Currency Information on British Pound - GBP — Pound Sterling - £
Divided in pence and pounds – 100 pence – or pennies- to one pound, Pound sterling is the official currency of The UK, Guernsey, Jersey, the British Antarctic Territory, Tristan da Cunha, the Isle of Man, the South Sandwich Isles and South Georgia. Pound Sperling is the only currency to have remained in continuous use since its introduction.
During decimalisation in 1971 the pound was declared as having 100 pence to the pound, before then, there was the equivalent of 240 pence to the pound - 12 pence to 1 shilling and 20 shillings to the pound.
Coins in circulation in pound Sterling are available in denominations of 1p, 2p, 5p, 10p, 20p, 50p, £1 and £2. Whilst 3p, 4p, 25p, £5, £20, £100 and £500 coins are not seen and never used.
Sterling banknotes are denominated into £5, £10, £20 and £50 notes, and, whilst £100 notes are available, they are rarely seen or used, and £1 notes are no longer available.
We are an international business and work with companies around the world, especially California in the US and Australia. Our providers are based in different countries so we need to be constantly up to date about the current foreign exchange rates. Otherwise, we would be wasting money during the currency transfer process and obviously this is not what a business wants.
Comment written by Victoria Brown Wine Industry.
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