What Is GBP Money?

Definition

GBP stands for Great British Pounds; however, the correct terminology for British money is pound sterling which is denoted by the curved "L" with a line through it. The British pound sterling is not to be confused with the widely used European euro, which is denoted by a "c" with a line through it. Although the latter is used all over Europe, it is not used in Britain.

All British coins are embedded with the Queen's head on the front side, although at one time these coins bared both the Queen and the King's face. On the outer perimeter of every coin is the initials "D.D.REG.F.D.", which is the abbreviation for the Latin phrase "Dei Gratia Regina Fidei Defensor," which means "By the grace of God, Queen and Defender." There are eight coins, which are: 1p (copper), 2p (copper, roughly the size of a quarter), 5p (silver, denotes the symbol of Scotland), 10p (silver, denotes a lion wearing the British Monarch crown), 20p (silver, denotes England's national flower, the Tudor rose), 50p (silver, octagon-shaped, denotes Britannia and a lion), one pound (gold/copper) and two pound (gold/copper rim/silver middle, the biggest coin).

British notes are called "sterling banknotes." They are referred to in slang in Britain as "quid," "pound," fiver (for a five-pound note)" and "a tenner (for a 10-pound note)". All British notes contain the picture of the Queen on the front side. There are five current notes in England: the five-pound note (pictures Elizabeth fry, old bill pictured George Stephenson), 10 pounds (features Charles Darwin and his magnifying glass), 20 pounds (features British orchestral composer Edward Elgar) and 50 pounds (denotes the first Governor of the Bank of England, Sir John Houblon).

British pound sterling is used in the U.K. and the British Islands. If you vacationed in the U.K. or the British Islands and you have left over British currency when you get home, you can go to any airport and have the money converted over to your currency. The conversion rates vary daily, so you'll have to call ahead of time to get the current rates.

All British sterling notes differ in color, and they are much larger than U.S. bills in height, but are smaller in width. The old term for British money was "shillings." These coins are no longer in circulation; however, a few are still used by seniors.