在20年代期间，一些英镑的官方持有人对于英国对外贸易方面差强人意的表现颇为担心。 正如现今的美元一样，这意味着该货币的价值被高估了因此贬值不可避免。
During the course of the 1920’s, some of the official holders of pounds grew nervous about Britain’s weak foreign trade performance, which suggested that, like today’s dollar, the currency was over-valued and would inevitably decline.