Pound sterling: Perbedaan antara revisi
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== Sejarah (600 hingga 1945) ==
{{anchor|History}} <!-- previous section title-->
[[File:The Pound.jpg|thumb|right|Satu pon = 20 shilling = 240 sen perak (sebelumnya)]]
Pound sterling muncul setelah adopsi sistem moneter Carolingian di Inggris <abbr>c.</abbr> 800 . Berikut rangkuman perubahan nilainya dari segi perak atau emas hingga tahun 1914. <ref name="History1300">{{cite web |last=Shaw |first=William Arthur |date=13 May 1896 |title=The History of Currency, 1252–1894: Being an Account of the Gold and Silver Moneys and Monetary Standards of Europe and America, Together with an Examination of the Effects of Currency and Exchange Phenomena on Commercial and National Progress and Well-being |url=https://books.google.com/books?id=GrJCAAAAIAAJ&pg=PA44 |publisher=Putnam |via=Google Books |access-date=12 May 2021 |archive-date=12 May 2021 |archive-url=https://web.archive.org/web/20210512150410/https://books.google.com/books?id=GrJCAAAAIAAJ&pg=PA44 |url-status=live }}</ref> <ref name="History1500">{{cite web |last=Shaw |first=William Arthur |date=13 May 1896 |title=The History of Currency, 1252–1894: Being an Account of the Gold and Silver Moneys and Monetary Standards of Europe and America, Together with an Examination of the Effects of Currency and Exchange Phenomena on Commercial and National Progress and Well-being |url=https://books.google.com/books?id=GrJCAAAAIAAJ&pg=PA113 |publisher=Putnam |via=Google Books |access-date=12 May 2021 |archive-date=12 May 2021 |archive-url=https://web.archive.org/web/20210512084753/https://books.google.com/books?id=GrJCAAAAIAAJ&pg=PA113 |url-status=live }}</ref>
{| class="wikitable sortable" style="text-align: right;"
|+ Nilai £1 sterling dalam gram dan troy ons
|-
! rowspan="2" | tahun
! colspan="2" | perak
! colspan="2" | emas
|-
! gram !! troy ons !! gram !! troy ons
|-
| 800 || {{convert|349.9|g|ozt|abbr=on|disp=table}} || – || –
|-
| 1158 || {{convert|323.7|g|ozt|abbr=on|disp=table}} || – || –
|-
| 1351 || {{convert|258.9|g|ozt|abbr=on|disp=table}} || {{convert|23.21|g|ozt|abbr=on|disp=table}}
|-
| 1412 || {{convert|215.8|g|ozt|abbr=on|disp=table}} || {{convert|20.89|g|ozt|abbr=on|disp=table}}
|-
| 1464 || {{convert|172.6|g|ozt|abbr=on|disp=table}} || {{convert|15.47|g|ozt|abbr=on|disp=table}}
|-
| 1551 || {{convert|115.1|g|ozt|abbr=on|disp=table}} || {{convert|10.31|g|ozt|abbr=on|disp=table}}
|-
| 1601 || {{convert|111.4|g|ozt|abbr=on|disp=table}} || colspan="2" style="text-align:center;" | ''variabel''
|-
| 1717 || {{convert|111.4|g|ozt|abbr=on|disp=table}} || {{convert|7.32238|g|ozt|abbr=on|disp=table}}
|-
| 1816 || – || – || {{convert|7.32238|g|ozt|abbr=on|disp=table}}
|}
===Anglo-Saxon===
<!--[[Anglo-Saxon pound]] redirects here. If changing this section title, please revise that redirect to match. -->
{{more citations needed|section|date=July 2021}}
{{see also|:en:History of the English penny (c. 600 – 1066)}}
atau dalam Bahasa Indonesia: Sejarah sen Inggris (c. 600 – 1066).[[File:Offa king of Mercia 757 796.jpg|thumb|upright 0.5|Penny Raja Offa (abad kedelapan) <ref>{{cite web |title=Coin |publisher=[[British Museum]] |url=https://www.britishmuseum.org/collection/object/C_E-5736 |access-date=5 July 2021 |archive-date=9 July 2021 |archive-url=https://web.archive.org/web/20210709182741/https://www.britishmuseum.org/collection/object/C_E-5736 |url-status=live }}</ref>]]
Pound adalah unit akun di Inggris Anglo-Saxon . Pada abad kesembilan itu sama dengan 240 pence perak . <ref>{{cite encyclopedia|last=Naismith |first=Rory |title= Coinage|page=330 |year=2014b|editor1-first= Michael|editor1-last= Lapidge|editor2-first= John|editor2-last= Blair|editor3-first= Simon|editor3-last= Keynes |editor4-first= Donald|editor4-last= Scragg |encyclopedia=The Wiley Blackwell Encyclopedia of Anglo-Saxon England|edition=Second|location=Chichester, UK|publisher= Blackwell Publishing|isbn=978-0-470-65632-7}}</ref>
Sistem akuntansi untuk membagi satu pon menjadi dua puluh shilling , satu shilling menjadi dua belas pence, dan satu sen menjadi empat farthing diadopsi <sup>[ ''kapan?'' ]</sup> dari yang diperkenalkan oleh Charlemagne ke Kekaisaran Frank (lihat livre carolingienne ). <sup>[ ''rujukan?'' ]</sup> Penny disingkat menjadi "d", dari ''denarius'' , padanan Romawi untuk penny; shilling menjadi "s" dari solidus (kemudian berkembang menjadi sederhana / ); dan pound menjadi "L" (selanjutnya £ ) dari ''Libra'' atau ''Livre''. <sup>[ ''kapan?'' ]</sup> {{when|date=July 2021}}
Asal usul sterling terletak pada masa pemerintahan Raja Offa dari Mercia (757–796), yang memperkenalkan koin "sterling" yang dibuat dengan membagi secara fisik satu pon Menara (5.400 butir, 349,9 gram) perak menjadi 240 bagian. <ref name=":0" /> Dalam praktiknya, berat koin tidak konsisten, 240 di antaranya jarang ditambahkan hingga satu pon penuh; tidak ada koin shilling atau pound dan unit ini hanya digunakan sebagai kemudahan akuntansi . <ref>{{cite web |title=A short history of the pound |publisher=BBC |first=Ed |last=Lowther |date=14 February 2014 |work=BBC News |url=https://www.bbc.co.uk/news/uk-politics-26169070 |quote=Anglo-Saxon [[Offa of Mercia|King Offa]] is credited with introducing the system of money to central and southern England in the latter half of the eighth century, overseeing the minting of the earliest English silver pennies{{snd}}emblazoned with his name. In practice they varied considerably in weight and 240 of them seldom added up to a pound. There were at that time no larger denomination coins{{snd}} pounds and [[shilling]]s were merely useful units of account. |access-date=22 July 2021 |archive-date=21 July 2021 |archive-url=https://web.archive.org/web/20210721233848/https://www.bbc.co.uk/news/uk-politics-26169070 |url-status=live }}</ref>
Halfpennies dan farthings senilai 1 2 dan 1 4 sen masing -masing juga dicetak, tetapi uang receh lebih sering dihasilkan dengan memotong satu sen utuh. <ref>{{cite web |title=Halfpenny and Farthing |url=https://www.royalmintmuseum.org.uk/journal/curators-corner/halfpenny-and-farthing/ |website=www.royalmintmuseum.org.uk |access-date=12 May 2021 |archive-date=12 May 2021 |archive-url=https://web.archive.org/web/20210512054418/https://www.royalmintmuseum.org.uk/journal/curators-corner/halfpenny-and-farthing/ |url-status=live }}</ref>
=== Abad Pertengahan, 1158 ===
[[File:England longcross penny Henry III Canterbury mint.jpg|thumb|Penny dari Henry III, abad ke-13]]
Uang awal dibuat dari perak halus (semurni yang tersedia). Pada tahun 1158, sebuah mata uang baru diperkenalkan oleh Raja Henry II (dikenal sebagai ''sen Tealby'' ), dengan Pound Menara (5.400 butir, 349,9 g) dari 92,5% perak dicetak menjadi 240 sen, setiap sen berisi 20,82 butir (1,349 g) perak halus. <ref name=":0" /> Disebut perak murni , paduannya lebih keras daripada perak halus 99,9% yang digunakan secara tradisional, dan koin perak murni tidak cepat aus seperti perak halus.
Pengenalan koin ''gros tournois'' Prancis yang lebih besar pada tahun 1266, dan popularitasnya berikutnya, menyebabkan denominasi tambahan dalam bentuk menir senilai empat pence dan setengah menir senilai dua pence. <ref name=":0" /> Sebuah sen emas dengan berat dua kali sen perak dan senilai 20 pence perak juga dikeluarkan pada tahun 1257 tetapi tidak berhasil. <ref>{{cite book |title=A View Of The Gold Coin And Coinage Of England: From Henry The Third To the Present Time. Consider'd with Regard to Type, Legend, Sorts, Rarity, Weight, Fineness, Value and Proportion |first=Thomas |last=Snelling |date=1763 |quote=The manuscript chronicle of the city of London says this king Henry III in 1258 coined a penny of fine gold of the weight of two sterlings and commanded it should go for 20 shillings if this be true these were the first pieces of gold coined in England NB The date should be 1257 and the value pence |url=https://books.google.com/books?id=QZRMAAAAcAAJ&pg=PR1 |access-date=19 July 2021 |archive-date=4 September 2021 |archive-url=https://web.archive.org/web/20210904114340/https://books.google.com/books?id=QZRMAAAAcAAJ&pg=PR1 |url-status=live }}</ref>
Penny Inggris tetap hampir tidak berubah dari 800 dan merupakan pengecualian yang menonjol dalam penurunan nilai mata uang progresif yang terjadi di seluruh Eropa. The Tower Pound, awalnya dibagi menjadi 240 pence, diturunkan nilainya menjadi 243 pence pada 1279. <ref name="240pence">{{cite web |page=10 |quote=240–243 pennies minted from a Tower Pound. |title=MONEY AND COINAGE IN LATE MEDIEVAL AND EARLY MODERN EUROPE |first=John |last=Munro |publisher=Department of Economics, [[University of Toronto]] |url=https://www.economics.utoronto.ca/munro5/MONEYLEC.pdf |access-date=12 May 2021 |archive-date=6 April 2021 |archive-url=https://web.archive.org/web/20210406163641/https://www.economics.utoronto.ca/munro5/MONEYLEC.pdf |url-status=live }}</ref>
===Edward III, 1351===
[[File:Edward III noble.jpg|thumb|right|Edward III noble (80 pence), 1354–55]]
During the reign of [[Edward III of England|King Edward III]], the introduction of gold coins received from [[County of Flanders|Flanders]] as payment for English wool provided substantial economic and trade opportunities but also unsettled the currency for the next 200 years.<ref name="History1300" />{{rp|41}} The first monetary changes in 1344 consisted of
* English pennies reduced to {{frac|20|1|4}} grains ({{convert|20.25|gr|g ozt|3|disp=out}}) of sterling silver (or {{nowrap|1= 20.25gr @ 0.925 fine = 18.73 gr}} pure silver) and
* Gold [[Florin (English coin)|double florins]] weighing {{cvt|108|gr|g ozt|3}} and valued at 6 shillings (or 72 pence).<ref name="History1300" /> (or {{nowrap|1= 108gr @ 0.9948 fine = 107.44 gr}} pure gold).
The resulting gold-silver ratio of 1:12.55 was much higher than the ratio of 1:11 prevailing in the Continent, draining England of its silver coinage and requiring a more permanent remedy in 1351 in the form of
* Pennies reduced further to {{cvt|18|gr|g ozt}} of sterling silver (or {{nowrap|1= 18 @ 0.925 fine = 15.73 gr}} pure silver) and
* New [[Noble (English coin)|gold nobles]] weighing {{convert|120|gr|g ozt|abbr=off|3}} of the finest gold possible at the time (191/192 or 99.48% fine),<ref name="Noble">{{cite web |title=Content and Fineness of the Gold Coins of England and Great Britain: Henry III – Richard III (1257–1485) |quote=Fineness 23.875 karats = 191/192, coins in Nobles, Halves, Quarters |url=https://www.treasurerealm.com/coinpapers/england/englishgold-1.html |website=treasurerealm.com |access-date=12 May 2021 |archive-date=20 October 2020 |archive-url=https://web.archive.org/web/20201020121107/http://www.treasurerealm.com/coinpapers/england/englishgold-1.html |url-status=live }}</ref> (meaning {{nowrap|1= 120gr @ 0.9948 fine = 119.38 gr}} pure gold) and valued at 6 shillings and 8 pence (80 pence, or {{frac|1|3}}rd of a pound). The pure gold-silver ratio was thus {{nobr|1:(80 × 15.73 / 119.38) {{=}} 1:10.5}}.
These gold nobles, together with half-nobles (40 pence) and farthings or quarter-nobles (20 pence),<ref name="Noble" /> would become the first English gold coins produced in quantity.<ref>{{cite web |title=Noble (1361–1369) ENGLAND, KINGDOM – EDWARD III, 1327–1377 – n.d., Calais Wonderful coin with fine details. Very impressive. |url=https://www.ma-shops.com/henzen/item.php?id=41313&curr=USD |website=MA-Shops |access-date=12 May 2021 |archive-date=12 May 2021 |archive-url=https://web.archive.org/web/20210512043517/https://www.ma-shops.com/henzen/item.php?id=41313&curr=USD |url-status=live }}</ref>
===Henry IV, 1412===
The exigencies of the [[Hundred Years' War]] during the reign of [[Henry IV of England|King Henry IV]] resulted in further debasements toward the end of his reign, with the English penny reduced to 15 grains sterling silver (0.899 g fine silver){{clarify|reason=how fine is "fine"? .9? .99? . 999? .9999?|date=October 2022}} and the half-noble reduced to 54 grains (3.481 g fine gold).{{clarify|reason=how fine is "fine"? .9? .99? . 999? .9999?|date=October 2022}}<ref name="History1300" /> The gold-silver ratio went down to {{nobr|40 × 0.899 / 3.481 {{=}} 10.3}}.
After the [[French franc#Lancastrian War, 1425|French monetary reform of 1425]], the gold half-noble ({{frac|1|6}}th pound, 40 pence) was worth close to one [[French franc#History|Livre Parisis (French pound)]] or 20 sols, while the silver half-groat (2 pence, fine silver 1.798 g) was worth close to 1 sol parisis (1.912 g).<ref>{{cite book |title=The History of Currency, 1252–1894: Being an Account of the Gold and Silver Moneys and Monetary Standards of Europe and America, Together with an Examination of the Effects of Currency and Exchange Phenomena on Commercial and National Progress and Well-being |quote=In 1427 a Mark (244.752 g) of silver was worth 8 livre tournois or 6.4 livre parisis |url=https://books.google.com/books?id=GrJCAAAAIAAJ&pg=PA33 |page=33 |date=1896 |last1=Shaw |first1=William Arthur |access-date=12 May 2021 |archive-date=12 May 2021 |archive-url=https://web.archive.org/web/20210512054417/https://books.google.com/books?id=GrJCAAAAIAAJ&pg=PA33 |url-status=live }} Hence one livre weighed 38.24 g and one sol at 1.912 g. Compare with 40''d'' sterling at 36 g, 2''d'' at 1.8 g.</ref> Also, after the Flemish monetary reform of 1434, the new [[Dutch guilder|Dutch florin]] was valued close to 40 pence while the Dutch [[stuiver]] (shilling) of 1.63 g fine silver was valued close to 2 pence sterling at 1.8 g.<ref name="Vierlander stuiver">{{cite web |title=The Vierlander, a precursor of the Euro. A first step towards monetary unification |url=http://www.nbbmuseum.be/en/2008/01/the-vierlander.htm |publisher=Museum of the National Bank of Belgium |quote=Stuiver weighs 3,4 g and has a fineness of 479/1000 silver... |access-date=12 May 2021 |archive-date=12 May 2021 |archive-url=https://web.archive.org/web/20210512195833/http://www.nbbmuseum.be/en/2008/01/the-vierlander.htm |url-status=live }} which gives the fine silver content of a Stuiver as 3.4 × 0.479 or almost 1.63 g.</ref> This approximate pairing of English half-nobles and half-groats to Continental ''livres'' and ''sols'' persisted up to the 1560s.
===Great slump, 1464===
The [[Great Bullion Famine]] and the [[Great Slump (15th century)|Great Slump of the mid-15th century]] resulted in another reduction in the English penny to 12 grains sterling silver (0.719 g fine silver) and the introduction of a new [[Angel (coin)|half-angel gold coin]] of 40 grains (2.578 g), worth {{frac|1|6}}th pound or 40 pence.<ref name="History1300" /> The gold-silver ratio rose again to {{nowrap|1=40 × {{frac|0.719|2.578}} = 11.2}}. The reduction in the English penny approximately matched those with the French ''sol Parisis'' and the Flemish ''stuiver''; furthermore, from 1469 to 1475 an agreement between England and the [[Burgundian Netherlands]] made the English groat (4-pence) mutually exchangeable with the Burgundian ''double patard'' (or 2-''stuiver'') minted under [[Charles the Rash]].<ref name="foreign coins">{{cite web |url=https://www.britnumsoc.org/publications/Digital%20BNJ/pdfs/1963_BNJ_33_18.pdf |title=Burgundian Double Patards In Late Medieval England |first=Peter |last=Spufford |page=113 |access-date=7 November 2021 |archive-date=7 November 2021 |archive-url=https://web.archive.org/web/20211107004915/https://www.britnumsoc.org/publications/Digital%20BNJ/pdfs/1963_BNJ_33_18.pdf |url-status=live }}</ref><ref>{{cite web |title=A medieval silver coin; a double petard of Charles the Bold, Duke of Burgundy, Count of Flanders (1467–1477). |url=https://finds.org.uk/database/artefacts/record/id/191518 |publisher=Portable Antiquities Scheme |access-date=11 January 2022 |archive-date=11 January 2022 |archive-url=https://web.archive.org/web/20220111003212/https://finds.org.uk/database/artefacts/record/id/191518 |url-status=live }}</ref>
40 pence or {{frac|1|6}}th pound sterling made one [[Troy weight|Troy Ounce]] (480 grains, 31.1035 g) of sterling silver. It was approximately on a par with France's [[French franc#History|livre parisis]] of one French ounce (30.594 g), and in 1524 it would also be the model for a standardised German currency in the form of the [[Guldengroschen]], which also weighed 1 German ounce of silver or {{convert|29.232|g|ozt|abbr=on}}.<ref name="History1300" />{{rp|361}}
===Tudor, 1551===
[[File:Edward VI AR Crown 802157.jpg|thumb|left|Crown (5/–) of Edward VI, 1551]]
The last significant depreciation in sterling's [[silver standard]] occurred amidst the 16th century influx of precious metals from the Americas arriving through the [[Habsburg Netherlands]]. Enforcement of monetary standards amongst [[provinces of the Netherlands|its constituent provinces]] was loose, spending under King [[Henry VIII]] was extravagant, and England loosened the importation of cheaper continental coins for exchange into full-valued English coins.<ref name="foreign coins" /><ref>One problem cited was the importation of the ''galley halfpence'' or Venetian ''soldino'' whose silver content was 0.3 gram or only 0.4 penny. https://www.pressreader.com/uk/coin-collector/20210813/page/33 {{Webarchive|url=https://web.archive.org/web/20220110124042/https://www.pressreader.com/uk/coin-collector/20210813/page/33 |date=10 January 2022 }}</ref> All these contributed to [[The Great Debasement]] which resulted in a significant {{frac|1|3}}rd reduction in the bullion content of each pound sterling in 1551.<ref>{{cite web |title=The big problem of large bills: The Bank of Amsterdam and the origins of central banking (Working Paper, No. 2005-16, Federal Reserve Bank of Atlanta, Atlanta, GA) |date=2005 |page=8 |last=Quinn |first=Stephen |publisher=Leibniz Information Centre for Economics |url=https://www.econstor.eu/bitstream/10419/101021/1/wp0516.pdf |access-date=12 May 2021 |archive-date=12 May 2021 |archive-url=https://web.archive.org/web/20210512054418/https://www.econstor.eu/bitstream/10419/101021/1/wp0516.pdf |url-status=live }}</ref><ref name="History1500" />
The troy ounce of sterling silver was henceforth raised in price by 50% from 40 to 60 silver pennies (each penny weighing 8 grains sterling silver and containing {{convert|0.4795|g|ozt|abbr=on}} fine silver).<ref name="History1500" /> The gold half-angel of 40 grains ({{convert|2.578|g|ozt|abbr=on}} fine gold) was raised in price from 40 pence to 60 pence (5 shillings or {{frac|1|4}} pound) and was henceforth known as the [[Crown (British coin)|Crown]].
Prior to 1551, English coin denominations closely matched with corresponding sol (2''d'') and livre (40''d'') denominations in the Continent, namely:
* Silver; see [[Farthing (English coin)|farthing]] ({{frac|1|4}}''d''), [[Halfpenny (British pre-decimal coin)|halfpenny]] ({{frac|1|2}}''d''), [[Penny (English coin)|penny]] (1''d''), [[Twopence (British pre-decimal coin)|half-groat]] (2''d''), and [[Groat (coin)|groat]] (4''d'')
* Gold; see [[#Edward III, 1351|''1351'']]: {{frac|1|4}} noble (20''d''), {{frac|1|2}} noble (40''d'') and noble or [[Angel (coin)|angel]] (80''d'').
After 1551 new denominations were introduced,<ref name="new denoms">{{cite web|title=Coins of the Kings and Queens of England and Great Britain|quote=3d, 6d, 2/6, 5/- issued since 1551.|website=TreasureRealms.com|url=https://www.treasurerealm.com/coinpapers/england/coinmatrix.html|access-date=13 May 2021|archive-date=21 April 2021|archive-url=https://web.archive.org/web/20210421123241/http://www.treasurerealm.com/coinpapers/england/coinmatrix.html|url-status=live}}</ref> weighing similarly to 1464-issued coins but increased in value {{frac|1|1|2}} times, namely:
* In silver: the [[Threepence (British coin)|threepence (3''d'')]], replacing the half-groat; the [[Sixpence (British coin)|sixpence (6''d'')]], replacing the groat; and a new [[Shilling (English coin)|shilling]] or testoon (1/–).
* In silver or gold: the [[Half crown (British coin)|half crown]] (2/6''d'' or 30''d''), replacing the {{frac|1|4}} angel of 20''d''; and the [[Crown (English coin)|crown]] (5/- or 60''d''), replacing the {{frac|1|2}} angel of 40''d''.
* And in gold: the new [[half sovereign]] (10/–) and [[Sovereign (British coin)|sovereign]] (£1 or 20/–)
===1601 to 1816===
{{more citations needed|section|date=August 2022}}
[[File:1686-Guinea-elephant-and-castle-James-II.jpg|thumb|right|200px|A golden [[Guinea (coin)#James II|guinea coin]] minted during the reign of [[James II of England|King James II]] in 1686. The "Elephant and Castle" motif below his head is the symbol of the [[Royal African Company]], Britain's foremost slave trading company.<ref name="Pettigrew 11">{{Cite book |last=Pettigrew |first=William Andrew |url=https://books.google.com/books?id=8osqAgAAQBAJ&pg=PA11 |title=Freedom's Debt: The Royal African Company and the Politics of the Atlantic Slave Trade, 1672–1752 |date=2013 |publisher=UNC Press Books |isbn=9781469611815 |page=11 |oclc=879306121 |access-date=20 June 2022 |archive-date=6 June 2022 |archive-url=https://web.archive.org/web/20220606042433/https://books.google.com/books?id=8osqAgAAQBAJ&pg=PA11 |url-status=live }}</ref> The RAC transported the gold used in the coin from West Africa to England after purchasing it from African merchants in the [[Guinea (region)|Guinea region]], who in turn sourced it from the [[Ashanti Empire]].<ref>{{cite book |last=Edgerton |first=Robert B. |year=2010 |title=The Fall of the Asante Empire: The Hundred-Year War For Africa's Gold Coast |isbn=9781451603736 }}</ref>]]
The silver basis of sterling remained essentially unchanged until the 1816 introduction of the Gold Standard, save for the increase in the number of pennies in a troy ounce from 60 to 62 (hence, 0.464 g fine silver in a penny). Its gold basis remained unsettled, however, until the gold guinea was fixed at 21 shillings in 1717.
The [[Guinea (coin)|guinea]] was introduced in 1663 with {{frac|44|1|2}} guineas minted out of 12 troy ounces of 22-karat gold (hence, 7.6885 g fine gold) and initially worth £1 or 20 shillings. While its price in shillings was not legally fixed at first, its persistent trade value above 21 shillings reflected the poor state of clipped underweight silver coins tolerated for payment. Milled shillings of full weight were hoarded and exported to [[Continental Europe|the Continent]], while clipped, hand-hammered shillings stayed in circulation (as [[Gresham's law]] describes).<ref>{{Cite journal |last=Stride |first=H. G. |date=1955 |title=The Gold Coinage of Charles II |url=https://www.britnumsoc.org/publications/Digital%20BNJ/pdfs/1955_BNJ_28_28.pdf |journal=British Numismatic Journal |publisher=British Numismatic Society |page=393 |access-date=11 May 2021 |archive-date=11 May 2021 |archive-url=https://web.archive.org/web/20210511162104/https://www.britnumsoc.org/publications/Digital%20BNJ/pdfs/1955_BNJ_28_28.pdf |url-status=live }}</ref>
In the 17th century, English merchants tended to pay for imports in silver but were generally paid for exports in gold.{{citation needed|date=May 2021}} This effect was notably driven by trade with the Far East, as the Chinese insisted on payments for their exports being settled in silver. From the mid-17th century, around {{convert|28,000|MT|LT|-2}} of silver were received by China, principally from European powers, in exchange for Chinese tea and other goods. In order to be able to purchase Chinese exports in this period, England initially had to export to other European nations and request payment in silver,{{citation needed|date=August 2022}} until the [[British East India Company]] was able to foster the [[History of opium in China|indirect sale of opium]] to the Chinese.<ref>{{cite journal |first1=Dennis O. |last1=Flynn |first2=Arturo |last2=Giráldez |title=Cycles of silver: global economic unity through the mid-eighteenth century |journal=Journal of World History |year=2002 |volume=13 |number=2 |pages=391–427} |doi=10.1353/jwh.2002.0035 |url=https://www.jstor.org/stable/20078977 |jstor=20078977|s2cid=145805906 }}</ref>
Domestic demand for silver bullion in Britain further reduced silver coinage in circulation, as the improving fortunes of the merchant class led to increased demand for tableware. Silversmiths had always regarded coinage as a source of raw material, already verified for fineness by the government. As a result, sterling silver coins were being melted and fashioned into "sterling silverware" at an accelerating rate. An Act of the [[Parliament of England]] in 1697 tried to stem this tide by raising the minimum acceptable fineness on wrought plate from sterling's 92.5% to a new [[Britannia silver]] standard of 95.83%. Silverware made purely from melted coins would be found wanting when the silversmith took his wares to the [[assay office]], thus discouraging the melting of coins.{{citation needed|date=May 2021}}
During the time of [[Isaac Newton|Sir Isaac Newton]], Master of the [[Royal Mint|Mint]], the gold guinea was fixed at 21 shillings (£1/1/-) in 1717. But without addressing the problem of underweight silver coins, and with the high resulting gold-silver ratio of 15.2, it gave sterling a firmer footing in gold guineas rather than silver shillings, resulting in a de facto [[gold standard]]. Silver and copper tokens issued by private entities partly relieved the problem of small change until the [[Great Recoinage of 1816]].<ref>{{Cite journal |first=JAMES O'DONALD |last=MAYS |date=1978 |title=SILVER TOKENS AND BRISTOL |url=https://www.britnumsoc.org/publications/Digital%20BNJ/pdfs/1978_BNJ_48_11.pdf |journal=British Numismatic Journal |publisher=British Numismatic Society |page=98 |access-date=12 May 2021 |archive-date=12 May 2021 |archive-url=https://web.archive.org/web/20210512172836/https://www.britnumsoc.org/publications/Digital%20BNJ/pdfs/1978_BNJ_48_11.pdf |url-status=live }}</ref>
===Establishment of modern currency===
The [[Bank of England]] was founded in 1694, followed by the [[Bank of Scotland]] a year later. Both began to issue [[paper money]].
===Currency of Great Britain (1707) and the United Kingdom (1801)===
In the 17th century [[pound Scots|Scots currency]] was [[currency peg|pegged]] to sterling at a value of £12 Scots = £1 sterling.<ref>{{cite journal|last=Meikle|first=Maureen|title=Review of "Prices, Food and Wages in Scotland, 1550–1780|journal=Albion: A Quarterly Journal Concerned with British Studies|publisher=North American Conference on British Studies |url=https://www.jstor.org/stable/4052591 |url-access=subscription |volume=27|issue=4|page=724|jstor=4052591}}</ref>
In 1707, the kingdoms of [[Kingdom of England|England]] and [[Kingdom of Scotland|Scotland]] merged into the [[Kingdom of Great Britain]]. In accordance with the [[Treaty of Union]], the currency of Great Britain was sterling, with the pound Scots soon being replaced by sterling at the pegged value.
In 1801, Great Britain and the [[Kingdom of Ireland]] were united to form the [[United Kingdom of Great Britain and Ireland]]. However, the [[Irish pound]] was not replaced by sterling until January 1826.<ref>{{Cite book |last=Pulling |first=Alexander |title=Coin |publisher=[[HMSO]] |date=1904 |edition=2nd |series=The statutory rules and orders revised, being the statutory rules and orders (other than those of a local, personal, or temporary character) in force on December 31, 1903 |volume=2 |location=London |pages=8–9 |chapter=Proclamation, dated December 20, 1825, assimilating the Gold and Silver Coinages in Great Britain and Ireland. |chapter-url=https://babel.hathitrust.org/cgi/pt?id=hvd.hl562h;view=1up;seq=166 |access-date=11 May 2021 |archive-date=12 May 2021 |archive-url=https://web.archive.org/web/20210512150311/https://babel.hathitrust.org/cgi/pt?id=hvd.hl562h;view=1up;seq=166 |url-status=live }}</ref> The conversion rate had long been £13 Irish to £12 sterling.{{citation needed|date=May 2021}} In 1928, six years after the [[Anglo-Irish Treaty]] restored Irish autonomy within the British Empire, the [[Irish Free State]] established a new Irish pound, pegged at par to sterling.<ref>The relevant enabling Acts were the [http://www.irishstatutebook.ie/1926/en/act/pub/0014/print.html Coinage Act, 1926] {{Webarchive|url=https://web.archive.org/web/20141108084149/http://www.irishstatutebook.ie/1926/en/act/pub/0014/print.html |date=8 November 2014 }} and the [http://www.irishstatutebook.ie/1927/en/act/pub/0032/print.html Currency Act, 1927] {{Webarchive|url=https://web.archive.org/web/20141108083120/http://www.irishstatutebook.ie/1927/en/act/pub/0032/print.html |date=8 November 2014 }}</ref>
===Use in the Empire===
{{Main|Sterling area}}
Sterling circulated in much of the [[British Empire]]. In some areas it was used alongside local currencies. For example, the gold sovereign was legal tender in Canada despite the use of the [[Canadian dollar]]. Several colonies and dominions adopted the pound as their own currency. These included [[Australian pound|Australia]], [[Barbados]],<ref>{{cite web |title=The Central Bank of Barbados: Students' Centre – Money: Bits and Pieces |url=http://centralbank.org.bb/WEBCBB.nsf/webpage/580B8A7909CC2876042573650078A7A3?OpenDocument |url-status=dead |archive-url=https://web.archive.org/web/20080614133036/http://www.centralbank.org.bb/WEBCBB.nsf/webpage/580B8A7909CC2876042573650078A7A3?OpenDocument |archive-date=14 June 2008 |access-date=17 April 2010 |publisher=Centralbank.org.bb}}</ref> [[British West African pound|British West Africa]], [[Cypriot pound|Cyprus]], [[Fiji]], [[British India]], the [[Irish pound|Irish Free State]], [[Jamaican pound|Jamaica]], [[New Zealand pound|New Zealand]], [[South African pound|South Africa]] and [[Southern Rhodesia]]. Some of these retained parity with sterling throughout their existence (e.g. the South African pound), while others deviated from parity after the end of the gold standard (e.g. the Australian pound). These currencies and others tied to sterling constituted the core of the [[sterling area]].
The original English colonies on [[British North America|mainland North America]] were not party to the sterling area because the above-mentioned silver shortage in England coincided with these colonies' formative years. As a result of equitable trade (and rather less equitable piracy), the [[Spanish dollar|Spanish milled dollar]] became the most common coin within the English colonies.
===Gold standard===
[[File:Sovereign Victoria 1842 662015.jpg|thumb|right|"Shield reverse" sovereign of Queen Victoria, 1842]]
During the [[American War of Independence]] and the [[Napoleonic wars]], [[Bank of England]] notes were [[legal tender]], and their value floated relative to gold. The Bank also issued silver tokens to alleviate the shortage of silver coins. In 1816, the [[gold standard]] was adopted officially,{{citation needed|date=May 2021}} with silver coins minted at a rate of 66 shillings to a troy pound (weight) of sterling silver, thus rendering them as "token" issues (i.e. not containing their value in precious metal). In 1817, the [[sovereign (British coin)|sovereign]] was introduced, valued at 20/–. Struck in 22‑carat gold, it contained 113 grains or {{convert|7.32238|g|ozt|abbr=on}} of fine gold and replaced the [[Guinea (coin)|guinea]] as the standard British gold coin without changing the gold standard.
By the 19th century, sterling notes were widely accepted outside Britain. The American journalist [[Nellie Bly]] carried Bank of England notes on [[Around the World in Seventy-Two Days|her 1889–1890 trip around the world in 72 days]].<ref name="bly1890">{{Cite book |last=Bly, Nellie |title=Around the World in Seventy-Two Days |publisher=The Pictorial Weeklies Company |date=1890 |chapter=1 |author-link=Nellie Bly |chapter-url=http://digital.library.upenn.edu/women/bly/world/world.html |access-date=16 February 2016 |archive-date=21 January 2021 |archive-url=https://web.archive.org/web/20210121060407/http://digital.library.upenn.edu/women/bly/world/world.html |url-status=live }}</ref> During the late 19th and early 20th centuries, many other countries adopted the gold standard. As a consequence, conversion rates between different currencies could be determined simply from the respective gold standards. £1 sterling was equal to US$4.87 in the [[United States]], [[Canadian dollar|Can$]]4.87 in [[Canada]], [[Dutch guilder|ƒ]]12.11 in [[Dutch Empire|Dutch territories]], [[French franc|F]] 25.22 in [[French Colonial Empire|French territories]] (or equivalent currencies of the [[Latin Monetary Union]]), 20[[German gold mark|ℳ]] 43[[Pfennig|₰]] in [[German Empire|Germany]], [[Ruble|Rbls]] 9.46 in [[Russian Empire|Russia]] or [[Austro-Hungarian crown|K]] 24.02 in [[Austria-Hungary]].{{citation needed|date=September 2022}} After the [[International Monetary Conferences|International Monetary Conference of 1867]] in Paris, the possibility of the UK joining the [[Latin Monetary Union]] was discussed, and a [[Royal Commission]] on International Coinage examined the issues,<ref>{{cite web |date=26 July 2011 |title=Investment > World Gold Council |url=http://www.gold.org/value/reserve_asset/history/monetary_history/vol2/1868feb18.html |access-date=22 December 2011 |publisher=Gold.org |archive-date=4 November 2007 |archive-url=https://web.archive.org/web/20071104000912/http://www.gold.org/value/reserve_asset/history/monetary_history/vol2/1868feb18.html |url-status=live }}</ref> resulting in a decision against joining monetary union.
===First world war: suspension of the gold standard===
The gold standard was suspended at the outbreak of [[First World War]] in 1914, with Bank of England and Treasury notes becoming legal tender. Before that war, the United Kingdom had one of the world's strongest [[Economy of the United Kingdom|economies]], holding 40% of the world's overseas investments. But after the end of the war, the country was highly indebted: Britain owed £850 million (about £{{Formatprice|{{Inflation|UK|850000000|1918|r=-4}} }} today){{Inflation-fn|UK|df=y}} with interest costing the country some 40% of all government spending.<ref>{{Cite journal |date=2 September 1922 |title=The Interest Burden of Inter-Government Debts |url=https://books.google.com/books?id=C0REAQAAMAAJ&q=1921+loans+40+per+cent+British+government+spending%22&pg=PA342 |journal=The Economic World |volume=110 |page=342 |access-date=2 November 2020 |archive-date=15 April 2021 |archive-url=https://web.archive.org/web/20210415220705/https://books.google.com/books?id=C0REAQAAMAAJ&q=1921+loans+40+per+cent+British+government+spending%22&pg=PA342 |url-status=live }}</ref> The British government under Prime Minister [[David Lloyd George]] and Chancellor of the Exchequer [[Austen Chamberlain]] tried to make up for the deficit with a deflationary policy, but this only led to the [[Depression of 1920–1921|Depression of 1920–21]].<ref>{{Cite book|last=Steiner|first=Zara|url=https://www.worldcat.org/oclc/86068902|title=The lights that failed : European international history, 1919–1933|date=2005|publisher=Oxford University Press|isbn=978-0-19-151881-2|location=Oxford|oclc=86068902|access-date=9 October 2021|archive-date=6 October 2021|archive-url=https://web.archive.org/web/20211006194701/https://www.worldcat.org/title/lights-that-failed-european-international-history-1919-1933/oclc/86068902|url-status=live}}</ref>
By 1917, production of gold sovereigns had almost halted (the remaining production was for collector's sets and other very specific occasions), and by 1920, the silver coinage was debased from its original [[fineness|.925 fine]] to just .500 fine.{{citation needed|date=July 2021}} That was due to a drastic increase in silver prices from an average 27/6''d''. [£1.375] per [[troy pound]] in the period between 1894 and 1913, to 89/6''d''. [£4.475] in August 1920.<ref>{{Cite book |url=https://archive.org/details/poundsterlinghis0000feav/page/352/mode/2up|title = The pound sterling : A history of English money. |last1=Feavearyear |first1=Albert Edgar|date = 1963}}</ref>
=== Interwar period: gold standard reinstated ===
To try to resume stability, a version of the gold standard was reintroduced in 1925, under which the currency was fixed to gold at its pre-war peg, but one could only exchange currency for gold bullion, not for coins. On 21 September 1931, this was abandoned during the [[Great Depression in the United Kingdom|Great Depression]], and sterling suffered an initial devaluation of some 25%.<ref>''The Board of Trade Journal'', 7 January 1932</ref>
Since the suspension of the gold standard in 1931, sterling has been a [[fiat money|fiat currency]], with its value determined by its continued acceptance in the national and international economy.
===World War II===
In 1940, an agreement with the US pegged sterling to the [[United States dollar|US dollar]] at a rate of £1 = US$4.03. (Only the year before, it had been US$4.86.)<ref>[http://www.bankofcanada.ca/wp-content/uploads/2010/07/1930-39.pdf ''A History of the Canadian Dollar''] {{Webarchive|url=https://web.archive.org/web/20120127200852/http://www.bankofcanada.ca/wp-content/uploads/2010/07/1930-39.pdf |date=27 January 2012 }}, p. 51.</ref> This rate was maintained through the [[World War II|Second World War]] and became part of the [[Bretton Woods system]] which governed post-war exchange rates.
== Sejarah (1946 hingga sekarang) ==
== Koin ==
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