What is the full form of GBP

GBP: Great Britain Pound

GBP stands for Great Britain Pound. It is the currency of the Great Britain. Its official name is sterling pound but commonly it is known as the pound. Its name is derived from a Latin word 'Libra' which indicates weight and balance. It is the official currency of various countries like the United Kingdom, Jersey, Guernsey, Isle of Man, South Sandwich Islands, British Antarctic Territory, Saint Helena, etc.

GBP is the basic unit of British currency which is divided into one hundred pence. The singular form of pence is penny.

Sterling pound is the oldest currency of world which is still in use immensely. It is the fourth most traded currency in the world. Coins and notes of GBP are produced by Bank of England. Its official symbol is £ and its ISO code is GBP.

Brief History

• The first pound appeared in1489, in the reign of Henry VII. It was called a sovereign as it was marked with an image of the king seated upon his throne.
• The pound banknotes, which were hand-written in the beginning, issued after the establishment of Bank of England in 1694.
• In 1797, the first pound note was issued as there was a need for smaller denomination banknotes to replace the gold coins during French Revolutionary Wars.
• The pound continued with its complex system of shillings and pence until the decimal system arrived in 1971.