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Currency history

Pound sterling

England’s penny–pound account tradition, with qualified Frankish ancestry and a continuing history as sterling.

Dates in use
Still in use; introduction date not established here
Currency code
GBP · GIP
Ancestry branch
Sterling

Its place in the family

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Select a name for its history or a dated connection for its evidence.

Pound sterling: documented and qualified family connections PREDECESSORS THIS CURRENCY SUCCESSORS Irish pound — pre-1826 account unitIrish pound 1826 · DocumentedLater contribution or absorptionAccount equivalence described in CommonsDocumented connection · 1826 · Account equivalence described in Commons debate, not a market observation or enacted conversion instrument. Frankish denier–livre reckoningFrankish denier–livre reckoning 600–1087 · QualifiedEarlier ancestry; immediate parent openQualified connection · 600–1087 · Period of differentiation, not an exact foundation date. Bahamian dollarBahamian dollar 1966 · DocumentedBahamian dollars per Bahamas pound: 20local shillings divided by seven.Documented connection · 1966 · Bahamian dollars per Bahamas pound: 20 local shillings divided by seven. Bermudian dollarBermudian dollar 1970 · DocumentedBermudian dollars per Bermuda pound.Documented connection · 1970 · Bermudian dollars per Bermuda pound. Vancouver Island decimal dollarVancouver Island decimal dollar 1 January 1863 specified · DocumentedVancouver dollar account units persterling pound under sections II–III.Documented connection · 1 January 1863 specified · Vancouver dollar account units per sterling pound under sections II–III. British Columbia decimal dollarBritish Columbia decimal dollar 1866 · date range · QualifiedBritish Columbia ordinary sterling rating;section VIII commencement caveat retained.Qualified connection · 1866 · date range · British Columbia ordinary sterling rating; section VIII commencement caveat retained. West African Currency Board poundWest African Currency Boardpound 1912–1913 · DocumentedNominal sterling parity; commissionsapply. Not a universal fee-free conversionDocumented connection · 1912–1913 · Nominal sterling parity; commissions apply. Not a universal fee-free conversion offer. Irish pound — modern currencyIrish pound 1927–1928 · DocumentedThe Saorstat pound established a nationalcurrency at sterling parity under the 1927Documented connection · 1927–1928 · The Saorstat pound established a national currency at sterling parity under the 1927 Act, followed by the 1928 issue. National monetary separation with continuing sterling circulation; not a revival conversion from the pre-1826 Irish unit. Tongan poundTongan pound 1935–1936 · DocumentedDocumented connection · 1935–1936 Saint Helena poundSaint Helena pound 1975–1976 · DocumentedDocumented connection · 1975–1976 Falkland Islands poundFalkland Islands pound 1987–1990 · DocumentedDocumented connection · 1987–1990 Hong Kong dollarHong Kong dollar 1864 · QualifiedLater contribution or absorptionQualified connection · 1864 Maltese pound / liraMaltese pound / lira 1949–1968 · DocumentedDocumented connection · 1949–1968 Cypriot poundCypriot pound 1879–1949 · DocumentedDocumented connection · 1879–1949 Australian poundAustralian pound 1929–1936 · DocumentedDocumented connection · 1929–1936 New Zealand poundNew Zealand pound 1933–1935 · DocumentedDocumented connection · 1933–1935 Fiji poundFiji pound 1929–1933 · DocumentedDocumented connection · 1929–1933 Jamaican poundJamaican pound 1840-12-31 · QualifiedQualified connection · 1840-12-31 South African poundSouth African pound 1914–1925 · DocumentedDocumented connection · 1914–1925 Southern Rhodesian / Central African pound — including federal currencySouthern Rhodesian / CentralAfrican pound 1932–1940 · DocumentedDocumented connection · 1932–1940 Pound ScotsPound Scots 1300–1599 · QualifiedEarlier ancestry; immediate parent openQualified connection · 1300–1599 · Period of differentiation, not an exact foundation date. Pound sterlingPound sterling GBP · GIP

The story

The Royal Mint Museum traces the reckoning system to the Frankish kingdom. That supports an older ancestry link, while the date and immediate regional stages remain open. Offa’s use of Frankish penny models is separate corroborating evidence. Early English shillings varied: a twelve-pence shilling should not be assumed for every period. [1] [2]

Turning points

Account-unit observation

Beonna’s Swineshead lease fixes consideration at 1, 000 shillings and an annual render of hospitality or thirty sicli; heirs remain liable. This extends qualified early-English account evidence. [3]

Account-unit observation

Cuthred’s Eythorne grant values the transferred land at 3, 000 pence. This contemporary account transaction supports the existing English penny lineage before the 833–839 pound-of-pennies witness. [4]

Account-unit observation

Burgred’s London grant describes sixty silver solidi, an earlier one-pound purchase, and annual rent of twelve denarii. [5]

Gold standard suspended

Britain suspended the gold standard in September 1931. [6]

Territorial unit derivation

Inference: The Bermuda pound replaced in 1970 was the locally issued sterling-denominated predecessor of the Bermuda dollar. The transition attests the inherited pound system; 1970 is not its origin date. [7]

Pound divided into 100 new pence

Decimalisation on 15 February 1971 retained the pound and changed its subdivision from 240 old pence to 100 new pence. [8]

Sources and evidence

  1. Royal Mint Museum · Pounds, Shillings and Pence (undated); John Hines, The Antiquaries Journal 90 (2010), pp.153–173; DOI 10.1017/S0003581510000089 · Units of account in gold and silver in seventh-century England: scillingas, sceattas and pæningas; Rory Naismith, British Numismatic Journal 80 (2010), 76–106 · The Coinage of Offa Revisited C2097 ↗
  2. Royal Mint Museum · Pounds, Shillings and Pence (undated); John Hines, The Antiquaries Journal 90 (2010), pp.153–173; DOI 10.1017/S0003581510000089 · Units of account in gold and silver in seventh-century England: scillingas, sceattas and pæningas; Rory Naismith, British Numismatic Journal 80 (2010), 76–106 · The Coinage of Offa Revisited C2094 ↗
  3. Electronic Sawyer, University of Cambridge · S 1412: Beonna lease to Cuthbert, 786–796; King’s College London, Anglo-Saxon Charters · S 1412 Latin transcription C1829 ↗
  4. Electronic Sawyer, Kings College London / University of Cambridge · S 41: Cuthred grant at Eythorne, 805–807; Rory Naismith · Medieval European Coinage, volume 8: Britain and Ireland c.400–1066 (Cambridge, 2017) C1828 ↗
  5. Electronic Sawyer, University of Cambridge · S 208: Burgred grant to Alhhun, 857 C1830 ↗
  6. Bank of England · History of the Bank of England C255 ↗
  7. Bermuda Monetary Authority · Bermuda Monetary Authority: Celebrating 50 Years — 20 February 2019 release C987 ↗
  8. The Royal Mint · The Royal Mint and Decimalisation C253 ↗

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Cite this page

“Pound sterling.” The Family Tree of Money. © Field Technologies, Inc. Reader edition 2026-10-13; research dataset v43. https://family-tree-money-atlas.bob123444.chatgpt.site/currency/T-FTM000497.html

Editorial evidence supplement · Download dataset v43

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