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Banknotes Of The Pound Sterling Summary

Banknotes of the pound sterling

Sterling banknotes are the banknotes in circulation in the United Kingdom and its related territories, denominated in pounds sterling (symbol: £; ISO 4217 currency code GBP [Great Britain pound]). Sterling banknotes are official currency in the United Kingdom, Jersey, Guernsey, the Isle of Man, British Antarctic Territory, South Georgia and the South Sandwich Islands, and Tristan da Cunha in St Helena, Ascension and Tristan da Cunha. One pound is equivalent to 100 pence. Three British Overseas Territories also have currencies called pounds which are at par with the pound sterling. In most countries of the world the issue of banknotes is handled exclusively by a single central bank or government, but in the United Kingdom seven retail banks have the right to print their own banknotes in addition to the Bank of England; sterling banknote issue is thus not automatically tied in with one national identity or the activity of the state. The arrangements in the UK are unusual, but comparable systems are used in Hong Kong and Macao, where three and two banks respectively issue their own banknotes in addition to their respective governments. The Bank of England does act as a central bank in that it has a monopoly on issuing banknotes in England and Wales, and regulates the issues of banks in Scotland and Northern Ireland. Versions of the pound sterling issued by Crown Dependencies and other areas are regulated only by local governments and not the Bank of England.

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