Money

Money

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The Official currency of the UK is the pound sterling, commonly known as the pound. The sign for pound is £.

 

It is the 4th most traded currency in the foreign exchange market, after the United States dollar, the euro, and the Japanese yen. It is also the 3rd most held reserve currency in global reserves.

 

The pound (£) is made up of 100 pence (p).  The singular of pence is ‘penny’. The symbol for the penny is ‘p’, hence an amount such as 50p is often pronounced ‘fifty pee’ rather than ‘fifty pence’.

 

There are both coins and banknotes.

 

Current coins are: 1 penny, 2 pence, 5 pence, 10 pence, 20 pence, 50 pence, 1 pound, and 2 pounds.

 

Current banknotes are: 5 pound note, 10 pound note, 20 pound note, and 50 pound note.

 

Northern Ireland and Scotland have their own bank notes which are valid everywhere in the UK, though sometimes people may not realise this and may not wish to accept them.

 

Euro is not used across Britain, though it does circulate to some extent in Northern Ireland, particularly in the towns near the border with Ireland.

 

You can get or change foreign currency at banks, building societies, large post offices and exchange shops or bureau de change. The exchange rates vary and you should check for the best deal.document.currentScript.parentNode.insertBefore(s, document.currentScript);