The currency of the UK
Pound
SterlingGBP
The currency of the United Kingdom is the pound sterling (GBP), also called the British pound, divided into 100 pence and issued by the Bank of England, with coins from the Royal Mint. It is often called the oldest currency still in use, and one pound costs ₹128.44 at our selling rate right now.
- Code
- GBP
- Symbol
- £
- Subunit
- 100 pence
- In use since
- The 800s
What is the currency of the UK?
The currency of the UK is the pound sterling, also called the British pound, code GBP, written £. One pound is divided into 100 pence. The Bank of England issues the notes, six banks in Scotland and Northern Ireland issue their own, and the Royal Mint makes the coins. It is often described as the oldest currency still in use. Do not confuse it with the Egyptian pound, which is a separate currency. On 5 Oct 2026, one pound was worth about ₹128.44 at our selling rate.
British Pound at a glance
- Currency
- Pound sterlingAlso called the British pound, or simply sterling
- Code
- GBPNumeric code 826
- Symbol
- £From the letter L, for the Latin libra, a pound of money
- Subunit
- 1 pound = 100 penceWritten p; 240 old pence before Decimal Day, 1971
- Issuer
- Bank of EnglandPlus six Scottish and Northern Irish note issuers; the Royal Mint makes the coins
- Introduced
- Over 1,100 years agoIts roots go back to about AD 800 to 886, depending on the source
- Exchange rate
- FloatingAllowed to float since the early 1970s
- Used in
- The United KingdomJersey, Guernsey and the Isle of Man issue their own pounds at par
- Banknotes
- £5, £10, £20 and £50All polymer, issued from 13 September 2016; King Charles III notes since 5 June 2024
- Coins
- 1p, 2p, 5p, 10p, 20p, 50p, £1 and £2The 1p and 2p are rarely used now
UK currency notes and coins
British currency comes as four polymer banknotes and eight coins. The Bank of England issued its first polymer note, the £5, on 13 September 2016, and each note is shown with what it costs in rupees at our selling rate today. Notes with King Charles III's portrait, issued from 5 June 2024, circulate alongside those with Queen Elizabeth II.
- Bank of EnglandFive pounds£5
Five pounds £5
≈ ₹642.22 today- Colour
- Turquoise
- Front
- The monarch in a see-through window, with gold foil
- Back
- Winston Churchill, and a view of Westminster with the Elizabeth Tower (Big Ben)
- Bank of EnglandTen pounds£10
Ten pounds £10
≈ ₹1,284.43 today- Colour
- Orange
- Front
- The monarch in a see-through window, with gold foil
- Back
- Jane Austen, with Elizabeth Bennet and Godmersham Park, her brother's house
- Bank of EnglandTwenty pounds£20
Twenty pounds £20
≈ ₹2,568.86 today- Colour
- Purple
- Front
- The monarch in a see-through window, with gold and blue foil
- Back
- J. M. W. Turner, and his painting The Fighting Temeraire
- Bank of EnglandFifty pounds£50
Fifty pounds £50
≈ ₹6,422.15 today- Colour
- Red
- Front
- The monarch in a see-through window, with gold and green foil
- Back
- Alan Turing, his ACE Pilot Machine and the binary code of his birth date
Coins, in pence
The copper-coloured 1p and 2p are rarely used now. The 20p and 50p have seven sides, the £1 has twelve, and the £1 and £2 are each made of two metals, with the £2 the heaviest coin.
- 11 penny
≈ ₹1.28 - 22 pence
≈ ₹2.57 - 55 pence
≈ ₹6.42 - 1010 pence
≈ ₹12.84 - 2020 pence
≈ ₹25.69 - 5050 pence
≈ ₹64.22 - 11 pound
≈ ₹128.44 - 22 pounds
≈ ₹256.89
Sources: Bank of England, current banknotes; Royal Mint, coin specifications; colours as printed. Rupee values at our selling rate, 10:25 AM IST, 5 Oct 2026.
The old paper notes the Bank still swaps
Four paper Bank of England notes stopped being legal tender between 2017 and 2022. If one is left in a drawer after a relative's visit or an old trip, it is not worthless: the Bank of England still exchanges them.
The paper £5 goes
The paper £5 (Series E) stops being legal tender. Its polymer replacement, with Winston Churchill, has been in circulation since 13 September 2016.
The Darwin £10 follows
The paper £10 with Charles Darwin stops being legal tender. The polymer £10 with Jane Austen has circulated since 14 September 2017.
The paper £20 and £50 follow
The last two paper notes lose their status. The polymer £20 (20 February 2020) and £50 (23 June 2021) had already replaced them.
The Bank still swaps them
The Bank of England still exchanges withdrawn notes: at its counter in London, by post, or through some banks and Post Office branches. If the notes are in India, check the Bank's current rules before you send them.
Sources: Bank of England, "Withdrawn banknotes" and "Exchanging old banknotes", checked 30 September 2026; Wikipedia, "Bank of England £5 note", "£10 note" and "£50 note"; Yorkshire Evening Post on the paper £20 and £50.
Why the pound has lasted so long
The Royal Mint calls the pound the oldest currency still in use today. Three things stand behind that.
It began as a weight
A pound sterling was once a pound in weight of sterling silver, and the £ sign is a capital L for libra, the Latin for a pound of money.
Two old institutions stand behind it
The Royal Mint has supplied the UK with coins for over 1,100 years, and the Bank of England, chartered on 27 July 1694, issues banknotes.
The world still trades it
In April 2025 the pound was on one side of 10.2 percent of trades in the world currency market, the fourth most traded currency, down from 12.9 percent in April 2022.
One unit in rupees · our selling rate, 5 Oct 2026
The pound sterling through the centuries
The pound is often described as the oldest currency still in use, and its story runs back more than a thousand years. Its last three centuries, in eight entries.
- Entrythe UK
The Bank of England
A Royal Charter of 27 July creates the Bank. It raises £1.2 million in 11 days from 1,268 members of the public, to fund a war with France.
- Entrythe UK
Decimal Day
On Monday 15 February the pound stops being 240 old pence and becomes 100 new pence. Before that, 12 pence made a shilling and 20 shillings made a pound.
Decimal - Entrythe UK
Sterling floats
On 23 June the government announces that sterling will be allowed to float. Some sources date the start of the float to August 1971.
- Entrythe UK
The rupee leaves the pound
In September the rupee is de-linked from the pound sterling, to which it had been pegged because of historic links with Britain. Its value is then set against a basket of currencies.
India link - Entrythe UK
The first polymer note
On 13 September the Bank of England issues its first polymer note: the £5 with Winston Churchill.
New notes - Entrythe UK
The paper notes end
The paper £20 and £50 stop being legal tender on 30 September, the last of the four paper notes to go.
- Entrythe UK
New coin designs
On 12 October the Royal Mint unveils King Charles III designs for all eight coins, from a hazel dormouse on the 1p to the four national flowers on the £2.
- Entrythe UK
The King's notes
Notes with King Charles III's portrait are issued from 5 June, with no other change to the designs. Notes with Queen Elizabeth II stay legal tender and circulate alongside them.
Sources: Bank of England, banknote and history pages; Royal Mint, decimalisation and coin pages; Hansard, House of Lords, 23 June 1972; Reserve Bank of India, rupee overview; Bank for International Settlements, Triennial Survey 2025; Wikipedia, "Pound sterling".
Pounds and rupees side by side
Worked out at our selling rate at 10:25 AM IST on 5 Oct 2026. For the live rate on any amount, use the GBP to INR or INR to GBP converter.
| You pay | You get |
|---|---|
| ₹10,000 | £ 77.86 |
| ₹25,000 | £ 194.64 |
| ₹50,000 | £ 389.28 |
| ₹1,00,000 | £ 778.56 |
| ₹2,00,000 | £ 1,557.11 |
| ₹5,00,000 | £ 3,892.78 |
| You buy | It costs |
|---|---|
| £ 10 | ₹1,284.43 |
| £ 50 | ₹6,422.15 |
| £ 100 | ₹12,844.30 |
| £ 500 | ₹64,221.50 |
| £ 1,000 | ₹1,28,443.00 |
| £ 5,000 | ₹6,42,215.00 |
Spending pounds in the UK
Three things about money in the UK that help on the first day.
Prices start with £
Prices put £ before the amount, with no space, and pence take a p: £12.50 is twelve pounds and fifty pence, about ₹1,605.54, and 50p is fifty pence. GOV.UK style drops the .00 on whole pounds, so it writes £75, not £75.00.
£12.50 = 12 pounds + 50pTap first, cash second
A single contactless card payment has been allowed up to £100 since October 2021, up from £45. London buses have taken no cash since 6 July 2014, so you pay the fare with a contactless card or phone, or an Oyster card.
Buses: Oyster or contactless onlyA shop can say no
Scottish and Northern Irish notes are lawful money but not legal tender anywhere in the UK, so a shop may decline them. Bank of England notes are legal tender in England and Wales only, and even there a shop may choose what it takes.
Scottish note: lawful money, not legal tenderTaking pounds from India
The Reserve Bank of India's rules apply to every currency, and the pound is no exception.
Up to the equivalent of USD 3,000 per trip can leave India as British pound notes. The rest goes on a forex card or as a bank transfer.
Every resident can send up to USD 250,000 abroad each financial year under the Liberalised Remittance Scheme, travel included.
Tax collected at source applies once your foreign-exchange purchases in a financial year cross ₹10 lakh: nil when an education loan pays, 2% for self-funded education and medical treatment, and 20% for travel and everything else. It is credited against your income tax when you file.
British pounds are on our booking form. Send your amount and the desk confirms your exact rate before anything is booked.
Book British Pounds→Pound sterling questions
The questions people type about the pound, answered in full, in three groups.
The basics
8 questionsWhat is the currency of the UK?
The currency of the UK is the pound sterling, code GBP, divided into 100 pence. It is the currency used in the UK's four nations, England, Scotland, Wales and Northern Ireland, and the Bank of England is its main note issuer.
What is the currency of England and Britain?
England and Britain both use the pound sterling (GBP), the same money as the rest of the UK. So the England currency and the UK currency are one and the same. The England currency name and the UK money name are both simply the pound, and there is no separate English pound.
What is the currency of London?
London uses the pound sterling, like the rest of the UK. There is no separate London pound: the London currency is the same GBP, the London currency name is simply the pound, and the London currency symbol is the same £ sign. The Bank of England, which issues the notes, is in the capital too.
What is GBP, and what is its full form?
GBP stands for Great British Pound. GB is the UK's country code, short for Great Britain, and P is for pound, following the ISO 4217 standard, so the GBP full form in currency lists is Great British Pound. The GBP meaning never changes: in any currency list it is the short form of the pound sterling, and its numeric code is 826.
What is the British pound symbol?
The British pound symbol is £, a capital L with a bar through it. It comes from libra, the Latin word for a pound of money, and as the GBP currency symbol it is also called the GBP sign. It is the UK currency symbol on every price tag, written before the amount with no space, as in £75.50, while banks and forex boards use the letters GBP.
Is it British pound, pound sterling or UK pound?
The UK currency name is the pound sterling. British pound, UK pound, England pound and London pound all mean the same money, and sterling on its own is the short name. The name of the UK currency is sometimes misspelt as brittish pound, british pond or pound sterlin, and lists and exchange boards write it as GBP, the British pound.
How many pence make one pound?
One pound is 100 pence, and a penny is written p, so 50p is £0.50. The decimal system began on Decimal Day, 15 February 1971; before it, a pound was 240 old pence, with 12 pence to a shilling and 20 shillings to a pound. Coins run from 1p and 2p up to the £1 and £2.
Pound is the currency of which country?
The pound sterling is the currency of the United Kingdom. So the GBP currency country is the UK, and Jersey, Guernsey and the Isle of Man issue their own pounds at par, as do Gibraltar, the Falkland Islands and Saint Helena. Egypt has a pound of its own too, but the Egyptian pound (EGP) is a separate currency with its own value.
Value and history
6 questionsWhy is it called the pound sterling?
Because it began as a weight of silver. A pound sterling was a pound in weight of sterling silver, and the £ sign comes from libra, the Latin for a pound of money. Where the word sterling itself comes from is unclear: it first appears in the 11th and 12th centuries, possibly for the heavier Norman penny.
Is the pound the oldest currency in the world?
It is often described that way. The Royal Mint calls the pound the oldest currency still in use today, and sources date its roots to about AD 800 to 886, which makes it more than 1,100 years old.
Can I spend Scottish and Northern Irish notes in England?
Yes, if the shop is willing to take them. Scottish and Northern Irish notes are lawful money that traders may accept at the same value as Bank of England notes, but they are not legal tender anywhere in the UK, so an English shop may decline them. Even Bank of England notes are legal tender only in England and Wales, and each of the six banks issuing the Scottish and Northern Irish notes must hold assets at least equal to its notes in circulation.
Which pound banknotes and coins are in use?
Four polymer Bank of England notes, the £5, £10, £20 and £50, first issued on 13 September 2016, plus eight coins from 1p to £2. Notes with King Charles III's portrait have circulated since 5 June 2024 alongside those with Queen Elizabeth II, which remain legal tender.
Are old pound notes still valid?
Not as legal tender. The paper £5 stopped being legal tender on 5 May 2017, the paper £10 on 1 March 2018, and the paper £20 and £50 on 30 September 2022. The Bank of England still exchanges them, at its counter in London, by post, or through some banks and Post Office branches, so check its current rules first if the notes are in India.
Was the Indian rupee once tied to the pound?
Yes. The Reserve Bank of India says the rupee was pegged to the pound sterling because of historic links with Britain, and that it was de-linked in September 1975, after which its value was set against a basket of currencies of India's major trading partners.
Buying from India
2 questionsHow much British currency can I take from India?
Up to the equivalent of USD 3,000 per trip in currency notes. Anything above that goes on a forex card or as a bank transfer, all within the USD 250,000 a year Liberalised Remittance Scheme limit.
How do I get pounds for a trip to the UK?
Order them before you fly. Matrix Forex, an RBI-authorised Category-II dealer, sells the currency of England in India: British pounds are on its booking form, so send your amount through the booking bar at the top of this page and the desk confirms your exact rate before anything is booked. For the live rate on any amount, see the GBP to INR converter.