Introduction:
The pound sterling, often referred to as the British pound, is the official currency of the United Kingdom. Prior to the introduction of the pound, the currency used in Britain was known as the shilling and the pound, with 20 shillings making up one pound. Let's delve deeper into the history and details of the pound sterling and its predecessor, the shilling.
I. The Shilling:
A. Origin and History
1. The shilling was first introduced in medieval England in the 14th century.
2. It was originally used as a unit of account rather than a coin.
B. Value and Denominations
1. The shilling was equivalent to 12 pennies.
2. The coin had various denominations, including the sixpence and the florin.
II. The Pound Sterling:
A. Introduction
1. The pound sterling was first minted in the early 17th century.
2. It became the official currency of the United Kingdom in 1707.
B. Value and Denominations
1. The pound sterling is equivalent to 100 pence.
2. There are various denominations of the pound, including the penny, the pound coin, and banknotes of different values.
C. Current Usage
1. The pound sterling is one of the world's most traded currencies.
2. It is used not only in the United Kingdom but also in British territories and certain other countries.
Conclusion:
The pound sterling and the shilling have played a significant role in the history of British currency. While the shilling has long been replaced by the pound as the official currency, its legacy lives on in modern British denominations. The pound sterling continues to be a symbol of British economic stability and tradition.