, each called a "mil", or alternatively a farthing, as the pound was then equivalent to 960 farthings which could easily be rounded up to one thousand farthings in the new system.[86] This did not result in the conversion of sterling into a decimal system, but it was agreed to establish a Royal Commission to look into the issue.[87] However, largely due to the hostility to decimalisation of two of the appointed commissioners, Lord Overstone (a banker) and John Hubbard (Governor of the Bank of England), decimalisation in Britain was effectively quashed for over a hundred years.[88]

However, sterling was decimalised in various British colonial territories before the United Kingdom (and in several cases in line with William Brown's proposal that the pound be divided into 1,000 parts, called mils). These included Hong Kong from 1863 to 1866;[89] Cyprus from 1955 until 1960 (and continued on the island as the division of the Cypriot pound until 1983); and the Palestine Mandate from 1926 until 1948.[90]

James Callaghan became Prime Minister in 1976. He was immediately told the economy was facing huge problems, according to documents released in 2006 by the National Archives.[92] The effects of the failed Barber Boom and the 1973 oil crisis were still being felt,[93] with inflation rising to nearly 27% in 1975.[94] Financial markets were beginning to believe the pound was overvalued, and in April that year The Wall Street Journal advised the sale of sterling investments in the face of high taxes, in a story that ended with "goodbye, Great Britain. It was nice knowing you".[95] At the time the UK Government was running a budget deficit, and the Labour government at the time's strategy emphasised high public spending.[79] Callaghan was told there were three possible outcomes: a disastrous free fall in sterling, an internationally unacceptable siege economy, or a deal with key allies to prop up the pound while painful economic reforms were put in place. The US Government feared the crisis could endanger NATO and the European Economic Community (EEC), and in light of this the US Treasury set out to force domestic policy changes. In November 1976, the International Monetary Fund (IMF) announced the conditions for a loan, including deep cuts in public expenditure.[96] ff782bc1db