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The Pound Sterling - Online Term Paper

The Pound Sterling

The History Of The Pound Sterling

The Pound Sterling of the United Kingdom was originally the value of one Troy pound of sterling silver, hence the name: Pound Sterling.

The Pound Sterling is the currency of the United Kingdom. The GBP currency is the world's oldest currency that is still in use. It is the fourth most-traded currency in the foreign exchange market after the Euro, US dollar and Japanese yen. The Pound Sterling is the third-largest reserve currency, after the US dollar and the Euro.

The Pound Sterling was adopted as the Royal Chartered Bank of England's currency in 1694. England’s national debt increased exponentially from 1700 to the mid 1790's thus making it ...

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with debts of over Ł850 million. In order to curb the situation, the Pound Sterling was pegged to gold at the pre-war rate, in 1925. Due to the Great Depression, the UK moved away from the gold standard in 1931. The currency was later pegged to the US dollar under the Bretton Woods system in 1940, at Ł1 = $4.03, till the end of World War II. The currency was floated in 1971.

In further efforts to increase the stability of the pound, the Bank Charter Act of 1844 introduced the Bank of England as the only bank in the United Kingdom allowed issuing banknotes as a legal currency. This meant that all other banks in England and Wales were legally obliged to obtain their banknotes from the Bank of England. In Scotland, however, The Banknote (Scotland) Act of 1845 allowed Scottish banks to continue to issue their own Pound Sterling banknotes.

Having learned from the effects that inflation had on the financial market from the Restriction Period the Bank of England began to control the ...

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The Pound Sterling. (2011, May 13). Retrieved April 23, 2024, from http://www.essayworld.com/essays/The-Pound-Sterling/99127

"The Pound Sterling." Essayworld.com. Essayworld.com, 13 May. 2011. Web. 23 Apr. 2024. <http://www.essayworld.com/essays/The-Pound-Sterling/99127>

"The Pound Sterling." Essayworld.com. May 13, 2011. Accessed April 23, 2024. http://www.essayworld.com/essays/The-Pound-Sterling/99127.

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PAPER DETAILS

Added: 5/13/2011 02:29:08 AM
Submitted By: mevcil
Category: Economics
Type: Premium Paper
Words: 754
Pages: 3

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