UK has long been a hub of economic activity and even to this day a large number of investors around the world prefer to make their investments and savings in the United Kingdom. One of the reasons for this has been the strict application of rules and regulations inside the UK. On top of that, the wide variety of monetary instruments being offered by the country has attracted people. One of the most important beneficiaries of this rise in investment in the UK has been its currency, the Pound and Sterling.
The currency of UK forms the backbone of the country’s economy. This article takes a look at some of the interesting facts about the Pound and Sterling that few people are actually aware of.
Fact #1: There is no One Authority to Issue Bank Notes in the UK
Typically in most countries, there is one bank that is in charge of the issuance of currency notes in the country. For example the US Federal Reserve in the US. However, in the UK, there are different banks that are allowed to issue bank notes for their own separate areas for example, the Royal Bank of Scotland, The Bank of Scotland and the Clydesdale Bank issues notes for Scotland. In Ireland, Pound notes are issued by the First trust Bank, Bank of Ireland, Ulster Bank and Danske Bank. In England and Wales, the Bank of England is in charge of this.
Fact #2: The Nazis Produced Counterfeit Sterling Notes
At the time of World War II, Nazi Germany tried to destabilize the British economy by producing forged British Sterling notes in large quantities in a move intended to devalue their currency. By the time the war finished, the British currency had 12% of the forged notes in rolling. To tackle that, the British pulled all high value notes from the market and added a metal thread to their notes to help in their identification.
Fact #3: It is the oldest currency in the world
Not many people know it but the British pound is one of the oldest currencies in the world. The currency has been used by empires and realms for centuries. In fact, it is even older than England itself. The pound was originally created in 8th Century at the Kingdom of Mercia.
Fact #4: The Currency has Titans and Giants
The pound and sterling currency has notes of £100 million and £1 million in existence. Despite not being available to the general public, these notes are available with the Northern Irish and Scottish Banks. The reason for the existence of such notes is because have to hold the equal amount their issue in notes with them.
Fact #5: We Don’t Want Your Change
In the UK, shop keepers are allowed to refuse to accept any payment that is made in too small a change. For example payment of 20 pounds in 1p and 2p can be refused by a shop keeper legally.
These are some of the many facts about the Pound and Sterling in the UK.