Hardly any other currency has been as stable in the past as the British pound. Due to the fact that Great Britain has decided not to introduce the euro as a common currency, despite its European membership, the island has been largely spared the economic crisis. The pound is a strong currency, which in many countries is not only accepted as a means of payment, but also welcomed. So it is all the more important for your next trip abroad to have a few important facts about this currency in mind before you start. The pound has a different so-called ISO code in all countries, which is used to distinguish the respective national currency. In the countries of Egypt (ISO code EGP), Great Britain (GBP), Lebanon (LBP) and Syria (SYP) the pound is accepted as the main currency.
History of the pound
As almost the oldest – still active – currency in the world, the pound was introduced as a currency almost 1200 years ago and has an eventful history to tell to this day. The name giver for this currency was the spread of the weight unit in Europe.
Throughout its history, the currency was stable and its value was stable, but in 1717 the pound as a silver coin briefly disappeared from payment transactions. The reason for this was the gold standard. Sir Isaac Newton incorrectly calculated the gold-silver exchange rate when he determined that a British gold coin should be worth the equivalent of 21 shillings. As a result, silver lost massively in value compared to gold, which resulted in gold being overvalued in Great Britain. This promoted the import of gold and the exchange there for silver for export.
Due to the trade dominance of Great Britain at the time, the rest of Europe adopted this gold standard, which, however, put this situation into perspective again. With the beginning of the First World War, the end of the gold standard in Great Britain was sealed. Today, despite its comparative stability in international trade, the pound is largely doomed to be insignificant.
However, if you are planning a trip to one of the “pound” countries, you should still keep an eye on the exchange rates, as this way you can save one or two euros.
Currency exchange in pounds
It is advisable to first exchange the money in the country itself, as experience has shown that this is much cheaper than it is in this country. The reason for this is the sometimes horrific exchange fees that are charged in this country for exchanging money. These are not set so high abroad, which benefits the holidaymaker on site. When returning to Germany, it is advisable to have already exchanged all currencies.