British Pound

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British Pound

The currency of the United Kingdom. It is the third largest reserve currency in the world. It traces its origins to Anglo-Saxon times and is the oldest currency still in use. It is issued by the Bank of England and the Bank of Scotland. Like most currencies, it was pegged to the U.S. dollar under the Bretton Woods System, but is now a floating currency. The pound did not use a decimal system for its subdivisions until 1971. See also: Decimalisation, Quid.
References in periodicals archive ?
The company now offers Internet sites the chance to allow their customers to pay for goods or services in British pounds while using the escrow service.
Included in the agreement were a fee of 240,000 Euros, a share investment for both corporations, and a closing commission of 10 million British pounds, which would have been payable after the deal's conclusion.
The contract, which will be in effect for a minimum of 25 years and is expected to generate more than 60 million British pounds (approximately $90 million) in revenues over its life, is Evans & Sutherland's first Private Finance Initiative (PFI) win.

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