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The Bank of England, which is now the central bank of the United Kingdom, British Crown Dependencies and British Overseas Territories, has issued banknotes since 1694. In 1921 the Bank of England gained a legal monopoly on the issue of banknotes in England and Wales, a process that started with the Bank Charter Act 1844, when the ability of other banks to issue notes was restricted.
Examples of the standard reverse designs minted until 2008. Designed by Christopher Ironside (£2 coin is not shown).. The standard circulating coinage of the United Kingdom, British Crown Dependencies and British Overseas Territories is denominated in pennies and pounds sterling (symbol "£", commercial GBP), and ranges in value from one penny sterling to two pounds.
However, in 1279, the groat, worth 4d, was introduced, with the half groat following in 1344. 1344 also saw the establishment of a gold coinage with the introduction (after the failed gold florin) of the noble worth six shillings and eight pence (6/8d) (i.e. 3 nobles to the pound), together with the half and quarter noble.
The pound sterling banknotes in current circulation consist of Series G Bank of England notes in denominations of £5, £10, £20 and £50. The obverse of these banknotes issued through 4 June 2024 feature the portrait of Elizabeth II originally introduced in 1990.
In the 18th and 19th centuries, White Notes were issued in £1 and £2 denominations. During the 20th century, White Notes were issued in denominations between £5 and £1000. Until the passing of the Gold Standard Act 1925 the bank was obliged to pay on demand the value of the note in gold coin to its bearer. [115]
This adds up to about 2,800,000 troy ounces (87 tonnes; 96 short tons) of silver, equivalent to £250,000 at the time, and worth about £10 million in 2005 money (its purchasing power at that time may have exceeded £100 million and may have been as high as £1 billion in 2005). [citation needed]
Countries where a unit of the national currency is "pound" (dark blue) or "lira" (light blue). Pound is the name of various units of currency.It is used in some countries today and previously was used in many others.
Although these notes were denominated in £sd, they were worth less than sterling, with 1 Pennsylvanian shilling equalling 9d sterling. The Pennsylvania Pound was first conceived by Francis Rawle , [ 2 ] who can be rightly called The Father of the Pennsylvania Pound.