British Pound

The official name of the currency is Pound Sterling, but it is very rarely used. In spoken English it is often referred to as “quid”, which comes from the Latin saying “Something for something” (“Quid pro quo”).
British Pound is the oldest currency in the world that is still in use (its origins go back to the 8th century). The British Pound produces the fourth greatest turnover after the American Dollar, Euro, Japanese Yen.
Until 1971 the British Pound was based on the duodecimal system, which meant that 1 Pound Sterling was worth 240 pence (1 Pound = 20 shilling, 1 shilling = 12 pence). In 1971, they started to use the decimal system, on the basis of which the change of the Pound is the penny, and 1 Pound Sterling is worth 100 pence.
On the back side of each banknotes, a famous English person can be seen, a different person for every series. On the 5-pound note of 2016 the picture of Sir Winston Churchill, while on the 10-pound note of 2017 the picture of Jane Austen will be illustrated.