- NAGA
- Currency Encyclopedia
- Great British Pound
GBP - Great British Pound
Importance of the Great British Pound
The British Pound is considered to be the United Kingdom’s official currency. It owns fourth place among the most traded currencies around the globe following the US dollar, the Euro, and the Japanese Yen. Moreover, it is the third-largest reserve currency in the world reserves. The importance of the British Pound is directly connected with the fact that England is considered one of the biggest financial trading hubs as well as the UK’s long history of global leadership. Thus, the UK is a continuous and steadily growing economy that inspires security and attracts more and more investors.
Introduction of the Great British Pound
The Great British Pound has a long history starting from the ancient times of the Roman empire. It was first issued with the Latin name “poundus” which means weight and took the symbol of £ which is an ornate L in Libra. The first establishment of the England Bank originated back in 1690 and was done by King William III to finance the war against France. In 1717 the sterling’s value was backed with gold for the first time and it lasted until the First World War in 1914 when England suffered great inflation. Winston Churchill was the one who returned the sterling to the gold standard in 1925, making the price of £1 equivalent to $4.86. However, after years of fluctuation, the greatest loss of the Great British Pound was issued in 2016 when the UK voted to exit the European Union and for the first time, £1 was equivalent to $1.33.
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