BROWSE

GBP

What does 'GBP' mean

GBP is the abbreviation for the British pound sterling, the official currency of the United Kingdom, the British Overseas Territories of South Georgia, the South Sandwich Islands and British Antarctic Territory and the U.K. crown dependencies: the Isle of Man and the Channel Islands. The African country of Zimbabwe also uses the pound. The British pound is pegged to the Falkland Islands pound, Gibraltar pound, Saint Helenian pound, Jersey pound (JEP), Guernsey pound (GGP), Manx pounds, Scotland notes and Northern Ireland notes.

Explaining 'GBP'

The British pound has one of the highest trading volumes in the world, trailing only the U.S. dollar, euro and Japanese yen in daily volume. The British pound accounts for about 13% of the daily trading volume in foreign exchange markets. In addition to the nickname “quid,” the British pound is sometimes referred to by the name sterling.

History of the British Pound

The British pound became the official currency of the United Kingdom when England and Scotland united to form a single country in 1707. However, the British pound was first created as a form of money in the year 760. The British pound is the oldest currency in the world that is still used as legal tender.

Interesting Facts

In addition to the United Kingdom, the British pound has previously served as currency in many of the colonies of the British Empire including Australia, New Zealand and Canada. Prior to 1855, when it began printing British pound notes, the Bank of England wrote all notes by hand. The U.K. is a member of the European Union but uses the British pound and not the euro as its currency.


Further Reading


Change in unconditional foreign exchange rate volatility: an analysis of the GBP and USD price of the Euro from 2002 to 2003
www.tandfonline.com [PDF]
… 21 Jul. 2003. USD variance, –. GBP, USD covariance, –. References … A comparison of estimators daily realised volatility. Finance Letters, 1: 29–34. [Google Scholar]; Den Haan, WJ and Levin, AT … Discussion Paper 11, Department of Economics. San Diego: University of California …

Centralized and decentralized bitcoin markets: Euro vs USD vs GBPCentralized and decentralized bitcoin markets: Euro vs USD vs GBP
www.sciencedirect.com [PDF]
… 21 Jul. 2003. USD variance, –. GBP, USD covariance, –. References … A comparison of estimators daily realised volatility. Finance Letters, 1: 29–34. [Google Scholar]; Den Haan, WJ and Levin, AT … Discussion Paper 11, Department of Economics. San Diego: University of California …

The economics of infrastructure finance: Public-private partnerships versus public provisionThe economics of infrastructure finance: Public-private partnerships versus public provision
www.econstor.eu [PDF]
… 21 Jul. 2003. USD variance, –. GBP, USD covariance, –. References … A comparison of estimators daily realised volatility. Finance Letters, 1: 29–34. [Google Scholar]; Den Haan, WJ and Levin, AT … Discussion Paper 11, Department of Economics. San Diego: University of California …

Blockchain, Fintech and Islamic FinanceBlockchain, Fintech and Islamic Finance
www.degruyter.com [PDF]
… 21 Jul. 2003. USD variance, –. GBP, USD covariance, –. References … A comparison of estimators daily realised volatility. Finance Letters, 1: 29–34. [Google Scholar]; Den Haan, WJ and Levin, AT … Discussion Paper 11, Department of Economics. San Diego: University of California …

Dynamic linkages among Bitcoin, gold prices and exchange rates of US Dollar in JPY, GBP and CNY: DCC EGARCH approachDynamic linkages among Bitcoin, gold prices and exchange rates of US Dollar in JPY, GBP and CNY: DCC EGARCH approach
www.ceeol.com [PDF]
… 21 Jul. 2003. USD variance, –. GBP, USD covariance, –. References … A comparison of estimators daily realised volatility. Finance Letters, 1: 29–34. [Google Scholar]; Den Haan, WJ and Levin, AT … Discussion Paper 11, Department of Economics. San Diego: University of California …

Economics and finance: q-statistical stylized features galoreEconomics and finance: q-statistical stylized features galore
www.mdpi.com [PDF]
… 21 Jul. 2003. USD variance, –. GBP, USD covariance, –. References … A comparison of estimators daily realised volatility. Finance Letters, 1: 29–34. [Google Scholar]; Den Haan, WJ and Levin, AT … Discussion Paper 11, Department of Economics. San Diego: University of California …



Q&A About GBP


How much does GBP account for in daily trading volume?

About 13 percent of all foreign exchange market trading takes place in GBP.

Where does GBP trade in daily volume?

It trades in daily volume with a high trading volume ranking only behind U.S., euro and Japanese yen.

What is GBP?

GBP is the abbreviation for the British pound sterling, the official currency of the United Kingdom.

Who was responsible for printing all banknotes by hand prior to 1855?

Prior to 1855, when it began printing British pound notes, Bank of England wrote all notes by hand.

When did Britain switch from using Roman numerals to Arabic numerals on their currency?

In 1750, England switched from using Roman numerals to Arabic numbers on its currency notes and coins.

What nickname does GBP have?

Quid or sterling are nicknames for British pounds.

Is Great Britain a member of the European Union (EU)?

Yes, Great Britain is a member of EU but uses British pounds instead of euros as its currency."