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Longman Dictionary of Contemporary English
pound sterling
▪ The rate for the pound sterling was 1,650,000 roubles in January 1922 and 71,730,000 by October.
pound sterling

n. The currency of the United Kingdom.

pound sterling

n. the basic unit of money in Great Britain; equal to 100 pence [syn: British pound, pound, quid]

Pound sterling

The pound sterling (symbol: £; ISO code: GBP [Great Britain Pound]), commonly known as the pound, is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, South Georgia and the South Sandwich Islands, the British Antarctic Territory, and Tristan da Cunha. It is subdivided into 100 pence (singular: penny, abbreviated: p). A number of nations that do not use sterling also have currencies called the pound. At various times, the pound sterling was commodity money or bank notes backed by silver or gold, but it is currently fiat money, backed only by the economy in the areas where it is accepted. The pound sterling is the world's oldest currency still in use and which has been in continuous use since its inception.

The British Crown dependencies of Guernsey and Jersey produce their own local issues of sterling: the " Guernsey pound" and the " Jersey pound". The pound sterling is also used in the Isle of Man (alongside the Manx pound), Gibraltar (alongside the Gibraltar pound), the Falkland Islands (alongside the Falkland Islands pound), Saint Helena and Ascension Island in Saint Helena, Ascension and Tristan da Cunha (alongside the Saint Helena pound). The Bank of England is the central bank for the pound sterling, issuing its own coins and banknotes, and regulating issuance of banknotes by private banks in Scotland and Northern Ireland. Banknotes issued by other jurisdictions are not regulated by the Bank of England; local governments use Bank of England notes as backing for local issuance by allowing them to be exchanged 1:1 at face value.

Sterling is 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 it forms the basket of currencies which calculate the value of IMF special drawing rights, with an 11.3% weighting (USD 41.9%, Euro 37.4%, Yen 9.4%). Sterling is also the third most-held reserve currency in global reserves (about 4%).

Usage examples of "pound sterling".

He asked a thousand francs, which in those days before de Gaulle invented the new franc was about a pound sterling.

The fate of Britain and of Christendom hinge upon the power of the new good Pound Sterling to drive out the bad—.

Ten pound sterling is not enough to make me worth the hunting by a pack like that.

I maintain the title by the annual payment of twelve pound sterling for a certificate.

She flipped open the lid and gathered up the pound sterling and the coins she had saved.

I mean, seriously, the pound sterling should end up tied to currencies such as those?