Money Symbol for UK: A Guide to the Pound Sterling (£)

The money symbol for the UK is the pound sign, represented as £. This symbol precedes the numerical value when writing or displaying amounts in British currency, known as the pound sterling. For example, ten pounds would be written as £10. But where did this symbol originate, and what other symbols and abbreviations were associated with British money before decimalization in 1971?

Engraving of a Royal Mint, from The Child’s Arithmetic: A Manual of Instruction for the Nursery and Infant Schools (London: William S. Orr and Co., 1837)

Origin of the Pound Sign (£)

The £ symbol is derived from the capital letter “L” in the old Roman alphabet. This “L” stood for “libra,” the Latin word for “pound,” a unit of weight used in Roman times. The pound weight of silver became a standard monetary unit in England, leading to the adoption of “libra” and its associated symbol for representing currency. Over time, the “L” was stylized with a horizontal line or two through it, eventually evolving into the modern £ symbol.

Pre-Decimal Currency and Abbreviations

Before 1971, the UK used a pre-decimal currency system with pounds (£), shillings (s), and pence (d).

  • Pound (£ or li): Represented by the £ sign or the abbreviation ‘li’, both stemming from the Latin “libra.”
  • Shilling (s): Abbreviated as ‘s,’ derived from the Roman coins “sesterius” or “solidos.”
  • Pence (d): Confusingly abbreviated as ‘d,’ originating from the Roman coin “denarius.”
  • Halfpenny (ob): Represented by ‘ob,’ short for “obulus,” another Roman coin.
  • Farthing (qua): Abbreviated as ‘qua,’ short for “quadrans,” meaning a quarter of a penny. “Farthing” itself is Old English for “a fourth-thing.”

Various formats were used to write monetary amounts, including:

  • £1 9s 6d
  • £1.9.6
  • £1/9/6d
  • £1-9-6

Shillings and pence alone could be written as:

  • 9s 6d or 9/6 (spoken as “nine and six”)

Lowercase Roman numerals were also common until the 17th century, for instance:

  • ixs vjd (representing 9 shillings and 6 pence).

Coins and Units of Pre-Decimal Money

A collection of Pre-Decimal British coins. Image source: Wikimedia Commons

The pre-decimal system included a variety of coins with specific names and values:

Coin Amount Nickname(s)
¼ d Farthing
½ d Halfpenny Haypny
¾ d Three Farthings
1d Penny
2d Two Pennies Tuppence
3d Three Pennies Threepenny bit, Thruppence
4d Groat
6d Sixpence Tanner
1s Shilling Bob
2s Two Shillings Florin
2s 6d Half a Crown
5s Crown
10s Ten Shillings Half Sovereign
£1 One Pound Sovereign, Quid
£1 1s One Pound and One Shilling Guinea

A “mark” (2/3 of a pound or 13s 4d) was used for accounting but was not a physical coin.

Decimalization and the Modern Pound

In 1971, the UK adopted decimalization, simplifying the currency to pounds (£) and pence (p), with 100 pence equaling one pound. Some pre-decimal coins initially remained in circulation with their decimal equivalents (e.g., a shilling became 5p). The term “New Pence” distinguished new coins from old pennies for a period after decimalization. While the old system is now largely historical, understanding its intricacies sheds light on the evolution of the modern pound sterling and its enduring symbol, the £.

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