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Summers is right that inflation is coming, former Fed economist says Mar. Silver pennies were the sole coinage used in England until the shilling was introduced in and the pound, two years later, in British Pound Notes and the Gold Standard The first paper notes were introduced in , with their legal basis being switched from silver to gold. The Bank of England, one of the first central banks in the world, was established a year later, in All Sterling notes were handwritten until , when the bank began to print whole notes. In the early 20th century, more countries began to tie their currencies to gold.
A gold standard was created, which allowed conversion between different countries' currencies and revolutionized trading and the international economy. Great Britain officially adopted the gold standard in , though it had been using the system since The strength of the Sterling that came with the gold standard led to a period of major economic growth in Britain until The countries that used the Pound became to be known as the Sterling Area and the Pound grew to be globally popular, held as a reserve currency in many central banks.
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However, as the British economy started to decline the US Dollar grew in dominance. When the British Pound was decimalized and began to float freely in the market, in , the Sterling Area was terminated. Following, the British Pound experienced a number of highs and lows. Click on a currency code to learn about it.