A means of exchange is a currency. The dollar, pound, euro, and rupee, are some examples. Because there are different currencies with names like “Dollar,” “Pound,” “Rupee,” and “Franc,” the International Organization for Standardization created a three-letter system of codes (i.e., ISO 4217). Here is a list of nations that use the pound as their official currency for your general knowledge (GK).
The primary unit of sterling is the pound (symbol: £). Although neither of these terms is an official name for the currency, it may also be referred to as the British pound or the compound noun pound sterling. 100 pence are split into one pound (singular: “penny”, abbreviated: “p”).
The oldest currency that is still in circulation and has been used continuously since its origin is sterling. After the US dollar, the euro, and the Japanese yen, it is now the fourth most traded currency on the foreign exchange market.
It makes up the basket of currencies used to determine the value of IMF special drawing rights together with the other three currencies and the renminbi. Sterling is also the fourth-most-held reserve currency in the world’s reserves as of mid-2021. These are all fiat currencies that have been issued by governments.
Jersey, Guernsey, the Isle of Man, Gibraltar, South Georgia and the South Sandwich Islands, the British Antarctic Territory, and Tristan da Cunha all use the pound sterling as their official currency.
The Guernsey pound, Jersey pound, Manx pound, Gibraltar pound, Falkland Islands pound, and Saint Helena pound are local issues of the pound that are valued on par with the British pound. Other nations have made the switch to the American currency, such as Bermuda in 1970.
The Bank of England, which issues its own banknotes and controls the issuance of notes by private banks in Scotland and Northern Ireland, serves as the central bank for the pound sterling. The Bank of England does not have any control over sterling banknotes printed by foreign nations.
Convertibility at par is guaranteed by their governments. Historically, the British Empire’s colonies and possessions utilized sterling to varying degrees.
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