United Kingdom Currency

The authorized currency of the United Kingdom is the Pound Sterling more commonly known as pound. The full name is used formally and also to distinguish the currency of the United Kingdom from those of other nations otherwise the word pound is usually used.

The word pound sterling is thought to have originated in the Anglo-Saxon times. After decimalization a pound now equals a hundred pence for which ‘p’ stands as the symbol. The pound is the world’s most ancient currency which is still used. Silver coins are circulated as pennies.

In April 2008 a revamp of the design of coinage was arranged and the brand new designs were hence introduced into circulation in summer the same year.

Since it is a part of the European Union, the subject of adoption of Euro as the currency of the United Kingdom remains politically contentious.

Denmark and the United Kingdom have opted out from adopting the Euro. Every nation of the European Union should eventually opt for the Euro.