The British pound is the standard currency of the United Kingdom and is issued by the Bank of England, which was established in 1694. The auxiliary city units were originally shillings and pence, 1 pound is equal to 20 shillings, and 1 shilling is equal to 12 pence. On February 15, 1971, the Bank of England implemented a new currency system, and the auxiliary currency unit was changed to new pence, and 1 pound was equal to 12 pence. 100 new pence. Currently, there are 5, 10, 20 and 50 sterling denominations in circulation, as well as 1, 2, 5, 10, 20, 50 new pence and 1 pound coins.
The current pound is also called “pound”, one pound is equal to 100 new pence (New Pence). Coins are divided into halfpenny (halfpenny, ceased to circulate in 1985), 1p, 2p, 5p, 10p, 20p, one crown (25p, ceased to circulate in 1990), 50p, 1 pound, 2 £5, £5 (called the krona after 1990). All coins have a portrait of the British monarch on the obverse. In addition to the minted value on the reverse, coins minted in different administrative regions have different patterns. However, regardless of which administrative region the coin was minted in, it is common throughout the country. British banknotes are divided into 1 pound (out of circulation in 1988), 5 pounds, 10 pounds, 20 pounds and 50 pounds. There are different portraits of British celebrities.