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49-633: Aggregates Levy is a tax levied on the commercial exploitation of rock, sand, and gravel in the United Kingdom. The Aggregates Levy was introduced in 2002. Revenues were initially placed into the Aggregates Levy Sustainability Fund until March 2011, when the fund was scrapped. The tax is intended to promote the use of recycled aggregate. Taxable aggregate has been taxed at a rate of 2 pounds sterling per tonne since 1 April 2009. From 1 April 2002 to 31 May 2008, it

98-466: A unit of account in some contexts. Penny is first attested in a 1394 Scots text, a variant of Old English peni , a development of numerous variations including pennig , penning , and pending . The etymology of the term "penny" is uncertain, although cognates are common across almost all Germanic languages and suggest a base * pan- , * pann- , or * pand- with the individualizing suffix -ing . Common suggestions include that it

147-530: A full penny into halves or quarters. In 1527, Henry VIII abolished the Tower pound of 5400 grains , replacing it with the Troy pound of 5760 grains (making a penny 5760/240 = 24 grains) and establishing a new pennyweight of 1.56 grams, although, confusingly, the penny coin by then weighed about 8 grains, and had never weighed as much as this 24 grains. The last silver pence for general circulation were minted during

196-520: A local currency that is pegged to the U.S. dollar or the New Zealand dollar . The Sovereign Base Areas of Akrotiri and Dhekelia (in Cyprus ) use the euro. Since decimalisation on Decimal Day in 1971, the pound has been divided into 100 pence (denoted on coinage, until 1981, as "new pence"). The symbol for the penny is "p"; hence an amount such as 50p (£0.50) properly pronounced "fifty pence"

245-474: A new .950 or .960-fine penny with a smaller diameter. Surviving specimens have an average weight of 1.70 grams, although some estimate the original ideal mass at 1.76 grams. But despite the purity and quality of these pennies, they were often rejected by traders throughout the Carolingian period, in favor of the gold coins used elsewhere; this led to repeated legislation against such refusal, to accept

294-496: A penny were added to such combinations without a conjunction, as sixpence-farthing , and such constructions were also treated as single nouns. Adjectival use of such coins used the ending -penny, as sixpenny . The British abbreviation d. derived from the Latin denarius . It followed the amount, e.g. "11d". It has been replaced since decimalization by p , usually written without a space or period . From this abbreviation, it

343-399: A penny", "two and a penny", etc. 5 shillings, for example, was written as "5 s ." or, more commonly, "5/–" (five shillings, no pence). Various coin denominations had, and in some cases continue to have, special names, such as florin (2/–), crown (5/–), half crown (2/6 d ), farthing ( 1 ⁄ 4 d ), sovereign (£1) and guinea (21s, 21/–, £1–1–0 or £1.05 in decimal notation). By

392-533: A single word, as twopence or tuppence , threepence or thruppence , etc. (Other values were usually expressed in terms of shillings and pence or written as two words, which might or might not be hyphenated.) Where a single coin represented a number of pence, it was treated as a single noun, as a sixpence . Thus, "a threepence" (but more usually "a threepenny bit") would be a single coin of that value whereas "three pence" would be its value, and "three pennies" would be three penny coins. In British English, divisions of

441-625: A sixpence and four pennies."). It remains common in Scottish English, and is standard for all senses in American English, where, however, the informal "penny" is typically only used of the coins in any case, values being expressed in "cents". The informal name for the American cent seems to have spread from New York State . In Britain, prior to decimalization, values from two to eleven pence were often written, and spoken as

490-718: Is common to speak of pennies and values in pence as "p". In North America , it is common to abbreviate cents with the currency symbol ¢ . Elsewhere, it is usually written with a simple  c . The medieval silver penny was modeled on similar coins in antiquity, such as the Greek drachma , the Carthaginian shekel , and the Roman denarius . Forms of these seem to have reached as far as Norway and Sweden . The use of Roman currency in Britain , seems to have fallen off after

539-417: Is often pronounced "fifty pee" /fɪfti piː/. The old sign d was not reused for the new penny in order to avoid confusion between the two units. A decimal halfpenny ( ⁠ 1 / 2 ⁠ p, worth 1.2 old pennies) was issued until 1984 but was withdrawn due to inflation . Before decimalisation in 1971 , the pound was divided into 20 shillings , and each shilling into 12 pence , making 240 pence to

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588-615: Is the central bank for sterling, issuing its own banknotes and regulating issuance of banknotes by private banks in Scotland and Northern Ireland. Sterling banknotes issued by other jurisdictions are not regulated by the Bank of England; their governments guarantee convertibility at par . Historically, sterling was also used to varying degrees by the colonies and territories of the British Empire . There are various theories regarding

637-578: Is the currency of the United Kingdom and nine of its associated territories. The pound ( sign: £ ) is the main unit of sterling, and the word pound is also used to refer to the British currency generally, often qualified in international contexts as the British pound or the pound sterling . Sterling is the world's oldest currency in continuous use since its inception. In 2022, it

686-581: The Roman withdrawal and subsequent Saxon invasions . Charlemagne 's father Pepin the Short instituted a major currency reform around AD 755, aiming to reorganize Francia 's previous silver standard with a standardized .940-fine denier ( Latin : denarius ) weighing ⁄ 240 pound . (As the Carolingian pound seems to have been about 489.5  grams , each penny weighed about 2  grams .) Around 790, Charlemagne introduced

735-454: The euro cent or Chinese fen . The Carolingian penny was originally a 0.940-fine silver coin, weighing 1 ⁄ 240 pound . It was adopted by Offa of Mercia and other English kings and remained the principal currency in Europe over the next few centuries, until repeated debasements necessitated the development of more valuable coins. The British penny remained a silver coin until

784-482: The "penny" since the early 19th century, began with the unpopular copper chain cent in 1793. Abraham Lincoln was the first historical figure to appear on a U.S. coin when he was portrayed on the one-cent coin to commemorate his 100th birthday. The penny that was brought to the Cape Colony (in what is now South Africa ) was a large coin—36 mm in diameter, 3.3 mm thick, and 1 oz (28 g)—and

833-657: The 1950s, coins of Kings George III , George IV and William IV had disappeared from circulation, but coins (at least the penny) bearing the head of every British monarch from Queen Victoria onwards could be found in circulation. Silver coins were replaced by those in cupro-nickel in 1947, and by the 1960s the silver coins were rarely seen. Silver/cupro-nickel sixpences, shillings (from any period after 1816) and florins (2 shillings) remained legal tender after decimalisation (as 2½p, 5p and 10p respectively) until 1980, 1990 and 1993 respectively, but are now officially demonetised. The pound sterling emerged after

882-469: The Bank of England has exclusively used the single bar variant since 1975. Historically, a simple capital L (in the historic black-letter typeface, L {\displaystyle {\mathfrak {L}}} ) placed before the numerals, or an italic l. after them, was used in newspapers, books and letters. The Royal Mint was still using this style of notation as late as 1939. The glyphs Ł and Ⱡ may occasionally be encountered. Use of

931-484: The Frankish Empire, all these pennies were notionally fractions of shillings ( solidi ; sol ) and pounds ( librae ; livres ) but during this period neither larger unit was minted. Instead, they functioned only as notional units of account . (For instance, a "shilling" or "solidus" of grain was a measure equivalent to the amount of grain that 12 pennies could purchase.) English currency

980-457: The League's money was not frequently debased like that of England, English traders stipulated to be paid in pounds of the "Easterlings", which was contracted to "'sterling". The OED dismisses this theory as unlikely, since the stressed first syllable would not have been elided. Encyclopædia Britannica states that the (pre-Norman) Anglo-Saxon kingdoms had silver coins called sterlings and that

1029-505: The Roman libra , solidus , and denarius . Notable style guides recommend that the pound sign be used without any abbreviation or qualification to indicate sterling (e.g., £12,000). The ISO 4217 code "GBP" (e.g., GBP 12,000) may also be seen should disambiguation become necessary. The ISO 4217 currency code for sterling is "GBP", formed from the ISO 3166-1 alpha-2 code for

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1078-595: The United Kingdom ("GB") and the first letter of "pound". In historical sources and some specialist banking uses, the abbreviation stg (in various styles) has been used to indicate sterling. Many stocks on the London Stock Exchange are quoted in penny sterling, using the unofficial code "GBX". The exchange rate of sterling against the US dollar is referred to as "cable" in the wholesale foreign exchange markets . The origins of this term are attributed to

1127-542: The adoption of the Carolingian monetary system in England c.  800 . Here is a summary of changes to its value in terms of silver or gold until 1816. The pound was a unit of account in Anglo-Saxon England . By the ninth century it was equal to 240 silver pence . The accounting system of dividing one pound into twenty shillings , a shilling into twelve pence, and a penny into four farthings

1176-489: The coinage. The size and denomination of the 1816 British coins, with the exception of the four-penny coins, were used in South Africa until 1960. Handling and counting penny coins entail transaction costs that may be higher than a penny. It has been claimed that, for micropayments , the mental arithmetic costs more than the penny. Changes in the market prices of metals, combined with currency inflation, have caused

1225-420: The coins still in circulation were almost entirely melted down for the value of their gold. Only eight gold pennies are known to survive. It was not until the reign of Edward III that the florin and noble established a common gold currency in England. The earliest halfpenny and farthing (¼ d. ) found date from the reign of Henry III . The need for small change was also sometimes met by simply cutting

1274-478: The common phrase "quids in"). Its origin is unknown: possible derivations include scudo , the name for a number of currency units used in Italy until the 19th century, introduced by Italian immigrants; or from Latin quid via the common phrase quid pro quo , literally, "what for what", or, figuratively, "An equal exchange or substitution". The term "nicker" (also both singular and plural) may also refer to

1323-417: The compound noun pound sterling was derived from a pound (weight) of these sterlings. The English word pound derives from the Latin expression lībra pondō , in which lībra is a noun meaning 'pound' and pondō is a noun, in the ablative case , meaning 'by weight'. The currency sign for the pound unit of sterling is £ , which (depending on typeface) may be drawn with one or two bars :

1372-625: The expense of the Napoleonic Wars prompted the use of base metals in 1797. Despite the decimalization of currencies in the United States and, later, throughout the British Commonwealth , the name remains in informal use. No penny is currently formally subdivided, although farthings ( 1 ⁄ 4 d), halfpennies , and half cents have previously been minted and the mill ( 1 ⁄ 10 ¢) remains in use as

1421-437: The face of Carthaginian goddess Tanit was represented on nearly all Carthaginian currency . Following decimalization , the British and Irish coins were marked "new penny" until 1982 and 1985, respectively. From the 16th century, the regular plural pennies fell out of use in England, when referring to a sum of money (e.g. "That costs tenpence."), but continued to be used to refer to more than one penny coin ("Here you are,

1470-430: The fact that from the mid-19th century, the sterling/dollar exchange rate was transmitted via transatlantic cable. Historically almost every British coin had a widely recognised nickname, such as "tanner" for the sixpence and "bob" for the shilling . Since decimalisation these have mostly fallen out of use except as parts of proverbs. A common slang term for the pound unit is " quid " (singular and plural, except in

1519-456: The governor, issued a proclamation that only British Sterling would be legal tender in the Cape Colony (colonial South Africa ). The new British coins (which were introduced in England in 1816), among them being the shilling, six-pence of silver, the penny, half-penny, and quarter-penny in copper, were introduced to the Cape. Later two-shilling, four-penny, and three-penny coins were added to

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1568-520: The king's currency. Some of the Anglo-Saxon kingdoms initially copied the solidus , the late Roman gold coin ; at the time, however, gold was so rare and valuable that even the smallest coins had such a great value that they could only be used in very large transactions and were sometimes not available at all. Around 641–670, there seems to have been a movement to use coins with lower gold content. This decreased their value and may have increased

1617-440: The letter ⟨L⟩ for pound derives from medieval Latin documents: "L" was the abbreviation for libra , the Roman pound (weight), which in time became an English unit of weight defined as the tower pound . A "pound sterling" was literally a tower pound (weight) of sterling silver . In the British pre-decimal ( duodecimal ) currency system, the term £sd (or Lsd) for pounds, shillings and pence referred to

1666-640: The mid-9th century. The first Carolingian-style pennies were introduced by King Offa of Mercia ( r. 757–796), modeled on Pepin's system. His first series was 1 ⁄ 240 of the Saxon pound of 5400 grains (350 grams) , giving a pennyweight of about 1.46 grams . His queen Cynethryth also minted these coins under her own name. Near the end of his reign, Offa minted his coins in imitation of Charlemagne's reformed pennies. Offa's coins were imitated by East Anglia , Kent , Wessex and Northumbria , as well as by two Archbishops of Canterbury . As in

1715-482: The need for small change. Finally, amid the Napoleonic Wars , the government authorized Matthew Boulton to mint copper pennies and twopences at Soho Mint in Birmingham in 1797. Typically, 1 lb. of copper produced 24 pennies. In 1860, the copper penny was replaced with a bronze one (95% copper, 4% tin , 1% zinc ). Each pound of bronze was coined into 48 pennies. The United States' cent, popularly known as

1764-769: The number that could be minted, but these paler coins do not seem to have solved the problem of the value and scarcity of the currency. The miscellaneous silver sceattas minted in Frisia and Anglo-Saxon England after around 680 were probably known as "pennies" at the time. (The misnomer is based on a probable misreading of the Anglo-Saxon legal codes.) Their purity varied and their weight fluctuated from about 0.8 to about 1.3 grams. They continued to be minted in East Anglia under Beonna and in Northumbria as late as

1813-597: The origin of the word "sterling". The Oxford English Dictionary states that the "most plausible" etymology is a derivation from the Old English steorra for "star" with the added diminutive suffix -ling , to yield "little star". The reference is to the silver penny used in Norman England in the twelfth century, which bore a small star. Another theory holds that the Hanseatic League

1862-554: The pound. The currency of all the Crown Dependencies ( Guernsey , Jersey , Isle of Man ) and a third of British Overseas Territories ( British Antarctic Territory ; Falkland Islands and South Georgia and the South Sandwich Islands ; Gibraltar ; and Saint Helena, Ascension and Tristan da Cunha ) is either sterling or pegged to sterling at par. The other British Overseas Territories have

1911-602: The pound. The symbol for the shilling was " s ." – not from the first letter of "shilling", but from the Latin solidus . The symbol for the penny was " d .", from the French denier , from the Latin denarius (the solidus and denarius were Roman coins). A mixed sum of shillings and pence, such as 3 shillings and 6 pence, was written as "3/6" or "3 s . 6 d ." and spoken as "three and six" or "three and sixpence" except for "1/1", "2/1" etc., which were spoken as "one and

1960-484: The reign of Charles II around 1660. Since then, they have only been coined for issue as Maundy money , royal alms given to the elderly on Maundy Thursday . Throughout the 18th century, the British government did not mint pennies for general circulation and the bullion value of the existing silver pennies caused them to be withdrawn from circulation. Merchants and mining companies, such as Anglesey 's Parys Mining Co. , began to issue their own copper tokens to fill

2009-513: The reign of King Offa of Mercia (757–796), who introduced a "sterling" coin made by physically dividing a Tower pound (5,400 grains, 349.9 grams) of silver into 240 parts. In practice, the weights of the coins were not consistent, 240 of them seldom added up to a full pound; there were no shilling or pound coins and these units were used only as an accounting convenience . Halfpennies and farthings worth 1 ⁄ 2 and 1 ⁄ 4 penny respectively were also minted, but small change

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2058-692: The twopence was correspondingly larger at 41 mm in diameter, 5 mm thick and 2 oz (57 g). On them was Britannia with a trident in her hand. The English called this coin the Cartwheel penny due to its large size and raised rim, but the Capetonians referred to it as the Devil 's Penny as they assumed that only the Devil used a trident. The coins were very unpopular due to their large weight and size. On 6 June 1825, Lord Charles Somerset ,

2107-470: Was adopted from the livre carolingienne system introduced by Charlemagne to the Frankish Empire . The penny was abbreviated to "d", from denarius , the Roman equivalent of the penny; the shilling to "s" from solidus (written with a long s , ſ , later evolving into a simple slash , / ); and the pound to "L" (subsequently £ ) from Libra or Livre . The origins of sterling lie in

2156-610: Was levied at £1.60 per tonne, and from 1 April 2008 to 30 May 2009, at £1.95 per tonne. Pound sterling King Charles III [REDACTED] William, Prince of Wales [REDACTED] Charles III ( King-in-Council ) [REDACTED] Starmer ministry ( L ) Keir Starmer ( L ) Angela Rayner ( L ) ( King-in-Parliament ) [REDACTED] Charles III [REDACTED] [REDACTED] [REDACTED] The Lord Reed The Lord Hodge Andrew Bailey Monetary Policy Committee Sterling ( ISO code : GBP )

2205-653: Was more commonly produced by cutting up a whole penny. Silver penny Penny is also the informal name of the cent unit of account in Canada, although one-cent coins were removed from circulation in 2012. The name penny is also used in reference to various historical currencies, also derived from the Carolingian system , such as the French denier and the German pfennig . It may also be informally used to refer to any similar smallest-denomination coin, such as

2254-454: Was notionally .925-fine sterling silver at the time of Henry II , but the weight and value of the silver penny steadily declined from 1300 onwards. In 1257, Henry III minted a gold penny which had the nominal value of 1 shilling 8 pence (i.e. 20 d. ). At first, the coin proved unpopular because it was overvalued for its weight; by 1265 it was so undervalued—the bullion value of its gold being worth 2 shillings (i.e. 24 d. ) by then—that

2303-567: Was originally * panding as a Low Franconian form of Old High German pfant "pawn" (in the sense of a pledge or debt, as in a pawnbroker putting up collateral as a pledge for repayment of loans); * panning as a form of the West Germanic word for " frying pan ", presumably owing to its shape; and * ponding as a very early borrowing of Latin pondus (" pound "). Recently, it has been proposed that it may represent an early borrowing of Punic pn ( Pane or Pene , "Face"), as

2352-533: Was the fourth-most-traded currency in the foreign exchange market , after the United States dollar , the euro , and the Japanese yen . Together with those three currencies and the renminbi , it forms the basket of currencies that calculate the value of IMF special drawing rights . As of late 2022, sterling is also the fourth most-held reserve currency in global reserves . The Bank of England

2401-576: Was the origin of its definition, manufacture, and name: the German name for the Baltic is Ostsee ( ' East Sea ' ) and from this the Baltic merchants were called Osterlings ( ' Easterlings ' ). In 1260, Henry III granted them a charter of protection and land for their kontor , the Steelyard of London , which by the 1340s was also called Esterlingeshalle ( ' Easterlings Hall ' ). Because

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