what is the symbol for the british pound
Pound sterling The pound sterling (symbol: Â£; ISO code: GBP), commonly known as the pound, is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, South Georgia and the South Sandwich Islands, the British Antarctic Territory,[8][9] and Tristan da Cunha.[10] It is subdivided into 100 pence (singular: penny, abbreviated: p). A number of nations that do not use sterling also have currencies called the pound. At various times, the pound sterling was commodity money or bank notes backed by silver or gold, but it is currently fiat money, backed only by the economy in the areas where it is accepted. The pound sterling is the world's oldest currency still in use and which has been in continuous use since its inception.[11]
Banknotes of the pound sterling Not since 1945 has there been bigger notes than £50 issued for general circulation by the Bank of England, although banks in Scotland and Northern Ireland still use £100 notes. However, the Bank of England does produce higher-value notes that are used to maintain parity with Scottish and Northern Irish notes. Banknotes issued by Scottish and Northern Irish banks have to be backed pound for pound by Bank of England notes (other than a small amount representing the currency in circulation in 1845), and special £1 million and £100 million notes are used for this purpose. Their design is based on the old Series A notes.[41][71]