The Gibraltar pound is the currency of Gibraltar. It is pegged to – and exchangeable with – the British pound sterling at par value. Coins and banknotes of the Gibraltar pound are printed by the Government of Gibraltar; until 1872, the currency situation in Gibraltar was complicated, with a system based on the real being employed which encompassed British and Gibraltarian coins. From 1825, the real was tied to the pound at the rate of 1 Spanish dollar to 4 shillings 4 pence. In 1872, the Spanish currency became the sole legal tender in Gibraltar. In 1898, the Spanish–American War made the Spanish peseta drop alarmingly and the pound was introduced as the sole currency of Gibraltar in the form of British coins and banknotes. In 1898, the British pound was made sole legal tender, although the Spanish peseta continued in circulation until the Spanish Civil War. Since 1927, Gibraltar has issued its own banknotes and, since 1988, its own coins. Gibraltar decimalised in 1971 at the same time as the UK, replacing the system of 1 pound = 20 shillings = 240 pence with one of 1 pound = 100 pence.
The since repealed Currency Notes Act 1934, conferred on the Government of Gibraltar the right to print its own notes. Notes issued are either backed by Bank of England notes at a rate of one pound to one pound sterling, or can be backed by securities issued by the Government of Gibraltar. Although Gibraltar notes are denominated in "pounds sterling", they are not legal tender anywhere in the United Kingdom. Gibraltar's coins are the same weight and metal as British coins, although the designs are different, they are found in circulation across Britain. Under the Currency Notes Act 2011 the notes and coins issued by the Government of Gibraltar are legal tender and current coin within Gibraltar. British coins and Bank of England notes circulate in Gibraltar and are universally accepted and interchangeable with Gibraltarian issues. In 1988, coins in denominations of 1, 2, 5, 10, 20 and 50 pence and 1 pound were introduced which bore specific designs for and the name of Gibraltar, they were the same sizes and compositions as the corresponding British coins, with 2 pound coins introduced in 1999.
A new coin of 5 pounds was issued in 2010 with the inscription "Elizabeth II · Queen of Gibraltar". This issue caused controversy in Spain, where the title of King of Gibraltar corresponds to the crown of Castile; the £2 coin has featured a new design every year since its introduction, as it depicts each of the 12 Labours of Hercules. In 2004 the Government of Gibraltar minted a new edition of its coins to commemorate the tercentenary of British Gibraltar. At the outbreak of World War I, Gibraltar was forced to issue banknotes to prevent paying out sterling or gold; these notes were issued under emergency wartime legislation, Ordinance 10 of 1914. At first the typeset notes were signed by hand by Treasurer Greenwood, though he used stamps; the notes bore the embossed stamp of the Anglo-Egyptian Bank Ltd. and circulated alongside British Territory notes. The 1914 notes were issued in denominations of 2s, 10s, £1, £5 and £50; the 2s and £50 notes were not continued when a new series of notes was introduced in 1927.
The 10s note was replaced by the 50p coin during the process of decimalization. In 1975, £10 and £20 notes were introduced, followed by £50 in 1986; the £1 note was discontinued in 1988. In 1995, a new series of notes was introduced which, for the first time, bore the words "pounds sterling" rather than just "pounds"; the government of Gibraltar introduced a new series of banknotes beginning with the £10 and £50 notes issued on July 8, 2010. On May 11, 2011, the £5, £20 and £100 notes were issued. Economy of Gibraltar Currency board Christopher Ironside, OBE, coin designer: reverse design of the 25 New Pence coin, Barbary ape. Banknotes of Gibraltar: Catalog of Gibraltar Shillings and Pounds The current banknotes of Gibraltar
Anguilla is a British overseas territory in the Caribbean. It is one of the most northerly of the Leeward Islands in the Lesser Antilles, lying east of Puerto Rico and the Virgin Islands and directly north of Saint Martin; the territory consists of the main island of Anguilla 16 miles long by 3 miles wide at its widest point, together with a number of much smaller islands and cays with no permanent population. The island's capital is The Valley; the total land area of the territory is 35 square miles, with a population of 14,764. Anguilla has become a popular tax haven, having no capital gains, profit, sales, or corporate taxes. In April 2011, faced with a mounting deficit, it introduced a 3% "Interim Stabilisation Levy", Anguilla's first form of income tax. Anguilla has a 0.75% property tax. The name Anguilla is from the Italian anguilla meaning "eel" in reference to the island's shape, it is believed by most sources to have been named by Christopher Columbus. For similar reasons, it was known as Snake or Snake Island.
Anguilla was first settled by Indigenous Amerindian peoples. The earliest Native American artefacts found on Anguilla have been dated to around 1300 BC; the Arawak name for the island seems to have been Malliouhana. The date of European colonisation is uncertain: some sources claim that Columbus sighted the island during his second voyage in 1493, while others state that the island's first European explorer was the French Huguenot nobleman and merchant mariner René Goulaine de Laudonnière in 1564; the Dutch West India Company established a fort on the island in 1631. The Dutch withdrew after the destruction of the fort by Spanish forces in 1633. Traditional accounts state that Anguilla was first colonized by English settlers from Saint Kitts beginning in 1650. In this early colonial period, Anguilla sometimes served as a place of refuge and recent scholarship focused on Anguilla has placed greater significance on other Europeans and creoles migrating from St. Christopher, Barbados and Antigua.
The French temporarily took over the island in 1666 but returned it to English control under the terms of the Treaty of Breda the next year. A Major John Scott who visited in September 1667, wrote of leaving the island "in good condition" and noted that in July 1668, "200 or 300 people fled thither in time of war", it is that some of these early Europeans brought enslaved Africans with them. Historians confirm. For example, Africans from Senegal lived in St. Christopher in 1626. By 1672 a slave depot existed on the island of Nevis. While the time of African arrival in Anguilla is difficult to place archival evidence indicates a substantial African presence of at least 100 enslaved people by 1683; these seem to have come from Central Africa as well as West Africa. Attempts by the French to capture the island during the War of Austrian Succession and the Napoleonic Wars ended in failure. During the early colonial period, Anguilla was administered by the British through Antigua. In 1967, Britain granted Saint Nevis full internal autonomy.
Anguilla was incorporated into the new unified dependency, named Saint Christopher-Nevis-Anguilla, against the wishes of many Anguillians. This led to two Anguillian Revolutions in 1969 headed by Atlin Harrigan and Ronald Webster; the island operated as the independent "Republic of Anguilla". The goal of the revolution was not independence per se, but rather independence from Saint Kitts and Nevis and a return to being a British colony. British authority was restored in July 1971. Anguilla is an internally self-governing overseas territory of the United Kingdom, its politics take place in a framework of a parliamentary representative democratic dependency, whereby the Chief Minister is the head of government, of a pluriform multi-party system. The United Nations Committee on Decolonization includes Anguilla on the United Nations list of Non-Self-Governing Territories; the territory's constitution is Anguilla Constitutional Order 1 April 1982. Executive power is exercised by the government. Legislative power is vested in the House of Assembly.
The judiciary is independent of the legislature. As a dependency of the UK, the UK is responsible for Anguilla's military defence, although there are no active garrisons or armed forces present. Anguilla has a small marine police force, comprising around 32 personnel, which operates one VT Halmatic M160-class 52-foot fast patrol boat; the majority of residents are black, the descendants of slaves transported from Africa. Minorities include whites at 3.74% and people of mixed race at 4.65%. 72 % of the population is Anguillian. Of the non-Anguillian population, many are citizens of the United States, United Kingdom, St Kitts & Nevis, the Dominican Republic and Nigeria. 2006 and 2007 saw an influx of large numbers of Chinese and Mexican workers, brought in as labour for major tourist developments due to the local population not being large enough to support the labour requirements. Christian churches did not have a consistent or strong presence during the initial period of English colonisation. Spiritual and religious practic
Northern Ireland is a part of the United Kingdom in the north-east of the island of Ireland, variously described as a country, province or region. Northern Ireland shares a border to the west with the Republic of Ireland. In 2011, its population was 1,810,863, constituting about 30% of the island's total population and about 3% of the UK's population. Established by the Northern Ireland Act 1998 as part of the Good Friday Agreement, the Northern Ireland Assembly holds responsibility for a range of devolved policy matters, while other areas are reserved for the British government. Northern Ireland co-operates with the Republic of Ireland in some areas, the Agreement granted the Republic the ability to "put forward views and proposals" with "determined efforts to resolve disagreements between the two governments". Northern Ireland was created in 1921, when Ireland was partitioned between Northern Ireland and Southern Ireland by the Government of Ireland Act 1920. Unlike Southern Ireland, which would become the Irish Free State in 1922, the majority of Northern Ireland's population were unionists, who wanted to remain within the United Kingdom.
Most of these were the Protestant descendants of colonists from Great Britain. However, a significant minority Catholics, were nationalists who wanted a united Ireland independent of British rule. Today, the former see themselves as British and the latter see themselves as Irish, while a distinct Northern Irish or Ulster identity is claimed both by a large minority of Catholics and Protestants and by many of those who are non-aligned. For most of the 20th century, when it came into existence, Northern Ireland was marked by discrimination and hostility between these two sides in what First Minister of Northern Ireland, David Trimble, called a "cold house" for Catholics. In the late 1960s, conflict between state forces and chiefly Protestant unionists on the one hand, chiefly Catholic nationalists on the other, erupted into three decades of violence known as the Troubles, which claimed over 3,500 lives and caused over 50,000 casualties; the 1998 Good Friday Agreement was a major step in the peace process, including the decommissioning of weapons, although sectarianism and religious segregation still remain major social problems, sporadic violence has continued.
Northern Ireland has been the most industrialised region of Ireland. After declining as a result of the political and social turmoil of the Troubles, its economy has grown since the late 1990s; the initial growth came from the "peace dividend" and the links which increased trade with the Republic of Ireland, continuing with a significant increase in tourism and business from around the world. Unemployment in Northern Ireland peaked at 17.2% in 1986, dropping to 6.1% for June–August 2014 and down by 1.2 percentage points over the year, similar to the UK figure of 6.2%. 58.2% of those unemployed had been unemployed for over a year. Prominent artists and sportspeople from Northern Ireland include Van Morrison, Rory McIlroy, Joey Dunlop, Wayne McCullough and George Best; some people from Northern Ireland prefer to identify as Irish while others prefer to identify as British. Cultural links between Northern Ireland, the rest of Ireland, the rest of the UK are complex, with Northern Ireland sharing both the culture of Ireland and the culture of the United Kingdom.
In many sports, the island of Ireland fields a single team, a notable exception being association football. Northern Ireland competes separately at the Commonwealth Games, people from Northern Ireland may compete for either Great Britain or Ireland at the Olympic Games; the region, now Northern Ireland was the bedrock of the Irish war of resistance against English programmes of colonialism in the late 16th century. The English-controlled Kingdom of Ireland had been declared by the English king Henry VIII in 1542, but Irish resistance made English control fragmentary. Following Irish defeat at the Battle of Kinsale, the region's Gaelic, Roman Catholic aristocracy fled to continental Europe in 1607 and the region became subject to major programmes of colonialism by Protestant English and Scottish settlers. A rebellion in 1641 by Irish aristocrats against English rule resulted in a massacre of settlers in Ulster in the context of a war breaking out between England and Ireland fuelled by religious intolerance in government.
Victories by English forces in that war and further Protestant victories in the Williamite War in Ireland toward the close of the 17th century solidified Anglican rule in Ireland. In Northern Ireland, the victories of the Siege of Derry and the Battle of the Boyne in this latter war are still celebrated by some Protestants. Popes Innocent XI and Alexander VIII had supported William of Orange instead of his maternal uncle and father-in-law James II, despite William being Protestant and James a Catholic, due to William's participation in alliance with both Protesant and Catholic powers in Europe in wars against Louis XIV, the powerful King of France, in conflict with the papacy for decades. In 1693, Pope Innocent XII recognised James as continuing King of Great Britain and Ireland in place of William, after reconciliation with Louis. In 1695, contrary to the terms of the Treaty of Limerick, a series of penal laws were passed by the Anglican ruling class in Ireland in intense anger at the Pope's recognition of James over William, felt to be a betrayal.
The intention of the la
The Federal Reserve System is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics led to the desire for central control of the monetary system in order to alleviate financial crises. Over the years, events such as the Great Depression in the 1930s and the Great Recession during the 2000s have led to the expansion of the roles and responsibilities of the Federal Reserve System; the U. S. Congress established three key objectives for monetary policy in the Federal Reserve Act: maximizing employment, stabilizing prices, moderating long-term interest rates; the first two objectives are sometimes referred to as the Federal Reserve's dual mandate. Its duties have expanded over the years, also include supervising and regulating banks, maintaining the stability of the financial system, providing financial services to depository institutions, the U. S. government, foreign official institutions.
The Fed conducts research into the economy and provides numerous publications, such as the Beige Book and the FRED database. The Federal Reserve System is composed of several layers, it is governed by the presidentially appointed board of Federal Reserve Board. Twelve regional Federal Reserve Banks, located in cities throughout the nation and oversee owned commercial banks. Nationally chartered commercial banks are required to hold stock in, can elect some of the board members of, the Federal Reserve Bank of their region; the Federal Open Market Committee sets monetary policy. It consists of all seven members of the board of governors and the twelve regional Federal Reserve Bank presidents, though only five bank presidents vote at a time. There are various advisory councils. Thus, the Federal Reserve System has both private components, it has a structure unique among central banks, is unusual in that the United States Department of the Treasury, an entity outside of the central bank, prints the currency used.
The federal government sets the salaries of the board's seven governors. The federal government receives all the system's annual profits, after a statutory dividend of 6% on member banks' capital investment is paid, an account surplus is maintained. In 2015, the Federal Reserve earned net income of $100.2 billion and transferred $97.7 billion to the U. S. Treasury. Although an instrument of the US Government, the Federal Reserve System considers itself "an independent central bank because its monetary policy decisions do not have to be approved by the President or anyone else in the executive or legislative branches of government, it does not receive funding appropriated by the Congress, the terms of the members of the board of governors span multiple presidential and congressional terms." The primary motivation for creating the Federal Reserve System was to address banking panics. Other purposes are stated in the Federal Reserve Act, such as "to furnish an elastic currency, to afford means of rediscounting commercial paper, to establish a more effective supervision of banking in the United States, for other purposes".
Before the founding of the Federal Reserve System, the United States underwent several financial crises. A severe crisis in 1907 led Congress to enact the Federal Reserve Act in 1913. Today the Federal Reserve System has responsibilities in addition to ensuring the stability of the financial system. Current functions of the Federal Reserve System include: To address the problem of banking panics To serve as the central bank for the United States To strike a balance between private interests of banks and the centralized responsibility of government To supervise and regulate banking institutions To protect the credit rights of consumers To manage the nation's money supply through monetary policy to achieve the sometimes-conflicting goals of maximum employment stable prices, including prevention of either inflation or deflation moderate long-term interest rates To maintain the stability of the financial system and contain systemic risk in financial markets To provide financial services to depository institutions, the U.
S. government, foreign official institutions, including playing a major role in operating the nation's payments system To facilitate the exchange of payments among regions To respond to local liquidity needs To strengthen U. S. standing in the world economy Banking institutions in the United States are required to hold reserves—amounts of currency and deposits in other banks—equal to only a fraction of the amount of the bank's deposit liabilities owed to customers. This practice is called fractional-reserve banking; as a result, banks invest the majority of the funds received from depositors. On rare occasions, too many of the bank's customers will withdraw their savings and the bank will need help from another institution to continue operating. Bank runs can lead to a multitude of economic problems; the Federal Reserve System was designed as an attempt to prevent or minimize the occurrence of bank runs, act as a lender of last resort when a bank run does occur. Many economists, following Nobel laureate Milton Friedman, believe that the Federal Reserve inappropriately refused to lend money to small banks during the bank runs of 1929.
Because some banks refused to clear checks from certain other banks during times of economic uncertainty, a check-clearing system was created in the Federal Reserve System. It is described in
British Overseas Territories
The British Overseas Territories or United Kingdom Overseas Territories are 14 territories under the jurisdiction and sovereignty of the United Kingdom. They are remnants of the British Empire that have not been granted independence or have voted to remain British territories; these territories do not form part of the United Kingdom and, with the exception of Gibraltar, are not part of the European Union. Most of the permanently inhabited territories are internally self-governing, with the UK retaining responsibility for defence and foreign relations. Three are inhabited only by a transitory population of scientific personnel, they all share the British monarch as head of state. As of April 2018 the Minister responsible for the Territories excluding the Falkland Islands and the Sovereign Base Areas on Cyprus, is the Minister of State for the Commonwealth and the UN; the other three territories are the responsibility of the Minister of State for Europe and the Americas. The fourteen British Overseas Territories are: The term "British Overseas Territory" was introduced by the British Overseas Territories Act 2002, replacing the term British Dependent Territory, introduced by the British Nationality Act 1981.
Prior to 1 January 1983, the territories were referred to as British Crown Colonies. Although the Crown dependencies of Jersey and the Isle of Man are under the sovereignty of the British monarch, they are in a different constitutional relationship with the United Kingdom; the British Overseas Territories and Crown Dependencies are themselves distinct from the Commonwealth realms, a group of 16 independent countries each having Elizabeth II as their reigning monarch, from the Commonwealth of Nations, a voluntary association of 53 countries with historic links to the British Empire. With the exceptions of the British Antarctic Territory and South Georgia and the South Sandwich Islands and the British Indian Ocean Territory, the Territories retain permanent civilian populations. Permanent residency for the 7,000 civilians living in the Sovereign Base Areas of Akrotiri and Dhekelia is limited to citizens of the Republic of Cyprus. Collectively, the Territories encompass a population of about 250,000 people and a land area of about 1,727,570 square kilometres.
The vast majority of this land area, 1,700,000 square kilometres, constitutes the uninhabited British Antarctic Territory, while the largest territory by population, accounts for a quarter of the total BOT population. At the other end of the scale, three territories have no civilian population. Pitcairn Islands, settled by the survivors of the Mutiny on the Bounty, is the smallest settled territory with 49 inhabitants, while the smallest by land area is Gibraltar on the southern tip of the Iberian peninsula; the United Kingdom participates in the Antarctic Treaty System and, as part of a mutual agreement, the British Antarctic Territory is recognised by four of the six other sovereign nations making claims to Antarctic territory. Early colonies, in the sense of English subjects residing in lands hitherto outside the control of the English government, were known as "Plantations"; the first, colony was Newfoundland, where English fishermen set up seasonal camps in the 16th century. It is now a province of Canada known as Labrador.
It retains strong cultural ties with Britain. English colonisation of North America began in 1607 with the settlement of Jamestown, the first successful permanent colony in Virginia, its offshoot, was settled inadvertently after the wrecking of the Virginia company's flagship there in 1609, with the Virginia Company's charter extended to include the archipelago in 1612. St. George's town, founded in Bermuda in that year, remains the oldest continuously inhabited British settlement in the New World. Bermuda and Bermudians have played important, sometimes pivotal, but underestimated or unacknowledged roles in the shaping of the English and British trans-Atlantic Empires; these include maritime commerce, settlement of the continent and of the West Indies, the projection of naval power via the colony's privateers, among other areas. The growth of the British Empire in the 19th century, to its territorial peak in the 1920s, saw Britain acquire nearly one quarter of the world's land mass, including territories with large indigenous populations in Asia and Africa.
From the mid-nineteenth century to the early twentieth century, the larger settler colonies – in Canada, New Zealand and South Africa – first became self-governing colonies and achieved independence in all matters except foreign policy and trade. Separate self-governing colonies federated to become Canada, South Africa, Rhodesia; these and other large self-governing colonies had become known as Dominions by the 1920s. The Dominions achieved full independence with the Statute of Westminster. Through a process of decolonisation following the Second World War, most of the British colonies in Africa and the Caribbean gained independence; some colonies becam
Isle of Man
The Isle of Man, sometimes referred to as Mann, is a self-governing British Crown dependency in the Irish Sea between Great Britain and Ireland. The head of state is Queen Elizabeth II, who holds the title of Lord of Mann and is represented by a lieutenant governor. Defence is the responsibility of the United Kingdom; the island has been inhabited since before 6500 BC. Gaelic cultural influence began in the 5th century AD, the Manx language, a branch of the Gaelic languages, emerged. In 627, Edwin of Northumbria conquered the Isle of Man along with most of Mercia. In the 9th century, Norsemen established the Kingdom of the Isles. Magnus III, King of Norway, was King of Mann and the Isles between 1099 and 1103. In 1266, the island became part of Scotland after being ruled by Norway. After a period of alternating rule by the kings of Scotland and England, the island came under the feudal lordship of the English Crown in 1399; the lordship revested into the British Crown in 1765, but the island never became part of the 18th-century Kingdom of Great Britain or its successors the United Kingdom of Great Britain and Ireland and the present-day United Kingdom.
It retained its internal self-government. In 1881, the Isle of Man parliament, became the first national legislative body in the world to give women the right to vote in a general election, although this excluded married women. In 2016, the Isle of Man was awarded biosphere reserve status by UNESCO. Insurance and online gambling generate 17% of GNP each, followed by information and communications technology and banking with 9% each. Internationally, the Isle of Man is best known for the Isle of Man TT competition; the Manx name of the Isle of Man is Ellan Vannin: ellan is a Manx word meaning "island". The short form used in English, Mann, is derived from the Manx Mannin, though sometimes the name is written as Man; the earliest recorded Manx form of the name is Mana. The Old Irish form of the name is Mano. Old Welsh records named it as Manaw reflected in Manaw Gododdin, the name for an ancient district in north Britain along the lower Firth of Forth; the oldest known reference to the island calls it Mona, in Latin.
Latin references have Mevania or Mænavia, Eubonia or Eumonia by Irish writers. It is found in the Sagas of Icelanders as Mön; the name is cognate with the Welsh name of the island of Anglesey, Ynys Môn derived from a Celtic word for'mountain', from a Proto-Celtic *moniyos. The name was at least secondarily associated with that of Manannán mac Lir in Irish mythology. In the earliest Irish mythological texts, Manannán is a king of the otherworld, but the 9th-century Sanas Cormaic identifies a euhemerised Manannán as "a famous merchant who resided in, gave name to, the Isle of Man". A Manannán is recorded as the first king of Mann in a Manx poem; the island was cut off from the surrounding islands around 8000 BC, but was colonised by sea some time before 6500 BC. The first residents were fishermen. Examples of their tools are kept at the Manx Museum; the Neolithic Period marked the beginning of farming, megalithic monuments began to appear, such as Cashtal yn Ard near Maughold, King Orry's Grave at Laxey, Meayll Circle near Cregneash, Ballaharra Stones at St John's.
There were the local Ronaldsway and Bann cultures. During the Bronze Age, burial mounds became smaller. Bodies were put in stone-lined graves with ornamental containers; the Bronze Age burial mounds created long-lasting markers around the countryside. The ancient Romans knew of the island and called it Insula Manavia although it is uncertain whether they conquered the island. Around the 5th century AD, large-scale migration from Ireland precipitated a process of Gaelicisation evidenced by Ogham inscriptions, giving rise to the Manx language, a Goidelic language related to Irish and Scottish Gaelic. Vikings arrived at the end of the 8th century, they introduced many land divisions that still exist. In 1266 King Magnus VI of Norway ceded the islands to Scotland in the Treaty of Perth. In 1290 King Edward I of England sent Walter de Huntercombe to take possession of Mann, it remained in English hands until 1313, when Robert Bruce took it after besieging Castle Rushen for five weeks. A confused period followed when Mann was sometimes under English rule and sometimes Scottish, until 1346, when the Battle of Neville's Cross decided the long struggle between England and Scotland in England's favour.
English rule was delegated to a series of magnates. The Tynwald passed laws concerning the government of the island in all respects and had control over its finances, but was subject to the approval of the Lord of Mann. In 1866, the Isle of Man obtained limited home rule, with democratic elections to the House of Keys, but an appointed Legislative Council. Since democratic government has been extended; the Isle of Man has designated more than 250 historic sites as registered buildings. The Isle of Man is located in the middle of t
The pound sterling known as the pound and less referred to as sterling, is the official currency of the United Kingdom, Guernsey, the Isle of Man, South Georgia and the South Sandwich Islands, the British Antarctic Territory, Tristan da Cunha. It is subdivided into 100 pence. A number of nations that do not use sterling have currencies called the pound. Sterling is the third most-traded currency in the foreign exchange market, after the United States dollar, the euro. Together with those two currencies and the Chinese yuan, it forms the basket of currencies which calculate the value of IMF special drawing rights. Sterling is the third most-held reserve currency in global reserves; the British Crown dependencies of Guernsey and the Isle of Man produce their own local issues of sterling which are considered equivalent to UK sterling in their respective regions. The pound sterling is used in Gibraltar, the Falkland Islands, Saint Helena and Ascension Island in Saint Helena and Tristan da Cunha; the Bank of England is the central bank for the pound sterling, issuing its own coins and banknotes, regulating issuance of banknotes by private banks in Scotland and Northern Ireland.
Banknotes issued by other jurisdictions are not regulated by the Bank of England. The full official name pound sterling, is used in formal contexts and when it is necessary to distinguish the United Kingdom currency from other currencies with the same name. Otherwise the term pound is used; the currency name is sometimes abbreviated to just sterling in the wholesale financial markets, but not when referring to specific amounts. The abbreviations "ster." and "stg." are sometimes used. The term "British pound" is sometimes incorrectly used in less formal contexts, it is not an official name of the currency; the exchange rate of the pound sterling against the US dollar is referred to as "cable" in the wholesale foreign exchange markets. The origins of this term are attributed to the fact that in the 1800s, the GBP/USD exchange rate was transmitted via transatlantic cable. Forex traders of GBP/USD are sometimes referred to as "cable dealers". GBP/USD is now the only currency pair with its own name in the foreign exchange markets, after IEP/USD, known as "wire" in the forward FX markets, no longer exists after the Irish Pound was replaced by the euro in 1999.
There is apparent convergence of opinion regarding the origin of the term "pound sterling", toward its derivation from the name of a small Norman silver coin, away from its association with Easterlings or other etymologies. Hence, the Oxford English Dictionary state that the "most plausible" etymology is derivation from the Old English steorra for "star" with the added diminutive suffix "-ling", to mean "little star" and to refer to a silver penny of the English Normans; as another established source notes, the compound expression was derived: However, the perceived narrow window of the issuance of this coin, the fact that coin designs changed in the period in question, led Philip Grierson to reject this in favour of a more complex theory. Another argument that the Hanseatic League was the origin for both the origin of its definition and manufacture, in its name is that the German name for the Baltic is "Ost See", or "East Sea", from this the Baltic merchants were called "Osterlings", or "Easterlings".
In 1260, Henry III granted them a charter of protection and land for their Kontor, the Steelyard of London, which by the 1340s was called "Easterlings Hall", or Esterlingeshalle. Because the League's money was not debased like that of England, English traders stipulated to be paid in pounds of the "Easterlings", contracted to "'sterling". For further discussion of the etymology of "sterling", see sterling silver; the currency sign for the pound is £, written with a single cross-bar, though a version with a double cross-bar is sometimes seen. This symbol derives from medieval Latin documents; the ISO 4217 currency code is GBP, formed from "GB", the ISO 3166-1 alpha-2 code for the United Kingdom, the first letter of "pound". It does not stand for "Great Britain Pound" or "Great British Pound"; the abbreviation "UKP" is used but this is non-standard because the ISO 3166 country code for the United Kingdom is GB. The Crown dependencies use their own codes: GGP, JEP and IMP. Stocks are traded in pence, so traders may refer to pence sterling, GBX, when listing stock prices.
A common slang term for the pound sterling or pound is quid, singular and plural, except in the common phrase "quids in!". The term may have come via Italian immigrants from "scudo", the name for a number of coins used in Italy until the 19th century.