The official currency name of the United Kingdom is the pound sterling, also known by its ISO 4217 currency code, GBP.
Understanding the UK Currency: Pound Sterling
Based on the provided reference, The pound sterling, or GBP, serves as the official currency across the United Kingdom. This foundational currency unit is not only exclusive to the UK but is also utilized in several other specific territories.
Key Facts About the Pound Sterling
Here are some essential details about the UK's currency:
- Primary Name: Pound Sterling
- Currency Code: GBP
- Symbol: £
- Subdivision: The GBP is subdivided into 100 pence (singular: penny).
Territories Using the Pound
Beyond the United Kingdom, the pound sterling is the currency used in a number of other regions. These include:
- Jersey
- Guernsey
- Gibraltar
- The Isle of Man
- South Georgia and the South Sandwich Islands
- The British Antarctic Territory
- Tristan da Cunha
While some of these territories issue their own local versions of the pound, they are typically pegged at par with the British pound sterling.
Denominations
The pound sterling is issued in various denominations for both banknotes and coins:
- Banknotes: Common denominations include £5, £10, £20, and £50.
- Coins: Common denominations include 1p, 2p, 5p, 10p, 20p, 50p, £1, and £2.
Understanding the pound sterling, or GBP, is crucial for anyone conducting business, travelling, or engaging financially within the UK and the associated territories where it is used.
