The British Academy

The origins of sterling pound and the English penny begin in the Anglo-Saxon times (8th century).

The sterling pound copied the denarius of the currency system of Charlemagne’s Frankish Empire. As in the Carolingian system, 240 pence weighed 1 pound (corresponding to Charlemagne’s Libra).

The English penny first appeared as a silver coin. It derived from the sceat, another silver coin, which was in general circulation in Europe during the middle ages.

Nowadays the standard circulating coinage of the United Kingdom is denominated in pounds sterling (symbol “£”), and, since the introduction of the two pounds coin in 1998, ranges in value from one penny to two pounds.

The pound has divided into 100 (new) pence since decimalization, on 15 February 1971.

The 1p, 2p, 5p, 10p, 20p and 50p coin designs post 2008 each depicts a part of the Royal Shield, and form the whole shield when they placed together in the proper arrangement. The Royal Shield can be seen in its entirety on the £1 coin.

The same coinage is used across all countries of the United Kingdom (England, Scotland, Wales and Northern Ireland).