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12 Facts About the Pound Sterling

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The pound sterling, 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, and Tristan da Cunha.

A currency in the most specific use of the word refers to money in any form when in actual use or circulation as a medium of exchange, especially circulating banknotes and coins.

Jersey, officially the Bailiwick of Jersey, is a Crown dependency of the United Kingdom, ruled by the Crown in right of Jersey, off the coast of Normandy, France.

Tristan da Cunha, colloquially Tristan, is the name of both a remote group of volcanic islands in the south Atlantic Ocean and the main island of that group.

Pound Sterling 'All About US' by loraineffrench

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It is subdivided into 100 pence.

Pound Sterling - All Around The World by Pound Sterling

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A number of nations that do not use sterling also have currencies called the pound.

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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.

Commodity money is money whose value comes from a commodity of which it is made.

Fiat money is a currency established as money by government regulation or law.

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The pound sterling is the world's oldest currency still in use and which has been in continuous use since its inception.

Tin is a chemical element with the symbol Sn and atomic number 50, is a post-transition metal in group 14 of the periodic table.

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The British Crown dependencies of Guernsey and Jersey produce their own local issues of sterling: the "Guernsey pound" and the "Jersey pound".

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The pound sterling is also used in the Isle of Man, Gibraltar, the Falkland Islands, Saint Helena and Ascension Island in Saint Helena, Ascension and Tristan da Cunha.

Ascension Island is an isolated volcanic island in the equatorial waters of the South Atlantic Ocean, around 1,600 kilometres from the coast of Africa and 2,250 kilometres from the coast of Brazil, which is roughly midway between the horn of South America and Africa.

Saint Helena is a volcanic tropical island in the South Atlantic Ocean, 4,000 kilometres east of Rio de Janeiro and 1,950 kilometres west of the Cunene River, which marks the border between Namibia and Angola in southwestern Africa.

Gibraltar is a British Overseas Territory located on the southern end of the Iberian Peninsula.

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The Bank of England is the central bank for the pound sterling, issuing its own coins and banknotes, and regulating issuance of banknotes by private banks in Scotland and Northern Ireland.

The Bank of England, formally the Governor and Company of the Bank of England, is the central bank of the United Kingdom and the model on which most modern central banks have been based.

A central bank, reserve bank, or monetary authority is an institution that manages a state's currency, money supply, and interest rates.

Northern Ireland is a top-level constituent unit of the United Kingdom in the northeast of Ireland.

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Banknotes issued by other jurisdictions are not regulated by the Bank of England; local governments use Bank of England notes as backing for local issuance by allowing them to be exchanged 1:1 at face value.

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Sterling is the fourth most-traded currency in the foreign exchange market, after the United States dollar, the euro, and the Japanese yen.

The euro is the official currency of the eurozone, which consists of 19 of the 28 member states of the European Union: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain.

The foreign exchange market is a global decentralized market for the trading of currencies.

¥ is a currency sign used by the Chinese yuan and the Japanese yen currencies.

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Together with those three currencies it forms the basket of currencies which calculate the value of IMF special drawing rights, with an 11.3% weighting as of 2011.

Special Drawing Rights are supplementary foreign exchange reserve assets defined and maintained by the International Monetary Fund.

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Sterling is also the third most-held reserve currency in global reserves.

A reserve currency is a currency that is held in significant quantities by governments and institutions as part of their foreign exchange reserves.

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