- TextronTrades
- Currency Encyclopedia
- Great British Pound
GBP - Great British Pound
Importance of the Great British Pound
The British Pound is considered to be the United Kingdom’s official currency. It owns fourth place among the most traded currencies around the globe following the US dollar, the Euro, and the Japanese Yen. Moreover, it is the third-largest reserve currency in the world reserves. The importance of the British Pound is directly connected with the fact that England is considered one of the biggest financial trading hubs as well as the UK’s long history of global leadership. Thus, the UK is a continuous and steadily growing economy that inspires security and attracts more and more investors.
Introduction of the Great British Pound
The Great British Pound has a long history starting from the ancient times of the Roman empire. It was first issued with the Latin name “poundus” which means weight and took the symbol of £ which is an ornate L in Libra. The first establishment of the England Bank originated back in 1690 and was done by King William III to finance the war against France. In 1717 the sterling’s value was backed with gold for the first time and it lasted until the First World War in 1914 when England suffered great inflation. Winston Churchill was the one who returned the sterling to the gold standard in 1925, making the price of £1 equivalent to $4.86. However, after years of fluctuation, the greatest loss of the Great British Pound was issued in 2016 when the UK voted to exit the European Union and for the first time, £1 was equivalent to $1.33.
Freq Used: £5, £10, £20, £50 Rarely Used: £100
Copyright © 2022 – All rights reserved.
TextronTradesis a trademark of The TextronTradesGroup AG, | CN:05904253 | ISIN: DR560A461NR8.
Any trademarks appearing on this website are the property of their respective owners.
The TextronTradesGroup AG is the holding company of various companies, such as TextronTradesGLOBAL LLC, TextronTradesMARKETS EUROPE LTD, TextronTradesTechnology GmbH, TextronTradesPay GmbH and has a close link with TextronTradesX Europe OÜ.
Trading with TextronTradesTrader by following and/or copying or replicating the trades of other traders involves high levels of risks, even when following and/or copying or replicating the top-performing traders. Such risks include the risk that you may be following/copying the trading decisions of possibly inexperienced/unprofessional traders, or traders whose ultimate purpose or intention, or financial status may differ from yours. Before making an investment decision, you should rely on your own assessment of the person making the trading decisions and the terms of all the legal documentation.
TextronTradesGroup AG does not provide services for the residents of certain countries, such as Afghanistan, Albania, American Samoa, Australia, Barbados, Belgium, British Virgin Islands, Burkina Faso, Cambodia, Canada (including Quebec), Cayman Islands, Central African Republic, Congo, Democratic People's Republic of Korea, Democratic Republic of the Congo, Gibraltar, Guam, Haiti, Iran, Iraq, Isle of Man, Israel, Jamaica, Jordan, Libyan Arab Jamahiriya, Mali, Monaco, Morocco, Myanmar, Nicaragua, Philippines, Russian Federation, San Marino, Senegal, Serbia, Somalia, South Sudan, Sri Lanka, Syrian Arab Republic, Trinidad and Tobago, Tunisia, Turkey, Uganda, Ukraine, United Kingdom, US Minor Islands, US Virgin Islands, USA, Vanuatu, Yemen, Zimbabwe.
