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The pound sterling (symbol: £; ISO 4217 currency code: GBP) is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, British Antarctic Territory, South Georgia and the South Sandwich Islands, and Tristan da Cunha. The Bank of England has a legal monopoly of banknote issuance in England and Wales. Six other banks (three in Scotland and three in Northern Ireland) also issue their own banknotes as provisioned by the Banking Act 2009, but the law requires that the issuing banks hold a sum of Bank of England banknotes (or gold) equivalent to the total value of notes issued.
Versions of the pound sterling issued by Crown dependencies and other areas are regulated by their local governments and not by the Bank of England. Four British Overseas Territories (Gibraltar, Saint Helena, Ascension Island and the Falkland Islands) also have currencies called pounds which are at par with the pound sterling. Pound sterling paper banknotes were the first to be issued in Europe, printed and circulated by the Bank of Scotland in 1696.
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Versions of the pound sterling issued by Crown dependencies and other areas are regulated by their local governments and not by the Bank of England. Four British Overseas Territories (Gibraltar, Saint Helena, Ascension Island and the Falkland Islands) also have currencies called pounds which are at par with the pound sterling. Pound sterling paper banknotes were the first to be issued in Europe, printed and circulated by the Bank of Scotland in 1696.
View More On Wikipedia.org