It is subdivided into 100 pence. A number of nations that do not use sterling have called the pound. At various times, the sterling was commodity money or bank notes backed by silver or gold. The pound sterling is the worlds oldest currency still in use, the British Crown dependencies of Guernsey and Jersey produce their own local issues of sterling, the Guernsey pound and the Jersey pound. The pound sterling is used in the Isle of Man, the Bank of England is the central bank for the pound sterling, issuing its own coins and banknotes, and regulating issuance of banknotes by private banks in Scotland and Northern Ireland. Sterling is the fourth most-traded currency in the exchange market, after the United States dollar, the euro. Together with those three currencies 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 full, official name, pound sterling, is used mainly in formal contexts, otherwise the term pound is normally used.
The abbreviations ster. or stg. are sometimes used, the term British pound is commonly used in less formal contexts, although it is not an official name of the currency. The pound sterling is referred to as cable amongst forex traders, the origins of this term are attributed to the fact that in the 1800s, the dollar/pound sterling exchange rate was transmitted via transatlantic cable. Forex brokers are sometimes referred to as cable dealers, as another established source notes, the compound expression was derived, silver coins known as sterlings were issued in the Saxon kingdoms,240 of them being minted from a pound of silver. Hence, large payments came to be reckoned in pounds of sterlings, in 1260, Henry III granted them a charter of protection. And because the Leagues money was not frequently debased like that of England, English traders stipulated to be paid in pounds of the Easterlings, and land for their Kontor, the Steelyard of London, which by the 1340s was called Easterlings Hall, or Esterlingeshalle.
For further discussion of the etymology of sterling, see sterling silver, the currency sign for the pound sign is £, which is usually written with a single cross-bar, though a version with a double cross-bar is sometimes seen. The ISO4217 currency code is GBP, the abbreviation UKP is used but this is non-standard because the ISO3166 country code for the United Kingdom is GB. The Crown dependencies use their own codes, GGP, JEP, stocks are often 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, since decimalisation in 1971, the pound has been divided into 100 pence. The symbol for the penny is p, hence an amount such as 50p properly pronounced fifty pence is more colloquially, quite often, pronounced fifty pee /fɪfti, pi and this helped to distinguish between new and old pence amounts during the changeover to the decimal system
Penny (English coin)
The English Penny, originally a coin of 1.3 to 1.5 grams pure silver, was introduced around the year 785 by King Offa of Mercia. These coins were similar in size and weight to the continental deniers of the period, throughout the period of the Kingdom of England, from its beginnings in the 9th century, the penny was produced in silver. Pennies of the nominal value, one 240th of a pound sterling, were in circulation continuously until the creation of the Kingdom of Great Britain in 1707. The name penny comes from the Old English pennige, sharing the root as the German pfennig. Its abbreviation d. comes from the Roman denarius and was used until decimalisation in 1971, Anglo-Saxon silver pennies were the currency used to pay the Danegeld, essentially protection money paid to the Vikings so that they would go away and not ravage the land. As an illustration of how heavy a burden the Danegeld was, in the reign of Ethelred the Unready, some 40 million pennies were paid to the Danes, while King Canute paid off his invasion army with another 20 million pennies.
This adds up to about 2,800,000 troy ounces of silver, equivalent to £250,000 at the time, the penny initially weighed 20 to 22.5 modern grains. It was standardized to 32 Tower grains, 1/240th of a Tower pound, the alloy was set to sterling silver of 925/1000 in 1158 under King Henry II. The weight standard was changed to the Troy pound in 1527 under Henry VIII, as the purity and weight of the coin was critical, the name of the moneyer who manufactured the coin, and at which mint, often appeared on the reverse side of the coin. At the time of the 1702 London Mint Assay by Sir Isaac Newton, the value of the monetary pound sterling was equivalent to only 3.87 troy ounces of sterling silver. This was the standard from 1601 to 1816
Farthing (English coin)
A farthing was a coin of the Kingdom of England worth one quarter of a penny, 1⁄960 of a pound sterling. Such coins were first minted in England in silver in the 13th century, early farthings were silver, but surviving examples are rare. The first copper farthings were issued during the reign of King James I, licences were subsequently given out until after the Commonwealth, when the Royal Mint resumed production in 1672. In the late 17th century the English farthing was minted in tin. For farthings, minted in the 18th century and for use in Scotland as well as in England and Wales, little is known of the medieval silver farthing, for few remain. Furthermore, the coins are so small that few metal detectors can find them and it was long considered that the first silver farthings were produced in the reign of King Edward I. However in recent years five examples have been discovered dating from the reign of King Henry III, all are in the short-cross style of that period, produced between 1216 and 1247, and are similar in design to the pennies, but only a quarter the size.
Due to the lack of examples and documentary evidence, these coins are thought to be trials rather than circulating coins. The production of farthings was authorised by the Patent Rolls of 1222, contemporary records show that over four million farthings were produced during the reign of King Edward I, but comparatively few have survived. The weight and fineness of Edwards farthings varies - the first three issues from the London mint weigh 6.85 grains /0.44 grams, while the issues weigh 5.5 grains /0. Edwards farthings were of the long cross type reverse, and the legend on the obverse was EDWARDUS REX, or occasionally E R ANGLIE. Only two mints and Berwick, produced farthings in the reign of King Edward II, Edward IIIs farthings, though fairly similar to his predecessors, are fairly easy to distinguish as the more common inscription on the obverse was EDWARDUS REX A. Three mints produced farthings in this reign, London is most prolific, Berwick is rare, Edward IIIs farthings remain fairly rare.
Although the normal fineness of silver used at this time was.925, King Richard IIs are rare in any condition. They were all struck at the London mint and bear the inscription RICARD REX ANGL, both issues are rare and carry the obverse inscription HENRIC REX ANGL and the reverse inscription CIVITAS LONDON, although on the light coinage it appears as CIVITAS LOIDOI. Henry Vs single issue of farthings is distinguishable from those of his father because his effigy shows his neck, Farthings of Henry V and Henry VI were produced in London and Calais, though Henry V Calais farthings are extremely rare. No farthings were produced during the reigns of Henry VI and Edward IV. One exceedingly rare type of farthing was minted during the reign of Richard III, the obverse legend around the kings bust is RICAR DI GRA REX
Noble (English coin)
The derivatives of the noble, the half noble and quarter noble, on the other hand, were produced in quantity and were very popular. The value of the coin was six shillings and eight pence, the weight was changed from issue to issue to maintain this value until 1464 when the value was increased. Throughout the history of this there are many varieties of inscriptions, mintmarks. The diameter of the noble was 33–35 mm, half noble 25–26 mm and quarter noble 19–21 mm. Edward III Second Coinage obverse legend, The king, holding a sword and shield in a ship. Reverse legend, IHC AUTEM TRANSIENS PER MEDIUM ILLORUM IBAT, design, L in centre of a cross. The image of the ship and the Biblical text commemorate Edwards victory at the Battle of Sluys in 1340, the Third Coinage design is the same as the Second Coinage, except for having an E in the centre of the cross on the reverse. During the Fourth Coinage, politics required changes in the inscriptions, initially Edward retained his claim on the throne of France, but following the Treaty of Brétigny in 1360 this claim was dropped, and coins instead claim Aquitaine.
In 1369 the treaty broke down and the claim on the throne of France was reinstated, pre-Treaty legend, EDWARD DEI GRA REX ANGL Z FRANC D HYB. Reverse legend, IHC AUTEM TRANSIENS PER MEDIUM ILLORUM IBAT, transitional period and Treaty period, EDWARD DEI GRA REX ANGL DNS HYB Z ACQ. Reverse legend, IHC AUTE TRANSIES P MEDIUM ILLORR IBAT, post-Treaty period, EDWARD DEI G REX ANG Z FRA DNS HYB Z ACT. Reverse legend, IHC AUTE TRANSIES P MEDIUM ILLORR IBAT, during the reign of King Richard II, nobles were struck at both the London and Calais mints, but today they are difficult to obtain. Coins minted at Calais can be distinguished because the ship has a flag at the stern, Obverse legend, RICARD DI G REX ANGL Z FR DNS HIBS Z AQT. Reverse legend, IHC AUTEM TRANSIENS PER MEDIUM ILLORR IBAT, there exists a variant obverse, RICARD DI GR REX ANGL DNS HIBS Z AQT – note the omission of the French title. Nobles produced during the reign of King Henry IV are divided into the Heavy Coinage of 120 grains produced until 1412, and the Light coinage of 108 grains produced in 1412–13.
During the Heavy Coinage period, nobles were minted in both London and Calais, the Calais coins again being distinguished by the flag on the stern of the ship, during the Light Coinage period, nobles were only minted in London. Obverse legend, HENRIC DI GRA REX ANGL Z FR DNS HIBS Z AQT, reverse legend, IHC AUTEM TRANSIENS PER MEDIUM ILLORR IBAT. Henry Vs coins are similar to those of his father. The omission of the and Aquitaine title is another difference between the coins of Henry IV and V. Obverse legend, HENRIC DI GRA REX ANGL Z FRANC DNS HYB, reverse legend, IHC AUTEM TRANIENS PER MEDIUM ILLORR IBAT
Threepence (British coin)
The British threepence coin, usually simply known as a threepence or threepenny bit, was a unit of currency equaling one eightieth of a pound sterling, or three old pence sterling. It was used in the United Kingdom, and earlier in Great Britain, similar denominations were used throughout the British Empire, notably in Australia, New Zealand, and South Africa. The sum of three pence was pronounced variously THROOP-ence, THREPP-ence or THRUPP-ence, reflecting different pronunciations in the regions and nations of the United Kingdom. Likewise, the coin was referred to in conversation as a THROOP-nee, THREPP-nee or THRUPP-nee bit. Before Decimal Day in 1971 there were two hundred and forty pence in one pound sterling, twelve pence made a shilling, and twenty shillings made a pound. Values less than a pound were usually written in terms of shillings and pence, values of less than a shilling were simply written in terms of pence, e. g. eight pence would be 8d. The three pence coin – expressed in writing as 3d – first appeared in England during the silver coinage of King Edward VI.
Hence the coin was not minted in the two reigns. Edward VI threepences were struck at the London and York mints, the obverse shows a front-facing bust of the king, with a rose to the left and the value numeral III to the right, surrounded by the legend EDWARD VI D G ANG FRA Z HIB REX. The reverse shows a cross over the royal shield, surrounded by the legend POSUI DEUM ADIUTOREM MEUM. Queen Elizabeth I produced threepences during her third coinage, most 1561 issues are 21 mm in diameter, while ones are 19 mm in diameter. These coins are identifiable from other denominations by the rose behind the head on the obverse. Dates used for the coins were 1561–77. Threepences of the fourth coinage are identical except for having a lower silver content. There was a fairly rare milled coinage threepence, produced between 1561 and 1564 with similar designs and inscriptions to the hammered coinage threepences, the denomination is identified by the numeral III appearing behind the kings head. By far the most common Charles I threepences were produced at the Aberystwyth mint between 1638 and 1642, plumes were the identifying symbol of the Aberystwyth mint, but the Bristol and Oxford mints often used dies from the Aberystwyth mint so plumes often appear on their output too.
1644 OX – The religion of the Protestants, the laws of England,1644 Oxford, while around the outside of the coin is the legend EXURGAT DEUS DISSIPENTUR INIMICI – Let God arise and His enemies be scattered. This coin appears dated 1646, the mint at Bristol produced rare threepences in 1644 and 1645
Sovereign (British coin)
The sovereign is a gold coin of the United Kingdom, with a nominal value of one pound sterling. Prior to 1932 it was a circulating coin within Britains Gold Standard currency. Today it is used as a coin and is sometimes mounted in jewellery. Named after the English gold sovereign, last minted in 1604, minting these new sovereigns began in 1817. The gold content was fixed by the act of 1816 at 1320/5607 troy ounces. This weight has remained almost constant — rounding at 10−6 g took place on its legal redefinition in the rather than fractional system of coin weights. Sovereigns have been minted in the United Kingdom from 1817 to 1917, in 1925, in the past Australia and South Africa all occasionally minted the coins. Today, they are minted at the Royal Mint in Llantrisant, Wales, in addition to the sovereign, the Royal Mint struck ten-shilling half sovereigns, two-pound double sovereigns, and five-pound quintuple sovereign coins. Only the sovereign and the sovereign were commonly struck for circulation.
In 2009, The Royal Mint released a new coin in the sovereign series and this was succeeded by a portrayal of Saint George killing a dragon, engraved by Benedetto Pistrucci. In Victorian times it was the practice of the Bank of England to remove worn sovereigns and half sovereigns from circulation, although a billion sovereigns have been minted in total, that figure includes gold that has been coined and recoined a number of times. When gold coins were withdrawn from circulation in 1933 in the US. It was actually the half-sovereign that had the most circulation in Victorian Britain, many sovereigns languished in bank vaults for most of their lives. In 1889 and 1890 Orders in Council were made permitting members of the public to hand in any gold coins that were underweight and have them replaced by full-weight coins. A proclamation was issued in November 1890 that any gold coin struck before 1837 would cease to be legal tender with effect from 28 February 1891. This recycled gold was subsequently reminted into 13,680,486 half sovereigns in 1892 and 10,846,741 sovereigns in 1900, Sovereign obverse dies were used in the nineteenth century to create farthings once they had become worn.
Sovereigns were produced in large quantities until World War I, at time the UK came off the gold standard. From until 1932, sovereigns were produced only at branch mints at Melbourne, Perth, Ottawa, the last regular issue was in 1932
A gold coin is a coin that is made mostly or entirely of gold. Traditionally, gold coins have been circulation coins, including coin-like bracteates, since recent decades, gold coins are mainly produced as bullion coins to investors and as commemorative coins to collectors. While modern gold coins are legal tender, they are not observed in financial transactions. For example, the American Gold Eagle, given a denomination of 50 USD, has a value of more than 1,000 USD. The gold reserves of banks are dominated by gold bars. Gold has been used as money for many reasons and it is fungible, with a low spread between the prices to buy and sell. Gold is easily transportable, as it has a value to weight ratio, compared to other commodities. Gold can be re-coined, divided into units, or re-melted into larger units such as gold bars. The density of gold is higher than most other metals, making it difficult to pass counterfeits, gold is extremely unreactive, hence it does not tarnish or corrode over time.
Gold was used in commerce in the Ancient Near East since the Bronze Age, the name of king Croesus of Lydia remains associated with the invention. In 546 BC, Croesus was captured by the Persians, who adopted gold as the metal for their coins. Ancient Greek coinage contained a number of coins issued by the various city states. The Ying yuan is a gold coin minted in ancient China. Larger units such as the various talent measures were used for high value exchanges, the German gold mark was introduced in 1873 in the German Empire, replacing the various local Gulden coins of the Holy Roman Empire. Gold coins had a long period as a primary form of money. Most of the world stopped making gold coins as currency by 1933, gold-colored coins have made a comeback in many currencies. However, gold coin always refers to a coin that is made of gold, many countries continue to make legal tender gold coins, but these are primarily meant for collectors and investment purposes and are not meant for circulation. Many factors determine the value of a coin, such as its rarity, condition
A grain is a unit of measurement of mass, for the troy grain, equal to exactly 7001647989100000000♠64.79891 milligrams. It is nominally based upon the mass of a seed of a cereal. From the Bronze Age into the Renaissance the average masses of wheat, expressions such as thirty-two grains of wheat, taken from the middle of the ear appear to have been ritualistic formulas, essentially the premodern equivalent of legal boilerplate. Another book states that Captain Henry Kater, of the British Standards Commission, the grain was the legal foundation of traditional English weight systems, and is the only unit that is equal throughout the troy and apothecaries systems of mass. The unit was based on the weight of a grain of barley. The fundamental unit of the pre-1527 English weight system known as Tower weights, was a different sort of known as the wheat grain. The Tower wheat grain was defined as exactly 45⁄64 of a troy grain.79891 milligrams, 7000100000000000000♠1 gram is approximately 7001154323600000000♠15.43236 grains.
The unit formerly used by jewellers to measure pearls, diamonds, or other stones, called the jewellers grain or pearl grain, is equal to 1⁄4 of a carat. The grain was the name of a traditional French unit equal to 6995531150000000000♠53.115 mg. In both British Imperial and U. S. customary units, there are precisely 7,000 grains per avoirdupois pound, the grain is commonly used to measure the mass of bullets and propellants. The term refers to a particle of gunpowder, the size of which varies according to requirements. In archery, the grain is the unit used to weigh arrows. In dentistry, gold foil, used as a material to restore teeth, is measured in grains, in North America, the hardness of water is often measured in grains per US gallon of calcium carbonate equivalents. Otherwise, water hardness is measured in the metric unit parts per million, one grain per US gallon is approximately 6995171000000000000♠17.1 ppm. Soft water contains 1–4 gpg of calcium carbonate equivalents, while hard water contains 11–20 gpg, though no longer recommended, grains are still used occasionally in medicine as part of the apothecaries system, especially in prescriptions for older medicines such as aspirin or phenobarbital.
For example, the dosage of a standard 6996325000000000000♠325 mg tablet of aspirin is sometimes given as 7000500000000000000♠5 grains, in that example the grain is approximated to 6995650000000000000♠65 mg, though the grain can be approximated to 6995600000000000000♠60 mg, depending on the medication and manufacturer. The apothecaries system has its own system of notation, in which the symbol or abbreviation is followed by the quantity in lower case Roman numerals. For amounts less than one, the quantity is written as a fraction, or for one half, therefore, a prescription for tablets containing 325 mg of aspirin and 30 mg of codeine can be written ASA gr
The Rose Ryal is a gold coin of the Kingdom of England issued in the reign of King James I and is now very rare. The coin is really a two-ryal coin worth thirty shillings and is a development of the earlier fine sovereign of Queen Elizabeth I, the Rose Ryal, so called because the rose appearing on the reverse, was introduced during James Is second coinage. The design of this first issue shows on the obverse the king enthroned with a portcullis beneath his feet, the reverse shows the royal arms over a rose surrounded by the legend A. DNO FACTUM EST ISTUD ET EST MIRAB IN OCULIS NRIS. During James third coinage a new-style rose ryal was issued, on the reverse is the royal shield, with the value XXX over the shield and the whole surrounded by roses and lis, surrounded by the legend A
Triple Unite (English coin)
The Triple Unite, valued at sixty shillings, 60/- or three pounds, was the highest English denomination to be produced in the era of the hammered coinage. It was only produced during the English Civil War, at King Charles Is mints at Oxford and, rarely, at Shrewsbury in 1642. The gold coins are undoubtedly magnificent pieces of work, and they show the king holding a sword, Oxford coins appear with slight design differences in each year of 1642,1643, and 1644. Triple Unite Sales Archive - A gallery of Triple Unite pictures and values