Money in The United Kingdom

The official legal currency used in the United Kingdom is the Pound sterling. It is considered the oldest form of currency still in use in any country. The pound originally referred to a pound weight of silver pennies, and it was used in parts of England even before the year 800. The first pound coins were struck in 1489, whereas pound bank notes were not issued until 1694.

The Pound sterling now is issued in different denominations with the bank notes being of various different colors according to their value. There are different designs of the bank notes issued by different banks in Scotland, England, Northern Ireland and other parts of the United Kingdom, and not all of these bank notes are accepted in other regions.

There are several banks in the United Kingdom where people may get a bank account, including expats. The use of credit and debit cards for payments is increasing these days, while fewer people now are writing bank checks. There may be a monthly fee for credit cards from a British bank. There is no fee for writing checks, but some stores in Britain insist on a minimum 5 pound purchase for those paying by check.