GBP stands for Great British Pound or simply British Pound which literally means “British pound”, the official currency of the United Kingdom. Another name by which is known the English pound Pound Sterling (Gbp). The word “pound” comes from Latin and the word “Sterling” is of French origin.
The code GBP was assigned to the British pound through the standard “ISO 4217, established by the International Organization for Standardization (ISO), the International Organization for Standardization standards in approving technical fields. As the GBP, other currency codes are:
- BRL (Real, Brazil’s official currency)
- EUR (Euro, the official currency of the European Union)
- JPY (Yen or Yen, Japan’s official currency)
- USD (us dollar, official currency of the United States and other territories)
The pound sterling is regarded as the most valued currency on the market. Formerly each British pound was divided into 20 shillings and each xelin if divided into 12 pence, 240 pence are needed to form a pound. Since 15 February 1971 (known as the Decimal Day), a British pound is divided into 100 pence (cents). The singular of pence ‘s penny (cent). The symbol for the pound sterling is £.