What Money Do They Use In The Uk

Prior to February 15th 1971 the British currency organization was known equally pounds, shillings and pence. In the organisation used at that time 12 pennies was equal to ane shilling and 20 shillings was equal to i pound. After Feb 15th 1971 the UK moved to a new system chosen decimalisation and brought the currency into line with the metric systems used in Europe which are based on a logical system of ten or factors of 10's. Then with decimalisation came a system of pounds and pence doing away with shillings altogether. U.k. currency is known as BRITISH STERLING.
Under this system 100 pence is equal to ane pound making working with the UK currency far easier. The symbol used for pounds is: £ or is sometimes shown as GBP (Uk Pounds) and the symbol used for pence is: p
So 2 pound forty pence would be written: £2.twoscore or GBP ii.forty
Twenty pence would be written 20p.

Currently the currency in apply is equally follows:

coins: 1 penny, 2 pence, v pence, ten pence, 20 pence, l pence, one pound, 2 pounds. The 1 penny and two pence piece are bronze, the five, 10, 20 and 50 pence pieces are silver and the 1 and 2 pound coins are golden. All coins carry the Queens head on the front.
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notes in 2005: 5 pounds, 10 pounds, xx pounds, 50 pounds. Front view.

Like the Great britain coins the notes all bear the Queens head. They as well acquit a watermark that is visible to the centre only when held up to the low-cal. The watermark is the Queens head and shows in the egg shaped white infinite on all the in a higher place notes. In that location is likewise a silver strip that shows when held upward to the low-cal along the width of the notes.

New Five Pound Note
On September 13th 2016 the Britain got its offset plastic note, the new five pound note. 15% smaller than the older traditional paper blazon in use at the time. Its fabricated from a material called polymer which is a flexible sparse plastic. The old five pound note no longer being legal tender afterward May 2017. The new version will last ii.v times longer making them better value. On the back is the face up of Winston Churchill along with his famous quote of "I accept nothing to offering but blood, toil, tears and sweat". While the front is however Queen Elizabeth Ii.

New 50 Pound
On the 2nd August 2011 a new £50, designed by Chris Salmon, was issued. The notation as usual shows the Queen on ane side while the other side shows Matthew Boulton and engineer James Watt. Matthew Boulton was a business concern entrepreneur from the 18th century while James Watt was an engineer perhaps best known for his part in inventing the separate condenser, an improvement on the Newcomen steam engine. Known every bit an 'F' series note, the first of which was the twenty pound annotation problems in 2007 (see beneath). This is the showtime depository financial institution note in the UK to feature two portraits on the contrary side.

New Twenty Pound Note:
On the 13th March 2007 a new £20 note was issued past the banking company of England. The last time this note was replaced was 1999. When new notes are issued the old ones continue to be legal tender for a considerable fourth dimension. Even after that you can still exchange the old notes for new ones at United kingdom of great britain and northern ireland banks. In this example the older mode £20 note was withdrawn on June 30th 2010.
The new mode annotation shows the image of Adam Smith (eighteenth century economist) which makes him the showtime Scottish citizen to be shown on a UK bank note. The changes over the last £20 note include a lighter shade of regal and several security enhancements. For example raised lettering and larger hologram and a new security colour tag which shows up under ultra-violet lite. Interestingly the £20 annotation is the virtually commonly used note.

The UK is does not use the same currency every bit much of Europe contrary to the belief of many first time visitors. While many countries of the European union use the Euro which came into being on January 1st 1999 the UK has so far decided to continue with its own currency.

Confusingly while the Currency higher up is issued by the Bank of England and is the official currency for the UK, other banks practice issue their own notes. This applies to Scotland and Northern Ireland with the banks issuing notes beingness:
Scotland: Clydesdale Bank, Royal Banking concern of Scotland and Banking company of Scotland
Northern Ireland: The Bank of Republic of ireland Starting time Trust Bank Northern Bank Ulster Bank
These banks produce £100 notes which are not produced by the Bank of England.

Many people outside of Northern Ireland and Scotland are not familiar with these local notes and they are sometimes refused every bit acceptable payment in England. Nonetheless they are perfectly acceptable every bit payment anywhere in the UK.

An often used slang term used to refer to UK pounds is quid.

Source: https://www.milesfaster.co.uk/information/uk-currency.htm

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