{"id":4564,"date":"2021-04-16T07:21:27","date_gmt":"2021-04-16T14:21:27","guid":{"rendered":"https:\/\/magoosh.com\/english-speaking\/?p=4564"},"modified":"2021-04-23T00:30:15","modified_gmt":"2021-04-23T07:30:15","slug":"20-british-money-terms-you-need-to-know","status":"publish","type":"post","link":"https:\/\/magoosh.com\/english-speaking\/20-british-money-terms-you-need-to-know\/","title":{"rendered":"20+ British Money Terms You Need to Know"},"content":{"rendered":"

If you\u2019ve ever traveled abroad, you know that understanding different currencies and exchange rates can get confusing. This is especially true in the United Kingdom, where there many different terms for money. While some of these <\/span>British money terms<\/i><\/b> are more common in formal communications, others are more common in casual or informal conversations. In any case, let\u2019s take a look at 20+ British money terms you need to know!\u00a0<\/span><\/p>\n

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Official British Money Terms<\/strong><\/h2>\n

The official term for currency in the United Kingdom is the <\/span>pound sterling<\/i><\/b>, often abbreviated as GBP. The term \u201cpound sterling\u201d would be equivalent to the \u201cU.S. dollar\u201d in the United States (though their exact values differ). If you would like to refer to more than one, the correct plural form is pounds sterling.<\/span><\/p>\n

However, most people simply refer to the standard British currency as the <\/span>pound<\/i><\/b> (\u00a3). A pound is divided into 100 <\/span>pence<\/i><\/b> (p). Pence is the plural form, while penny is the singular form. Unlike pounds, which can be coins or paper, pence only appear as coins.<\/span><\/p>\n

It\u2019s also important to point out that people associate the term \u201cbill\u201d with paper money in the United States, while they associate the term \u201c<\/span>note<\/i><\/b>\u201d with paper money in the United Kingdom. For example, someone in the UK may ask for a \u201c20-pound note\u201d as payment for goods or services. Alternatively, Americans would typically refer to the U.S. equivalent as a \u201c20-dollar bill.\u201d<\/span><\/p>\n

Whether you\u2019re talking about notes or coins, the shorthand British money terms remain the same. The letter \u201cp\u201d is shorthand (in both writing and speech) for pence or pennies. Alternatively, the shorthand for pound sterling is \u201cpound\u201d (in speech) and \u00a3 (in writing).\u00a0<\/span><\/p>\n

British notes come in four standard denominations: \u00a35, \u00a310, \u00a320, and \u00a350. Coins come in eight denominations: 1p, 2p, 5p, 10p, 20p, 50p, \u00a31, and \u00a32. Therefore, the most valuable coin is worth two pounds and the most valuable note is worth 50 pounds. For reference, the British pound is worth about one and a half U.S. dollars (on average).<\/span><\/p>\n

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Outdated Terms<\/span><\/h3>\n

The British money terms listed above reflect the modern state of currency in the United Kingdom. However, money can change a lot over time. This is especially true in a country like England, which has a history dating back thousands of years. We will not spend time going through all of the different types of currency throughout British history, but it is useful to look at some older terms for money that you could still hear today:<\/span><\/b><\/p>\n