Since 1971, the United Kingdom of Great Britain and Northern Ireland has used a decimal system, one pound valuing 100 pence.

British Basic Currency Unit

Currently the basic unit of the British currency is the Pound Sterling or simply Pound. The symbol of the unit is "£". Sometimes it is written GBP (Great Britain Pound). This is due to the fact that some keyboards do not support such symbol. Since 1983 the British Royal Mint strikes coins with one pound denomination every year

Before 1983 the British market featured a pound note in its circulation, this however has been withdrawn. Nevertheless the one pound note is still negotiable at any bank.

The roots of the British pound go back to the 15^th century when in 1489 the first gold sovereign was struck.

The only division of the British pound is the penny. One pound includes one hundred (100) pennies. The pence is has the following symbol "p". The correct plural of penny is "pence".

Intermediate Coin Denominations

Fifty pence.

Twenty pence.

Ten pence.

Five pence.

Two pence.

Short description of the British coins currently in circulation:

One Pound

The one pound coin is made of nickel brass. For the first time it was issues in 1983, replacing the one pound note. After a 5 year circle the reverse designs of the coin are produced. The first of every cycle is a British issue, and then goes Scotland, Wales, Northern Ireland then England.

Two Pound

The two pound coin used today in Britain is bi-metallic. For the first time in Britain a coin with such denomination was introduced in 1997. Some particular designs were produced in some years.

Five Pound

The Five Pound coin is also known as a crown. It has been regularly issued since 1990; however they are rarely seen in circulation. Initially the coin had a face value of 5 shillings. After the decimalization, however, its face value has been twenty five pence. Crowns struck before 1990 can be rarely spotted in circulation.

Fifty Pence

Coin with such denomination was issued for the first time in 1969, before decimalization that took place later in 1971. Throughout its history there were fifty pence coins of different special designs. Sometimes certain changes have been added to their normal design.

Twenty Pence

Twenty pence saw the light in 1982. Since then the coin has never been changed, even if it was called "new." Later the word "new" was removed from the decimal coinage.

Ten Pence

The ten pence coin was among the first decimal coins to be struck. The first one was issued in 1968, as the 10 pence was the one to replace the old 2 shilling piece.

Five Pence

This one was the natural follower to the shilling. It was among the first decimal coins to be struck in 1968.

Two Pence

After the decimalization in 1971, two pence represented a new coin value, despite the fact that coins valued at two pence had been minted as early as 1660 for Charles II. Yearly two pence coins have been issued every for the Maundy ceremony.

One Penny

Despite the fact that penny represented the oldest denomination in Britain, the decimal penny had certain differences from the penny issued before the decimalization. Its value was 100 to the pound and not 240.