Penny is a coin of which country. Pence

Penny/Pence/Pound

The modern British pound sterling is divided into 100 pence. The minimum denomination of a coin is 1 penny (one penny), in the plural - pence (pence) there are coins in denominations of 5, 10, 20, 50 pence (five / ten / twenty / fifty pence), 1 and 2 pounds (one pound / two pounds). The symbol for pence is the English letter “p”. This is where the tradition of calling pence in colloquial speech came from, i.e. not “fifty pence,” for example, but “fifty pee.”

The images even on coins of the same denomination are very diverse, depending on the year of issue. And in 2012, many Olympic-themed coins appeared. At the same time, the shape and size of the coins are preserved.

There are banknotes in circulation in denominations of 5, 10, 20 and 50 pounds. However, electronic money – bank cards – are used much more often. Although, if necessary, it is not difficult to find an ATM to cash them out. When you withdraw money abroad, the bank that issued the card charges a small transaction fee. There is no commission charged when paying for purchases.

The United Kingdom is strong in tradition. The rules seem unshakable, laws are written as if until the end of time. Therefore, it is not surprising that Great Britain clung to the historical monetary system, different from most states of the twentieth century, to the last. A dozen pence made a shilling, and two dozen shillings made a pound sterling. In reality, the situation was even more complicated, since there were more than a dozen coins with different names, where the largest (guinea) was equal to one thousand eight of the smallest (farthings). It was difficult for lovers of English novels to understand how a grout differs from a sovereign, and why those who went to Great Britain in the late 60s could not bring a sovereign. The inconvenience of the number system created problems for financiers in the markets, which prompted them to change the number. Moreover, countries such as Australia and Canada, having retained the portrait of the Queen of England on the obverse, switched from the pound sterling to the more convenient dollar as a national means of payment. Despite the short period that has passed since "Decimal Day", the catalog of British weather has already gained significant thickness and volume.

British penny

February 1971 thinned out the detachment of monetary units, leaving only the pound sterling and a hundred of its change pence in service. Among the currencies of the leading countries of the capitalist world, the pound sterling was one of the most significant units, so it is not surprising that the smallest coin was not a penny, but a halfpenny. But inflation undermines even the strongest currencies, so the halfpenny can no longer be found in the modern coin series. The penny is the smallest of the UK coins.

The pedigree of the penny must be traced back to monetary units that were brought to the territory of modern Great Britain by Germanic tribes. Historians claim that the forerunner of singing is the monastery, which industriously served as local money in the seventh century. The birth of the penny occurred in the eighth century, and it gradually became a more popular coin than the hermitage, which lasted until the early ninth century. The first penny is silver coin. Only centuries later they began to mint it from copper, and subsequently from bronze.

Since 1985, the penny has been the smallest UK coin. It should be noted that in the period from 1971 to 1981, the word “NEW” was minted next to the denomination name on the coins so that they would not be confused with pre-decimal coins. Of course, the coins were strikingly different in appearance. It is difficult to confuse a pre-reform penny with a diameter of 30.72 millimeters with a new penny that has shrunk one and a half times (20.3 millimeters). The Bank of England considered that a ten-year period was enough for the residents of the United Kingdom to get used to the new money, so since 1982 the word “NEW” has been replaced by the capital value of the denomination (“ONE PENNY”).

Since 1992, coin production has become cheaper, when the monolithic bronze of pennies and two-penny coins was replaced by a copper-plated steel core. In order not to rebuild vending machines that respond to weight, the new generation of coins had to be made thicker.

The design of the reverse is symbolically connected with the number “1”. There is a grating of the fortress gates, topped with a crown. This was exactly the emblem of the first king in the Tudor dynasty, Henry the Seventh. A radical change in the design of the reverse of UK coins occurred in 2008. They decided to leave only the largest denomination unchanged. For the rest, the work of competition winner Matthew Dent was used with an interesting idea where fragments of the Royal Shield were placed on the reverse. And the owner of a coin series from pennies to fifty pence will be able to make an image of this shield from coins.

Two pence

If one is a penny, then all the other denominations are pence. Although our modern language allows the phrase “one penny”, seeing this for a classic is the same as being educated by a good Russian language teacher reading “hare”, “parachute” or “one coffee”. Accordingly, “two pennies” are two coins, one each penny. And if there is one coin, it is already “two pence". The date of birth of the modern version of two pence is February 15, 1971. It was then that the Royal Mint released this coin into circulation, completing the campaign to switch to the decimal system. At first, the material for the blank was bronze, but since 1992 it is a steel coin (93%), covered with copper (7%). Connoisseurs, however, pay attention to the fact of the existence of a bronze coin and later years of issue (in catalogs for this variety the letter “a” is added to the main number ), which was issued to form collection sets, which included coins of the "PROOF" quality.

There are many interesting stories associated with this coin. Let's take a look at the original reverse. What's that feathered crown? It turns out that when the denomination was put into circulation, it was planned to mint the coat of arms of Northern Ireland there. But the late 60s were an extremely turbulent period for Northern Ireland. Belfast is fresh in my mind. Armed clashes occur. Troops have been brought in, but skeptics shake their heads that Northern Ireland will soon leave the United Kingdom. Therefore, at the last moment, a decision was made: on the reverse of the two pence to place a diadem decorated with ostrich feathers - the coat of arms of the Prince of Wales. The decision turned out to be prescient. In 1972, the Northern Ireland government was dissolved and the coat of arms of Northern Ireland was deprived of its official status.

The period of coins with the prefix "NEW" ends in 1981, and only for two pence it was unexpectedly extended until 1983 in a number of catalogs. The fault here is no longer politics, but confusion. In 1983, for the minting of a small part of the circulation, an outdated stamp was mistakenly placed, where instead of the required “TWO” the former “NEW” was displayed. This mistake is greatly appreciated by UK weather collectors, so "NEW PENCE" 1983 are already trading with totals of several thousand pounds sterling.

Let us note the fact that the packaging of two pence in bank packaging is carried out in amounts equal to one pound. But hurry with this packaging to retail outlets. Plans by those who like to upset cashiers by counting change from piggy banks in the UK will be severely overthrown. It turns out that for some denominations the amounts within which they are a means of payment are legally established. For one penny and two pence coins, this amount is only twenty pence. If numismatists divide the periods of pre-reform coins of the USSR by the number of ribbons in the coat of arms of the Soviet state, then for coins of the countries of the Commonwealth of the British Crown the dividing line is a change in the portrait of the ruling monarch. In Great Britain, the portrait has been changed three times so far. Note that the original version was created by Arnold Machin. From 1985 to 1997, Elizabeth II was depicted according to a portrait by Raphael Maklouf, and since 1998, the obverse of the coins has been decorated with a portrait by Ian Rank-Broadley. The obverse is the same for all coins of the Commonwealth of the British Crown, which includes such significant countries as Australia and Canada.

Five pence (UK)

And this is the pioneer of monetary reform, the goal of which was the introduction of the decimal system. It is believed that it replaced the shilling. This makes sense, since both a shilling and the new five pence are the twentieth of a pound. The fivepence coin was introduced into circulation on April 23, 1968. Until 1971, these coins had to saturate circulation and become familiar, so that the abandonment of the shilling would not seem like a national tragedy. Note that the shilling finally left circulation only in 1990. During the “decimal” period, the existence of the five-pence piece managed to change significantly. It originally weighed 5.65 grams and had a diameter of 23.59 millimeters. But as soon as the shilling disappeared, the five pence shrank to eighteen millimeters in diameter and was reduced to three grams and a quarter. Since 2012, copper-nickel for workpieces has given way to nickel-plated steel. Since 2008, the reverse of the five pence has become the central fragment of the overall composition. It is on it that there is a common point where all four coats of arms converge.

Ten pence (UK)

Paired with five pence, coins of this denomination were the vanguard in preparing for the introduction of the decimal system. They also appeared in circulation on April 23, 1968. The ten penny piece, weighing 11.31 grams and with a diameter of 28.5 millimeters, was to take the baton from the florin (two shilling denomination). The florin itself remained in circulation and existed for almost a quarter of a century, until July 1, 1993. From the same moment, ten pence changes in size, becoming noticeably smaller (weight - 6.5 grams and diameter - 24.5 millimeters). Both five and ten pence in the old sizes have been withdrawn from circulation, along with shillings and florins. A gigantic one and a half billion circulation, minted in 1992, was intended to supplant the coins of the previous type. However, there are coins of both types with the date “1992”. Nickel silver, familiar to us from the pre-reform USSR, was a material for blanks until 2012. Since January 2012, dimes have been made from nickel-plated steel. Modern ten pences are similar in size to American quarters.

Twenty pence (UK)

A decade of circulation of the new coins showed the inconvenience of the empty space between the ten and fifty cent denominations. Filling it out is the calling of the new denomination, introduced into circulation on June 9, 1982. Copper-nickel billets differ from other denominations in the form of a higher copper content (84% versus 75%). The coin borrowed its shape from the “fifty kopeck piece” - the same Reuleaux heptagon. This shape is designed to separate it by touch from other denominations (it cannot be confused with a fifty-pence note due to the difference in dimensions).

2008 gave numismatists interesting mix-up. From this year, fragments of the English and Scottish lions are minted on the reverse. But the fact is that on the coins of the previous issue the minting date was located on the reverse, while the new design does not imply this. The date successfully moves to the obverse. But chance intervenes: a small part of the circulation is minted with an old-style stamp. As a result The date is missing on both the reverse and obverse. Experts estimate that the circulation of the mix-ups was less than a quarter of a million. And they all went into circulation. So catching an undated twentypence would be a big hit.

Note that in the “decimal” period there was also a denomination twenty five new pence. But this was the minting of exclusively commemorative coins in 1972, 1977, 1980 and 1981. Since 1982, the task of this denomination was transferred to twenty pence.

Fifty pence (UK)

On October 14, 1969, a fifty-pence coin was introduced into circulation to support the five- and ten-penny denominations. This is the first coin to have the shape of a Reuleaux heptagon. In the mathematical description of this heptagon we can read the following properties: “The sides are not straight, but are curved so that the center of curvature is at the opposite vertex of the coin.” Numismatists explain not so intricately: “The coin does not have a fixed radius from any point, but it has a fixed diameter and a minimum size along the edge of the coin.” The original reverse of the coin featured a portrait of a proudly seated woman with a lion peeking out from behind her. This is Britain - an analogue of the American Lady Liberty and the French Marianne. In fact, this is the only surviving portrait of Britain on a yearly basis after the transition to the decimal system. But the work of Christopher Ironside had to become a thing of the past. Since 2008, according to the design of Matthew Dent, the lower part of the Royal Shield has been minted on the reverse.

One pound sterling

It seemed that the era in which the pound sterling would appear not as a banknote, but as a coin, would never come. But time makes adjustments to everything. Inflation undermined the British pound, and by the early eighties it became clear that it was more profitable to represent this denomination in circulation as a coin. The launch of minting the pound was announced in the summer of 1981. Actually everyday coins appeared on April 21, 1983. The solid denomination differed sharply from pence in its impressive weight (only half a gram was not enough to reach ten) and color (the yellow tint is provided by a quarter of the zinc in the total alloy of the coin). The obverse, as usual, is occupied by a portrait of the queen. Reverse is extremely difficult to describe, since it is not a constant. It changes every year. If in the first year of issue there was a national emblem, then later the reverse featured symbols representing the constituent parts of the United Kingdom. First, flowers were used, then heraldry, then famous bridges, and then the emblems of capitals. However, the plant theme was resumed. According to Matthew Dent, since 2008, the entire Royal Coat of Arms has been placed on the reverse of the pound sterling.

But then 2017 arrived and the Royal Mint transformed the round pound coins into a silver-gold dodecahedron, updating the Queen's portrait and replacing the design on the reverse. New trends are primarily aimed at protecting against counterfeits, of which there are already three percent of the total number of coins of a given denomination in circulation. The updated pound sterling will become the most secure coin in the world. The reverse includes the union of the four parts of the British Empire in the form of four plants on one field. This option became the winner of the competition, and the competition was won by David Pierce, who by that time was only fifteen. “The Mint produces four thousand coins per minute,” the British media broadcast with delight. The old round pound will very soon lose its status as a means of payment and will leave circulation.

Two pounds sterling

The denomination of two pounds found the beginning of a glorious journey in three forms of a commemorative coin. At the same time, two-pound coins with a diameter of 28.4 millimeters and a weight of 15.98 grams were issued from a nickel-brass alloy, 925 silver and 917 gold. Looking at the thistle, it is difficult to understand why this coin is included in the “Sports” category. It turns out this is not a mistake. Before us is not just a symbol of one of the parts of the United Kingdom, but the emblem of the XII Commonwealth Games, which were held in Scotland in 1986.

Researchers observed the circulation of this denomination. Based on the results of their work, they decided to introduce regular coins of the same denomination in addition to commemorative coins. However, the regular version had a significant difference - it became the first representative of the bimetal in the UK. The outer ring is composed of a ternary alloy (76% copper, 20% zinc, and 4% nickel). The inner ring became cupronickel. The coin is heavy - twelve grams with a diameter of 28.4 millimeters. The coin was put into circulation on June 15, 1998. An interesting fact is that coins with the date “1997” came into circulation, on which Elizabeth the Second was portrayed by Raphael Maklouf. Coins from 1998 and later have the Queen's portrait by Iain Rank-Broadley.

The complex design of the reverse was explained by its creator Bruce Rushin as follows: we see a transition from the Iron Age, which symbolizes the outer ring, to the age of the Internet and new technologies. If we look closely, we will see the coordinated work of nineteen gear rings in the center. According to the laws of mechanics, such a device would not be able to function due to an odd number of gears. But this apparently didn’t bother Bruce Rushin at all. Between the gears and the outer ring we see a pattern created by fragments of printed circuit boards.

We can also see five-pound coins in circulation. But they already belong to the “memorable” category, so we will talk about them in the following articles.

Latest auction prices for coins in Russian rubles

Photo	Description of the coin	G	VG	F	VF	XF	AU	UNC	Proof
	1 pound 2016 UK round	-	-	-	-	-	-	-	-
	1 pound 2016 new UK new (12-point), without sign	-	-	-	-	-	-	-	-
	2 pounds 2001 UK From 244 to 287 rub.	-	-	-	-	244	-	287	-
	2 pounds 1997 UK From 276 to 323 rubles.	-	-	-	-	276	-	323	-
	2 pounds 1998 UK From 161 to 1,155 rubles.	-	-	-	203	161	195	373	1 155

The English currency is called the pound sterling, one unit of which contains 100 pence. In the singular they are called peni. Although sterling is inferior to the dollar and euro, it accounts for a third of the world's foreign exchange reserves. were able to maintain their independence from the European Union when the country refused to switch to another currency and left the national one.

Creation of English currency

The history of its creation goes back to the Mercian King Offa, who ruled in East Anglia. It was this monarch who first introduced the silver penny into circulation, which immediately became widespread. After 12 centuries, official coins began to be minted in Britain. They were also made of pure silver. Then pounds sterling appeared.

origin of name

Since then, this is the name of English money. In this language, sterling means “of good quality, pure.” The second component of the name of the currency was the measure from which the coins were minted. The result was the pound sterling (singular). This name is used to officially distinguish it from similar-sounding currencies. In everyday life, English money sounds simpler - sterling or pound.

The Unusual History of Currency

This is the oldest currency that still exists in global circulation. The first money in England appeared with money changers. These were master jewelers. They kept precious metals and products made from them brought by other people. Receipts were issued for things, which began to be considered the first paper money.

Later they began to be produced in large quantities, but were backed by a minimum of gold. Loans began to be issued. Interest was paid for using the money. Moreover, the loan amounts were much greater than the available assets. King Henry I decided to fight the scammers.

He took away the right to issue money from jewelers and created a system of measuring rods, which lasted until 1826. The denomination was indicated by notches. The rod split along them and was put into circulation. One part remained with the monarch as proof of the authenticity of the original currency.

After Queen Mary came to power, minted English money from gold and silver began to be hidden. The result was an economic recession. When Elizabeth I came to power, the issue of money was already completely controlled. Coins began to be minted only in the royal treasury.

Gold coins were rare and were equal to 20 silver coins. Over time, other denominations appeared, which began to be called:

• crown;
• penny;
• sovereign;
• guinea.

Much more gold began to be minted, but the value of such money decreased accordingly. Over time, coins made of metal, copper and tin came into circulation. In 1660 the coinage changed and forged coins were issued for the first time. Nickel-brass coins appeared in 1937, and cupronickel coins in 1947.

Decimal pound system

In February 1971, the decimal system was introduced to simplify calculations. The government replaced pennies and shillings with one coin. One pound became equal to 100 pence. This differentiated the old and new coinage. In 1969, the previous ones began to be withdrawn from circulation.

The first coins of the decimal system were made of cupronickel. In 1971, the minting of bronze money began. Over time, it was replaced by copper-plated steel. Modern coins appeared in 1998. Of the old samples, only copper coins remained. At that time, the pound sterling to the ruble was 1:24.6966. This value changes every year.

Description and banknotes

What is the money in the UK now? The decimal system is still in effect. The official currency of the country is the pound sterling. In everyday life there are banknotes and coins in denominations (in pence):

There are 1 and 2 pound coins in use. The coins depict Elizabeth II, and there is letter engraving on the edges of the money. On the reverse side is minted:

• Abbey portcullis;
• thistle;
• Tudor rose;
• coat of arms of the Prince of Wales;
• symbol of the British Isles;
• leek.

Crowns are still in circulation and are considered legal money. The first banknotes were issued by the Bank of England in 1964. They have the following denominations:

All depict Elizabeth II. Prominent figures from the country's history are depicted on the reverse side.

Rate

The British currency is one of the most valuable in the world. The pound sterling exchange rate against the ruble froze at 1:95.3. This is data from the Central Bank of Russia. Despite the fact that the British currency is weakening somewhat, the demand for pounds remains the same. The exchange rate of the pound sterling against other currencies remains virtually stable. To the euro - 1:1.239, to the American dollar - 1:1.413, to the Swiss franc - 1:1.348.

GBP(symbol £; bank code: GBP) is divided into 100 pence (singular: penny) and is the currency of the United Kingdom, Crown Dependencies (Isle of Man and Channel Islands) and the British External Territories of South Georgia and the South Sandwich Islands, British Atlantic Territory and Indian Oceans.

This article talks about the history of the pound sterling and its issue in England, Great Britain and the United Kingdom. For further information see also Manx pound, Jersey pound and Guernsey pound. The Gibraltar pound, the Falkland Islands pound and the Saint Helena pound are separate currencies that follow the exchange rate of the pound sterling.

The pound sterling currently makes up the third largest portion of the world's foreign exchange reserves, behind the US dollar and the euro. The Streling pound is the fourth most exchangeable currency on foreign exchange markets after the US dollar, euro and Japanese yen.

Name

Full official name GBP(plural: pounds sterling) is used mainly in formal contexts and when it is necessary to identify the currency used within the United Kingdom, in contrast to currencies of the same name. In other cases the word is usually used lb.. The name of the currency is sometimes shortened to the word "sterling", especially in wholesale financial markets, but not in the name of the amount; So, they say “payment is accepted in sterling,” but never “it costs five sterling.” Sometimes the abbreviations "ster" or "stg" are used. Term British pound widely used in less formal contexts, despite not being the official name of the currency. Common slang name quid(plural quid).

The appearance of the term sterling dates back to 775, when the Saxon states issued silver coins called “sterling”. 240 coins were minted from one pound of silver, which was approximately equal to the weight of a troy pound. For this reason, large payments began to be made in “pounds of silver coins, sterling.” This phrase was later shortened to "pounds sterling". After the conquest of England by the Normans, to simplify calculations, the pound was divided into 20 shillings and 240 pence. For a detailed etymology of the word “sterling”, see the section 925 silver.

Currency sign - pound sign, originally with two cross bars ₤ , later the sign with one crossbar became more common £ . The pound sign comes from the old letter "L", which stands for LSD - librae, solidi, denarii- which corresponds to pounds, shillings and pence in the original duodecimal monetary system. Libra was the original unit of weight in Rome, the word comes from Latin and meant “scales” or “balance”. The bank currency code in the International Organization for Standardization is 4217 - GBP (Great Britain pound). The abbreviation UKP is sometimes used, but it is incorrect. Crown dependencies use their own code: GGP (Guernsey pound), JEP (Jersey pound) and IMP (Isle of Man pound). Shares are often traded in pence, so traders may refer to penny, GBX (sometimes GBp) when recording a share price.

Division and other units

Decimal system

Since decimalization in 1971, the pound sterling has been divided into 100 pence (until 1981 referred to as the "new penny" on specie money). The symbol for the penny is "p"; hence an amount such as 50 pence (£0.50) is usually pronounced "50 pi" rather than "50 pence". This also helped to differentiate between new and old pence during the transition to the decimal system.

Predecimal system

Before decimalization, the pound was divided into 20 shillings, and each shilling consisted of 12 pence, which amounted to 240 pence in the pound. "s" was the shilling sign. This is not the first letter of the word shilling, but the beginning of the Latin word solidus ( solid ) . The symbol for the penny was the letter "d", from the French denier, which comes from the Latin word denarius(denarius) (solidus and denarius were ancient Roman coins). A mixed amount of shillings and pence, such as 3 shillings and 6 pence, was written as "3/6" or "3s 6d" and pronounced "three and six". 5 shillings was written as "5s" or, more commonly, "5/-".

Coins of different denominations had and continue to have specific names, such as "crown", "farthing/penny", "sovereign" and "guinea". Details can be found in the sections "Pound Sterling Coins" and "List of British Coins and Banknotes".

Story

After the adoption of the euro, sterling became the oldest currency in the world still in circulation.

Anglo-Saxons

The origins of the sterling date back to the reign of King Offa of Mercia, who introduced the silver penny. It was similar to the denarius in the new currency system of Charlemagne's empire. As in the Carolingian currency system, 240 pence weighed one pound (in accordance with Charlemagne's pound), a shilling corresponded to Charlemagne's shilling and was equal to 12 denarii. When the penny was introduced, it weighed 22.5 troy grains of fine silver (30 Tower grains; about 1.5 grams), indicating that the Mercian pound weighed 5,400 troy grains (the Mercian pound became the basis for the Tower pound, which weighed 5,400 troy grains , which amounted to 7,200 Tower grains). At this time, the name sterling was not yet used. The penny quickly spread to other Anglo-Saxon states and became the standard coin of what later became England.

Middle Ages

Early pennies were minted from sterling silver (as pure as possible). However, in 1158, King Henry II (who was called Tilby penny) introduced a new system of coinage. Coins were now minted from silver standard 925 (92.5%). Such silver became the standard and continues to be so in the 20th century and today is called coin silver, by association with currency. Coin silver is heavier than the fine silver (i.e. 0.999/99.9% pure, etc.) that was used in the past, and therefore coins made of this silver did not wear out as quickly as coins made of fine silver. English currency was made exclusively from silver until 1344, when noble gold was successfully introduced into circulation. However, silver remained a legal material for sterling until 1816. During the reign of Henry IV (1412-1421) the weight of the penny dropped to 15 grains of silver, and in 1464 the penny weighed 12 grains.

Tudor rule

During the reigns of Henry VIII and Edward VI, the minting of silver coins was sharply reduced, although in 1526 the pound returned to the troy pound of 5,760 grains. In 1544, silver coins were produced containing only one-third silver and two-thirds copper, equal to .333 fine silver or 33.3% pure silver. The result was a copper-like appearance, but a relatively pale color. In 1552, a new coinage of 925 silver coins was introduced. However, the weight of the penny was reduced to 8 grains, meaning that 1 troy pound of .925 silver could produce 60 shilling coins. The standard silver was considered to be the "60 shilling standard", which continued until 1601, when the "62 shilling standard" appeared, which reduced the weight of the penny to 7 grains. During this time, the size and value of gold coins varied significantly.

Accession of Scotland

In 1603, England and Scotland were united, but each state retained its own government and currency. The Scottish pound was equal to the sterling, but suffered a much stronger devaluation, 12 Scots pounds equaled one pound sterling. In 1707, after the unification of the two kingdoms and the formation of Great Britain, the Scottish pound was replaced by sterling of the same value.

Unofficial gold standard

In 1663, a new gold coinage was introduced, based on the 22 carat guinea. Set at 44½ to the troy pound from 1670, this coin value varied until 1717, when it was set at 21 shillings (21/-, £1.05). However, despite attempts by Sir Isaac Newton, the Keeper of the Mint, to reduce the value of the guinea, this increased the value of gold relative to silver compared to other European countries. British merchants sent silver as payment abroad, while goods for export were paid for in gold. Subsequently, there was a flow of silver out of the country and a flow of gold into the country, leading to the establishment of a gold standard in Great Britain. In addition to this, there was a chronic shortage of silver coins.

Establishment of modern currency

The Bank of England was formed in 1694, followed a year later by the Bank of Scotland. Both banks began issuing paper money as the Bank of England gained greater importance after 1707. During the Revolutionary War and Napoleonic Wars, Bank of England notes were legal tender and their value fluctuated relative to gold. The bank also issued silver tokens to alleviate the shortage of silver coins.

gold standard

In 1816, the gold standard was officially adopted, while the silver standard was reduced to 66 shillings (66/-, 2.3 pounds), replacing silver coins with the issuance of tokens (that is, reducing the value of the precious metal). In 1817 the sovereign was introduced. The coins were minted from 22 carat gold and contained 113 grains of gold, they replaced the guinea and became the standard British gold coin without changes to the gold standard. In 1825, the Irish pound, which since 1701 had been equal to the sterling at the rate of 13 Irish pounds = 12 pounds sterling, was replaced by the sterling at the same rate.

During the 19th and early 20th centuries, the gold standard was adopted in many other countries. As a result, the rates of various currencies could be determined simply by their respective gold standards. The pound sterling was equal to 4.886 US dollars, 25.22 French francs (or equivalent currencies in the Latin Monetary Union), 20.43 German marks or 24.02 Austro-Hungarian kroner. Following the International Monetary Conference in Paris, the possibility of the United Kingdom joining the Latin Monetary Union was discussed, and the Royal Commission on the International Monetary System, having considered this possibility, decided against accession.

The gold standard was suspended at the start of the war when the Bank of England and Treasury notes became legal tender. Before the First World War, the United Kingdom had one of the most developed economies in the world, including 40% foreign investment. However, by the end of the war the country owed £850 million, mostly to the United States, with interest costing the country 40% of all government expenditures. In an attempt to regain stability, a variation on the gold standard was introduced in 1925, whereby the currency was equal to the pre-war value of gold, although the currency could only be exchanged for gold bullion, not coins. This was abandoned on September 21, 1931, during the Great Depression, and sterling underwent an initial devaluation of 25%.

Empire use

Sterling was used throughout most of the British Empire. In some parts it was used along with local currency. For example, the gold sovereign was legal tender in Canada, despite the existence of the Canadian dollar. Several colonies and possessions adopted the pound as their own currency. Australian, British West African, Cypriot, Fijian, Irish, Jamaican, New Zealand, South African and Southern Rhodesian pounds appeared. Some of these pounds retained parity with sterling throughout their existence (eg the South African pound), while others lost their independence following the end of the gold standard (eg the Australian pound). These currencies and others associated with the sterling made up the sterling area.

Bretton Woods agreement on the post-war monetary system

In 1940, an agreement signed with the US equalized the pound to the US dollar at a ratio of £1 = $4.03. This rate continued through World War II and became part of the Bretton Woods system that governed post-war exchange rates. Under constant economic pressure, and despite months of assurances to the contrary, the government finally lowered the value of the pound by 30.5% to $2.80 on September 19, 1949. This step led to a depreciation of other currencies against the dollar.

In the mid-1960s, the pound came under renewed pressure as the exchange rate against the dollar came to be considered too high. In the summer of 1966, with the pound falling in the currency markets, the Wilson government tightened foreign exchange controls. Among the measures taken was a ban on tourists taking more than 50 pounds out of the country, the amount was increased in 1979. The pound was eventually reduced by 14.3% to $2.40 on November 18, 1967.

Switch to decimal system

On 15 February 1971, the United Kingdom switched to a decimal system, replacing the shilling and penny with a single coin, the new penny. The word "new" ceased to be used after 1981.

Changes in the value of the pound

With the collapse of the Bretton Woods system - a significant role played by British foreign exchange dealers who created a strong market for the Eurodollar, making it difficult for the government to maintain the gold standard of the US dollar - the value of the pound fluctuated in the early 1970s and therefore caused the exchange rate to rise in the market . The sterling zone ended its existence at this time, with the majority of its members also opting for a free currency against the pound and the dollar.

Another crisis followed in 1976 when it became known that the International Monetary Fund (IMF) believed that the pound should be equal to $1.50, and as a result the pound fell to $1.57 and the government decided to borrow $2.3 billion pounds from the IMF. In the early 1980s, the pound advanced to the $2 level as interest rates rose in response to monetary policy and the high exchange rate was blamed for the deep recession in 1981. The pound was at its lowest in February 1985 at $1.05, before rising to $2 in the early 1990s.

Following the German mark

In 1988, Margaret Thatcher's Chancellor of the Exchequer, Nigel Lawson, believed that the pound should "shadow" the West German mark, which would inadvertently lead to soaring inflation as the economy grew rapidly due to inappropriately low interest rates. (For ideological reasons, the Conservative government rejected alternative mechanisms to control the explosion of credit flows; former Prime Minister Edward Heath called Lawson a "one-stick golfer."

Following the European Currency Unit

On October 8, 1990, the Conservative government decided to join the European Exchange Rate Mechanism (ERM), with the pound equal to DM 2.95. However, the country was forced to withdraw from the system on Black Wednesday (16 September 1992) as the British economy led to exchange rate instability. Stockbroker George Soros became famous for making about $1 billion from the decline in the value of the pound.

On Black Wednesday, interest rates jumped between 10% and 15% in a failed attempt to stop the pound falling below European exchange rates. The exchange rate fell to DM 2.20. Proponents of a weaker pound/DM exchange rate gained support as the low pound supported export trade and contributed to the economic prosperity of the 1990s. Since the beginning of 2005, the pound/euro exchange rate has returned to an average of approximately £1.00:€1.46, the equivalent of DM 2.85.

Following inflation targets

In 1997, the newly elected Labor government transferred responsibility for the daily control of interest rates to the Bank of England (a policy originally pursued by the Lib Dems). The Bank is now responsible for setting its benchmark interest rate to keep inflation at a consumer price index level very close to 2%. Once CPI inflation is one percentage point above or below the target, the Governor of the Bank of England must write an open letter to the Chancellor of the Exchequer explaining the reasons for the change and outlining the steps that will be taken to bring inflation back to 2%. no norm. On April 17, 2007, the consumer price index inflation rate was 3.1% (retail price index inflation was 4.8%). Thus, for the first time, the Governor of the Bank had to publicly explain to the government why the inflation rate was one percent higher than normal.

Euro

As a member of the European Union, the United Kingdom can adopt the euro as its currency. However, the issue remains politically controversial, not least because the United Kingdom was forced to abandon the previous European exchange rate mechanism (see above), entering into a system with an incorrect fixed exchange rate. Prime Minister Gordon Brown, while still Chancellor of the Exchequer, ruled out adopting the euro for the foreseeable future, saying non-alignment was the right decision for Britain and Europe.

Former Prime Minister Tony Blair's government promised to hold a public referendum on whether to join and carry out "five economic tests" to ensure adoption of the euro would be in the national interest. In addition to this internal (national) criterion, the United Kingdom had to accept the economic conditions of rapprochement of the European Union (Maastricht conditions) before the transition to the euro was allowed. The UK's annual government GDP deficit currently exceeds a certain threshold. In February 2005, 55% of the population of the United Kingdom was against the adoption of the euro, while 30% were in favor. The idea of ​​replacing the pound with the euro was controversial in British society due to the pound's association with British sovereignty and because it, according to some critics, could lead to suboptimal interest rates, which would harm the British economy.

The pound was not included in the second European Exchange Rate Mechanism (ERM II) after the introduction of the euro. Denmark and the United Kingdom are countries that have refused to adopt the euro. Technically, all other EU members must accept the euro; however, this could be delayed indefinitely (as in the case of Sweden) by refusing to join the second European Exchange Rate Mechanism. The Conservative Party in Scotland argues that in Scotland they believe that the adoption of the euro will mean the end of the existence of territorially significant notes, since the European Central Bank does not allow the existence of national or subnational types of notes.

The Scottish Nationalist Party does not see this as a significant problem, since an independent Scotland would have its own national coins, and the party is pursuing a policy of introducing a single currency. On 1 January 2008, Akrotiri and Dhekelia, two territories on the island of Cyprus under British sovereignty, began using the euro (along with the rest of the Republic of Cyprus).

Current influence

Although the pound and the euro are independent of each other, they have been used together for a long time, but since mid-2006 this relationship has weakened. Concerns about inflation in the United Kingdom led the Bank of England to raise interest rates sharply in late 2006 and throughout 2007, resulting in the largest appreciation of sterling against the euro since January 2003. This caused a chain reaction against other major currencies, with the pound reaching its highest level in 15 years against the US dollar on April 18, 2007, breaking the US$2 level the day before for the first time since 1992. Since that time, the pound has continued to strengthen its position against the dollar, like many other world currencies, and on November 7, 2007, it reached $2.11610 for the first time in 26 years. However, from the end of 2007, the pound began to fall significantly against the euro, although not as sharply as the dollar, which fell below €1.25 for the first time in April 2008.

Coins

Predecimal system

The silver penny was the main and often the only coin in circulation from the 8th to the 13th centuries. Although smaller coins than pennies were minted (see farthing and halfpennies), cut half and quarter pennies were more common as change coins. Few gold coins were minted, and the gold penny (valued at 20 silver pennies) was rare. However, a silver 4p coin appeared in 1279, and a half-price coin followed in 1344. In 1344 the minting of gold coins was also established, with the introduction (after the gold florin had not come into use) of a noble of 6s 8d, together with a half and a quarter of a noble. The reforms of 1464 saw the value of coins, both silver and gold, fall, and the noble was renamed the rayol and valued at 10 silver shillings, while the angel was valued at 6 shillings 8 pence.

During the reign of Henry VII, two important coins were introduced, the shilling (known as teston) in 1487 and the pound (known as sovereign) in 1489. In 1526 several new denominations of gold coins were added, including the crown and half-crown values ​​of 5 shillings and 2 shillings 6 pence. The reign of Henry VIII (1509-1547) saw a significant decline in the value of coins, which continued during the reign of Edward VI (1547-1553). However, this decline was stopped in 1552 and new silver coins were introduced, including coins for 1, 2, 3, 4 and 6d, 1s, 2s 6d and 5s. During the reign of Elizabeth I (1558-1603), ¾ and 1½ penny coins were added, although these denominations did not last long. Gold coins - half-crown, crown, angel, half-sovereign and sovereign. During Elizabeth's reign, a horse-drawn screw press was also introduced to produce the first ground coins.

After the accession of the Scottish King James VI to the English throne, new gold coins were introduced, which included the spur raiol (15 shillings), the unit (20 shillings) and the rose raiol (30 shillings). The 20 shilling Laurel followed in 1619. The first metal coins, tin and copper farthings, were also introduced. Copper halfpenny coins followed during the reign of Charles I. During the English Civil War, coins were produced under siege conditions and were often of unusual denominations.

Following the restoration of the monarchy in 1660, coinage was transformed and forged coins began to be produced in 1662. The guinea was introduced in 1663, soon followed by coins in denominations of ½, 2 and 5 guineas. The silver coins were in denominations of 1, 2, 3, 4 and 6 pence, 1 shilling, 2 shillings 6 pence and 5 shillings. Due to the widespread export of silver in the 18th century, the issue of silver coins gradually declined, the crown and half-crown were not minted after the 1750s, and the 6p and 1 shilling coins ceased to be issued in the 1780s. The response was the introduction of copper 1 and 2 penny coins and a gold ⅓ guinea of ​​7 shillings in 1797. The copper penny was the only one of these coins that lasted the longest.

To reduce the shortage of silver coins, from 1797 to 1804 the Bank of England issued Spanish dollars (8 reals) and other Spanish and Spanish colonial coins. Small coins depicted the king's head. These coins were used until 1800 with a rate of 4 shillings 9 pennies to 8 reals. After 1800 the rate became 5 shillings to 8 reais. The Bank also issued silver 5 shilling tokens (patterned after Spanish dollars) in 1804, followed by 1 shilling and 3 shilling tokens from 1811 to 1816.

In 1816, new coinage was introduced in denominations of 6d, 1shilling, 2s 6d and 5s. The crown was only issued periodically until 1900. This was followed by a new system of gold coinage in 1817, which included 10 shilling and 1 pound coins called half sovereigns and sovereigns. The silver 4d coin was reintroduced in 1836, followed by 3d coins in 1838 and 4d coins which were minted for colonial use only after 1855. The 2 shilling florin was introduced in 1848, followed by the double florin in 1887, which did not last long. In 1860 copper was replaced by bronze in the production of farthings, halfpennies and pennies.

During the First World War, the issue of half sovereigns and sovereigns was temporarily suspended, and although the gold standard was restored, the coins were not widely used again. In 1920, the silver standard, which had been 925 silver since 1552, dropped to .500. A nickel brass 3p coin was introduced in 1937, with the last silver 3p coins issued seven years later. In 1947, the remaining silver coins were replaced with cupronickel. Inflation led to the cessation of minting of the farthing in 1956 and its withdrawal from circulation in 1960. In an effort to move to the decimal system, the halfpenny and half-crown were withdrawn from circulation in 1969.

Decimal system

The first decimal coins were introduced in 1968. These were cupronickel 5p and 10p coins which were equivalent and used alongside the 1s and 2s coins. The curved equilateral heptagonal cupronickel silver 50p coin was replaced by the 10 Tshilling note in 1969. The changeover to decimalization was completed when it was adopted in 1971, with the introduction of bronze ½, 1 and 2 penny coins and the elimination of 1 and 3 penny coins. The 6p coin was in circulation until 1980 with a value of £2½. In 1982, the word "new" was dropped from coinage and the 20p coin was introduced, followed by the introduction of the £1 coin in 1983. The ½ penny coin was introduced in 1983 and discontinued in 1984. The 1990s saw the replacement of bronze with copper-plated steel and a reduction in the size of the 2p, 10p and 50p coins.
The old 1 shilling coins, which remained in use and were equal to 5 pence, were withdrawn from circulation in 1991, following the reduction in size of the 5 penny coin, and the 2 shilling coins were similarly withdrawn from circulation in 1993. Bimetallic British £2 coins. The modern coin (1997-present £2 coin) was introduced in 1998.

Currently, the oldest coins in circulation in the United Kingdom are the copper 1p and 2p coins, introduced in 1971. Before decimalization, small coins could not be older than a hundred years or more, with the image of any of the five monarchs on the obverse.

In April 2008, a widespread redesign of the coins was announced to be released in the summer of 2008. The new 1, 2, 5, 10, 20 and 50p coins will feature parts of the king's shield on the reverse, while the new £1 coin will feature the entire shield.

Banknotes

The first paper sterlings were issued by the Bank of England shortly after its founding in 1694. Denominations were originally designated on banknotes at the time of printing. From 1745, notes were printed in denominations ranging from £20 to £1,000, with shillings added for odd numbers. £10 notes appeared in 1759, followed by £5 notes in 1793 and £1 and £2 notes in 1797. The two lowest denominations were abolished after the end of the Napoleonic Wars. In 1855, banknotes were printed in full in denominations of £5, £10, £20, £50, £100, £200, £300, £500 and £1000.

The Scottish Bank began issuing banknotes in 1695. Although the Scots pound was still the national currency of Scotland, notes issued were in sterling denominations and ranged up to £100. From 1727, the Royal Bank of Scotland also began issuing banknotes. Both banks issued coins with a face value of guineas as well as pounds. In the 19th century, regulations limited the smallest denomination note issued by the Bank of Scotland to a denomination of £1, a note not permitted in England.

With the introduction of sterling into Ireland in 1825, the Bank of Ireland began issuing sterling notes, later followed by the rest of the Irish banks. These notes included the usual denominations of 30 shillings and 3 pounds. The highest denomination of banknotes issued by an Irish bank was the £100 denomination.

In 1826, banks within 65 miles (105 km) of London were allowed to issue their own paper money. From 1844, new banks were not allowed to issue banknotes in England and Wales, but not in Scotland and Ireland. Consequently, the number of private banknotes decreased in England and Wales and increased in Scotland and Ireland. The last English private banknotes were issued in 1921.

In 1914, the Treasury introduced 10 shilling and £1 notes to replace gold coins. These notes remained in circulation until 1928, when they were replaced by Bank of England notes. Irish independence reduced the number of Irish banks issuing sterling notes to five operating in Northern Ireland. The Second World War had a radical impact on the issue of Bank of England notes. Fearing a mass production of counterfeit money by the Nazis (see Operation Bernhard), all notes in denominations of £10 and above were discontinued, leaving only the 10 shilling, £1 and £5 notes to be issued. The issue of banknotes in Scotland and Northern Ireland was not affected, with denominations remaining in £1, £5, £10, £20, £50 and £100.

The Bank of England reintroduced £10 notes in 1964. In 1969, the 10 shilling note was replaced by a 50 penny coin as part of preparations for the transition to decimalization. Bank of England £20 notes were reintroduced in 1970, followed by £50 notes in 1982. The subsequent introduction of the £1 coin in 1983 allowed the Bank of England £1 notes to be abolished in 1988. The Bank of England was followed by the Bank of Scotland and the Bank of Northern Ireland, only the Royal Bank of Scotland continued to issue banknotes of this denomination.

Legal tender and regional issues

Legal tender in the United Kingdom (according to the Royal Mint) means "that a debtor cannot be prosecuted for non-payment if he pays in legal tender in court. This does not mean that any transaction must be carried out in legal tender or only to the extent permitted by law.Both parties may agree to accept any form of payment, legal tender or otherwise, in accordance with their wishes.To comply with the strict rules governing this legal tender, it is necessary to designate, e.g. the exact amount, since further changes cannot be demanded." In the United Kingdom, £1 and £2 coins are legal tender for any amount, while other coins are legal tender only for a limited amount. In England and Wales, Bank of England notes are also legal tender for any amount. Scotland and Northern Ireland currently have no legal tender banknotes, although the Bank of England 10 shilling and £1 banknotes were so, as were Scottish banknotes, during the Second World War (the Security Act 1939; this status was abolished January 1, 1946). However, the banks made contributions to the Bank of England to cover the number of banknotes they issued. In the Channel Islands and the Isle of Man, local banknotes are legal tender in their respective jurisdictions. Banknotes from Scotland, Northern Ireland, the Channel Islands and the Isle of Man are sometimes not accepted in shops in England. Shopkeepers in Britain can refuse any form of payment, even if it is in legal tender, since debt does not exist when payment is offered at the same time as there is an offer of goods or services. When paying a restaurant bill or other payment, legal tender is accepted, but payment is usually made by some other method (such as a credit card or check). Commemorative £5 and 25p ("crown") coins, which are rarely seen, are also legal tender, as are weight coins issued by the mint.

About the value of British money

In 2006, the House of Commons Library published a document that included an index of the value of the pound for each year from 1750 to 2005, with the value of the pound in 1974 being 100. (This was a new version of documents previously published in 1998 and 2003). Looking at the period from 1750 to 1914, the document states: "Despite years of significant price fluctuations before 1914 (depending on harvests, wars, etc.), there has been no sustained increase in prices since 1945." It is further stated that “Since 1945, prices have risen every year by a cumulative factor of 27.” The index in 1750 was 5.1, peaking at 16.3 in 1813 before quickly declining after the end of the Napoleonic Wars to 10.0 and remaining in the range of 8.5 - 10.0 at the end of the nineteenth century. The index's reading in 1914 was 9.8 and peaked at 25.3 in 1920, before falling to 15.8 in 1933 and 1934 - prices were only three times higher than prices 180 years earlier. Inflation had a strong effect during and after the Second World War - the index was 20.2 in 1940, 33.0 in 1950, 49.1 and 1960, 73.1 in 1970, 263.7 in 1980, 497.5 in 1990, 671.8 in 2000 and 757.3 in 2005.

Value in relation to other currencies

The pound can be freely bought and sold on foreign exchange markets around the world, and therefore its value relative to other currencies fluctuates (increasing when traders buy, decreasing when selling). This order is traditional among the main monetary units with the highest value in the world. On April 19, 2008, £1 was equal to $1.99 US or €1.26.

• Historical exchange rates (since 1990) can be found in the Exchange Rates section of the UK Economics Accounting List.
• you can see the current wholesale rates of sterling currencies against other currencies.

The pound as the main international reserve currency

Sterling is used as a reserve currency around the world and is currently ranked as the third largest reserve currency. The percentage that the pound makes up of the total reserve has increased in recent years due to the stability of the British economy and government, continued appreciation in value relative to other currencies and relatively high interest rates compared to other major currencies such as the dollar, euro and yen.

In the VoxBook audio course, which is based on fiction without simplifying the text, you will definitely come across references to English money. Currency of England pound- pound or pound sterling- pound sterling (from Latin - weight) is abbreviated as £ put into circulation in the 9th-10th centuries.
Previously, in England, a non-decimal coin system was used to count money; one pound was equal to 240 pence. In 1971, the UK currency system was reformed to a decimal coinage system, and one pound became equal to 100 pence. At the same time, most of the monetary units of the past fell out of use, but references to them certainly remained in the literature, and accordingly they remained in our audio course.

So in the VoxBook audio course in the fairy tale "Mr Vinegar" from the collection English Fairy Tales:

"Here, Jack [here/here, Jack]," said one [said one], "here"s five pounds for you ["there's" five pounds for you]; here, Bill, here's ten pounds for you [here, Bill, there's ten pounds for you]; here, Bob, there's three pounds for you [here Bob, there's three pounds for you].

Let's take a closer look at the question of the current and past monetary units of Great Britain, and at the same time find out why in this passage there are five pounds, three pounds, ten pounds and not one pound.

English money now.

In 1971, the UK monetary system was reformed into the familiar decimal coin system. One pound is equal to 100 pennies. In circulation there are banknotes in denominations: 1, 5, 10, 20, 50 pounds, as well as coins of 1 and 2 pounds, and 1, 2, 10, 20, 50 pence called new penny- a new penny.

Currency unit pound or pound sterling(plural pounds) - pound or pound sterling is abbreviated as £ (from the Latin word libra - pound). This sign is placed before the number:
£1 - one pound or one pound sterling(units).
£2 - two pounds or two pounds sterling(plural).
£10 - ten pounds or ten pounds sterling(plural).

Currency unit penny penny = 1/100 of a pound (plural pence- pence) - abbreviated p. This sign is placed after the number (with or without a dot):
1p. - one penny (unit).
2p. - two pence (plural).
10p. - ten pence (plural).

One penny is denoted 1p, read a penny or one penny.
One pound £1 is read a pound or one pound.

When denoting the number of pence in words, the words are written together: sixpence, fivepence, fourpence, threepence, twopence.
10p - ten pence is often pronounced ten pee (reading the abbreviation p).

If the number of digits of pounds is more than three, then every three digits from right to left are separated by a comma, and pence from pounds by a dot:
£1,234,567.00 = £1,234,567.

Money amounts consisting of pounds and pence are designated in one of the following ways:
£265.78, £265-78 and read the same - two hundred and sixty-five pounds and seventy-eight (pence).

If it is necessary to indicate that we are talking specifically about English currency, then you can indicate pound(s) sterling - pound(s) sterling. In this case, the word sterling is never given the ending -s (since the word sterling is an adjective):
165 pounds sterling; £165 sterling= £165.

The word "sterling" is often used when writing a monetary amount in words:
£1,234.56 - one thousand two hundred and thirty-four pounds sterling and fifty-six (pence).

Monetary units of England of the past.

In the name of the currency of England pound sterling - pound sterling reflects the equivalent value of one pound of silver. One pound of silver was minted into 240 pence (penny and penny are the singular and plural forms of the same word). The word sterling means pure, of a specified standard. The pound was indicated by the sign £ (without a dot or a Latin letter L), this sign is placed in front of the number. Pennies were indicated by a sign d.(from the word dinar, as opposed to today's designation p.), the shilling was indicated by the sign s or 1/- . The penny and shilling signs were written with or without a dot after the letter.

In England, a non-decimal coin system was used to count money (rather, it is similar to the duodecimal system: 1 pound = 240 pence):

• 1 pound pound or pound sterling = 4 crowns or 20 shillings or 240 pence)
• 1 sovereign [ˈsɔvrin] sovereign = 20 shillings equivalent to 1 pound
• 1 guinea [ˈɡini] guinea = 21 shillings
• 1 crown = 5 shillings
• 1 florin [ˈflɔrin] florin = 2 shillings
• 1 shilling [ˈʃiliŋ] shilling = 12 pennies
• 1 groat [ɡrəut] grout = 4 pennies
• 1 penny [ˈpeni] penny = 4 farthings
• 1 farting [ˈfɑːtiŋ] farthing = 1/4 penny

The smallest coin was a farthing =1/4d. (1/4penny) = 1/960 pound.
Coins were issued: half farting = 1/8 d., third farting = 1/12 d., and quarthing farting = 1/16 d).

Penny - short name d.(from dinar).
Coins were issued: halfpenny - 1/2d., twopence - 2d., threepence - 3d., groat - 4d., five pence = 5d., sixpence - 6d.

Shilling - short term s.= 12d. (12 pence)

Florin = 2s. (2 shillings) = 24d.

Crown = 60d. (60 pence).
Half crown coins were issued - half a crown = 30d.

Gold Guinea, issued from 1663 to 1814. Guinea is an unofficial name that is derived from the gold mining area of ​​Guinea. In 1817, the guinea was replaced by the gold sovereign. Coins were issued in 1/3 guinea, 1/2 guinea, 1 guinea, 2 guineas and 5 guineas.

Sovereign = 240d. (240 pence) = 20s. (20 shillings) = £1 (1 pound)
Half sovereign = 120d coins were issued. (120 pence) = 10s. (10 shillings) = £1/2 (1/2 pound).

In the VoxBook audio course, in the tale "The Ass, the Table, and the Stick" from the collection English Fairy Tales, which mentions English money of various denominations:

...and he had but to pull Neddy's ears [and “he only had to” = he only had to pull Donkey’s ears] to make him begin at once to ee-aw [to make him start right away (shouting) a-ah]! And when he brayed [and when he roared] there dropped from his mouth silver sixpences [here silver sixpence fell / fell from his mouth], and half-crowns[and half a crown] , and golden guineas [and golden guineas].

(English Fairy Tales - "Mr Vinegar")

There were coins of other denominations, such as half-sovereign, half-guinea, half-crown, half-penny, half-grout, 2 pence, 3 pence, 6 pence sixpence or "tanner" and others.
Some coins were not minted, for example there are no old 1 pound coins, instead a 1 sovereign coin was minted in gold with a denomination of 1 pound. Coins were also minted in denominations of 2 pounds and 5 pounds. A variety of paper notes were issued, including £3 notes. This is exactly what is mentioned at the beginning of the article in an example from the audio course.

Naming English money and sums of money in slang

In addition to the official names of monetary units, there were slang expressions denoting certain English money. Below are the most commonly used slang synonyms:

1d = coal
1p = yennep/yenep/yennep/yennep
4d = gross
6d = tanner, bender, sixpence, kick, simon, sprazi/sprazzy, sprat/spratt, tom/tom mix

1s = bob, chip or shilling bit, dinarly/dinarla/dinaly, gen, hog
2s = two bobs, bice/byce
5s = caser/case, tosheroon/tusheroon/tosh/tush/tusseroon
10s = ten bob, half, half a bar/half a sheet/half a nicker, knicker, net gen

£1 = bar, jack, nicker, nugget/nuggets, quid, saucepan
£2 = bottle, half a crown
£3 = tray/trey

£5 = fiver, flag paper £5,flim/flimsy, handful, jacks, oxford
£10 = tenner, big ben; £20 = score; £25 = macaroni, pony
£100 = ton; £500 = monkey; £1,000 = grand; £100,000 = plum

1 = guinea job, ned
1 = sovereign strike