In the early 19th century, 1 pound was a gold coin weighing nearly 8 grams. Calculated at the current gold price of about 480 yuan per gram, 1 pound at that time was equivalent to about 3,840 yuan today.

In 1816, the United Kingdom passed the "Gold Standard Act", which legally recognized gold as the currency standard to issue banknotes. In 1821, the United Kingdom officially launched the gold standard, and the pound became the standard monetary unit of the United Kingdom.

Issuance

The pound sterling is the standard currency unit of the United Kingdom and is issued by the Bank of England (Bank of England) founded in 1694. The unit of minor currency was originally shillings and pence, 1 pound was equal to 20 shillings, and 1 shilling was equal to 12 pence. On February 15, 1971, the Bank of England implemented a new currency rounding system, and the unit of minor currency was changed to new pence, and 1 pound was equal to 100 New pennies. The banknotes in circulation include 5, 10, 20 and 50 pound denominations, as well as 1, 2, 5, 10, 20, 50 new pennies and 1 pound coinage.

The pound sterling can be bought and sold in foreign exchange markets around the world, and its value fluctuates relative to other currencies. Historically, the pound has been the most valuable underlying currency.