List of British currencies

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A variety of currencies are tender in the United Kingdom, its overseas territories and crown dependencies. This list covers all of those currently in circulation.

LocationNative currencyIssuing authority

Sterling

Bank of England

Local, privately-issued sterling banknotes

Issued by license of the Bank of England to Scotland's three largest clearing banks (the Royal Bank of Scotland, the Bank of Scotland and the Clydesdale Bank)

Local, privately-issued sterling banknotes

Issued under a licence of the Bank of England to four retail banks  : Bank of Ireland, First Trust Bank, Danske Bank (formerly Northern Bank) and Ulster Bank. [1]

Jersey pound (local, government-issued sterling banknotes and coins)

Issued by license of the Bank of England to the Treasury and Resources Department, States of Jersey [2]

Guernsey pound (local, government-issued sterling banknotes and coins)
Alderney pound (local, government-issued commemorative coins)

Issued by license of the Bank of England to the Treasury and Resources Department, States of Guernsey

Manx pound (local, government-issued sterling banknotes and coins)

Issued by license of the Bank of England to the Isle of Man Treasury

Falkland Islands pound (parity with pound sterling)

Government of the Falkland Islands

Gibraltar pound (parity with pound sterling)
Euro accepted unofficially in most establishments

Government of Gibraltar

Saint Helenian pound (parity with pound sterling)
(US$ accepted in Ascension Island)

Government of Saint Helena

United States dollar (de facto) [3] [4]
Pound sterling (de jure) [5] [6]

US Federal Reserve System

United States dollar
Bahamian dollar also accepted in the Turks and Caicos Islands

US Federal Reserve System

Eastern Caribbean dollar (2.7EC$=1US$)

Eastern Caribbean Central Bank

Bermudian dollar (parity with United States dollar)

Bermuda Monetary Authority

Cayman Islands dollar (1KY$=1.2US$)

Cayman Islands Monetary Authority

New Zealand dollar
US dollar widely accepted [7]
Pound sterling is also accepted. [8]
Pitcairn Islands dollar (on par with New Zealand dollar; commemorative issue only)

Reserve Bank of New Zealand

Euro

European Central Bank

Related Research Articles

The Eastern Caribbean dollar is the currency of all seven full members and one associate member of the Organisation of Eastern Caribbean States (OECS). The successor to the British West Indies dollar, it has existed since 1965, and it is normally abbreviated with the dollar sign $ or, alternatively, EC$ to distinguish it from other dollar-denominated currencies. The EC$ is subdivided into 100 cents. It has been pegged to the United States dollar since 7 July 1976, at the exchange rate of US$1 = EC$2.70.

Coins of the pound sterling British current and historic coinage

The standard circulating coinage of the United Kingdom, British Crown Dependencies and British Overseas Territories is denominated in pennies and pounds sterling, and ranges in value from one penny sterling to two pounds. Since decimalisation, on 15 February 1971, the pound has been divided into 100 (new) pence. Before decimalisation, twelve pence made a shilling, and twenty shillings made a pound. British coins are minted by the Royal Mint in Llantrisant, Wales. The Royal Mint also commissions the coins' designs.

British Antarctic Territory British Overseas Territory in United Kingdom

The British Antarctic Territory (BAT) is a sector of Antarctica claimed by the United Kingdom as one of its 14 British Overseas Territories, of which it is by far the largest by area. It comprises the region south of 60°S latitude and between longitudes 20°W and 80°W, forming a wedge shape that extends to the South Pole, overlapping the Antarctic claims of Argentina and Chile.

British Overseas Territories Territories under the jurisdiction and sovereignty of the United Kingdom

The British Overseas Territories (BOTs), also known as the United Kingdom Overseas Territories (UKOTs), are fourteen territories with a constitutional and historical link with the United Kingdom. They are the last remnants of the former British Empire and do not form part of the United Kingdom itself. The permanently inhabited territories are internally self-governing, with the United Kingdom retaining responsibility for defence and foreign relations. Three of the territories are inhabited only by a transitory population of military or scientific personnel. All but one of the rest are listed by the UN Special Committee on Decolonization as non-self-governing territories. All fourteen have the British monarch as head of state.

A dependent territory, dependent area, or dependency is a territory that does not possess full political independence or sovereignty as a sovereign state, yet remains politically outside the controlling state's integral area.

Legal tender is a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt. Each jurisdiction determines what is legal tender, but essentially it is anything which when offered ("tendered") in payment of a debt extinguishes the debt. There is no obligation on the creditor to accept the tendered payment, but the act of tendering the payment in legal tender discharges the debt.

Pound sterling Official currency of the United Kingdom and other territories

Sterling is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, Gibraltar, South Georgia and the South Sandwich Islands, the British Antarctic Territory, and Tristan da Cunha. Sterling is the world's oldest currency that is still in use and that has been in continuous use since its inception.

Banknotes of the pound sterling Promissory notes denominated in pounds sterling

Sterling banknotes are the banknotes in circulation in the United Kingdom and its related territories, denominated in pounds sterling.

Crown Dependencies Self-governing possessions of the British Crown

The Crown Dependencies are three island territories in the British Islands that are self-governing possessions of the British Crown: the Bailiwick of Guernsey, the Bailiwick of Jersey, and the Isle of Man. They are not part of the United Kingdom (UK) nor are they British Overseas Territories. They have the status of "territories for which the United Kingdom is responsible", rather than sovereign states. As a result, they are not member states of the Commonwealth of Nations. However, they do have relationships with the Commonwealth and other international organisations, and are members of the British–Irish Council. They have their own teams in the Commonwealth Games.

Australian pound Former currency of Australia

The pound was the currency of Australia from 1910 until 14 February 1966, when it was replaced by the Australian dollar. As with other £sd currencies, it was subdivided into 20 shillings, each of 12 pence.

The Bermudian dollar is the official currency of the British Overseas Territory of Bermuda. It is subdivided into 100 cents. The Bermudian dollar is not normally traded outside Bermuda, and is pegged to the United States dollar at a one-to-one ratio. Both currencies circulate in Bermuda on an equal basis.

A Commonwealth citizen is a citizen or qualified national of a Commonwealth of Nations member state. Most member countries do not treat citizens of other Commonwealth states any differently from foreign nationals, but some grant limited citizenship rights to resident Commonwealth citizens. In 16 member states, resident non-local Commonwealth citizens are eligible to vote in elections. The status is most significant in the United Kingdom, and carries few or no privileges in many other Commonwealth countries.

United Kingdom and the euro

The United Kingdom did not seek to adopt the euro as its official currency for the duration of its membership of the European Union (EU), and secured an opt-out at the euro's creation via the Maastricht Treaty in 1992, wherein the Bank of England would only be a member of the European System of Central Banks.

Saint Helena, Ascension and Tristan da Cunha British overseas territories in the southern Atlantic Ocean

Saint Helena, Ascension and Tristan da Cunha is a British Overseas Territory located in the South Atlantic and consisting of the island of Saint Helena, Ascension Island and the archipelago of Tristan da Cunha including Gough Island. Its name was Saint Helena and Dependencies until 1 September 2009, when a new constitution came into force giving the three islands equal status as three territories, with a grouping under the Crown.

The United Kingdom possesses a number of islands in the South Atlantic Ocean and claims a section of the Antarctic continent. These territories are St. Helena with Ascension Island and Tristan da Cunha, the Falkland Islands, South Georgia and the South Sandwich Islands, and the UK's claimed Antarctic territory, called the British Antarctic Territory. The official currency in these territories is either Pound sterling or a local currency that evolved from sterling and is at a fixed one-to-one parity with sterling.

Passports in Europe

Passports in Europe are issued by each state individually, e.g. the Netherlands or United Kingdom. In general, passports issued in Europe either grant the holder the right of freedom of movement within the European Economic Area, to those that don't. The majority of European states are members of the European Union, and therefore issue EU passports.

References

  1. "Current Banknotes". The Association of Commercial Banknote Issuers. Archived from the original on 13 September 2017. Retrieved 27 April 2013.
  2. "Government of Jersey".
  3. FCO country profile Archived 2010-06-10 at the Wayback Machine
  4. "The World Factbook".
  5. "British Indian Ocean Territory Currency". wwp.greenwichmeantime.com. 6 March 2013. Retrieved 28 April 2013.
  6. Commemorative UK pounds and stamps issued in GBP have been issued. Source:,
  7. "Archived copy" (PDF). Archived from the original (PDF) on 9 May 2016. Retrieved 30 April 2016.{{cite web}}: CS1 maint: archived copy as title (link)
  8. Asia and Pacific Review 2003/04 p.245 ISBN   1862170398

See also