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Bank of England Website: Pound Sterling Q1 Fundamental Forecast:
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As the fourth most traded currency, the British Pound is the third most held reserve currency in the world. Importance of the British Pound The British Pound is the oldest currency still in use today, as well as one of the most commonly converted currencies. Early Currency in Britain With its origins dating back to the year , the Pound Sterling was first introduced as the silver penny, which spread across the Anglo-Saxon kingdoms.
In , the design was changed and rather than pure silver the new coins were struck from Silver pennies were the sole coinage used in England until the shilling was introduced in and the pound, two years later, in British Pound Notes and the Gold Standard The first paper notes were introduced in , with their legal basis being switched from silver to gold.
The Bank of England, one of the first central banks in the world, was established a year later, in All Sterling notes were handwritten until , when the bank began to print whole notes.
In the early 20th century, more countries began to tie their currencies to gold. A gold standard was created, which allowed conversion between different countries' currencies and revolutionized trading and the international economy. Great Britain officially adopted the gold standard in , though it had been using the system since The strength of the Sterling that came with the gold standard led to a period of major economic growth in Britain until The countries that used the Pound became to be known as the Sterling Area and the Pound grew to be globally popular, held as a reserve currency in many central banks.
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Or, read more articles on DailyFX. You are subscribed to Ilya Spivak. An error occurred submitting your form. Please try again later. Flat Euro downturn clues return as prices show Shooting Star, RSI divergence Absence of clear-cut confirmation argues against entering short position The Euro is showing early signs of topping once again after rising to the highest level in five years against the British Pound.
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