Sterling banknote facts for kids
Quick facts for kids Sterling banknote |
|
|---|---|
| ISO 4217 Code | GBP |
| User(s) |  United Kingdom Jersey Guernsey Isle of Man South Georgia and the South Sandwich Islands |
| Subunit | |
| 1/100 | penny |
| Symbol | £ |
| penny | p |
| Banknotes | |
| Freq. used | £5, £10, £20, £50 |
| Printer | Issuing banks:
English and Wales notes: Scottish notes: Northern Irish notes:
|
Sterling banknotes are the paper or polymer money used in the United Kingdom and some related places. These notes come in different amounts, like £5 or £10. The symbol for this money is £, and it's also known as GBP.
This money is official in the United Kingdom, Jersey, Guernsey, the Isle of Man, South Georgia and the South Sandwich Islands, and Tristan da Cunha. One pound is made up of 100 pence. Some other British overseas territories also have their own money called pounds, which are worth the same as the pound sterling.
Contents
Understanding Sterling Banknotes
Sterling banknotes are a key part of how people buy and sell things in the UK. They are issued by different banks, but not all notes are accepted everywhere.
Who Issues the Notes?
The main bank that prints and issues notes is the Bank of England. These notes are used across England and Wales. However, seven other banks in the United Kingdom also print their own banknotes.
- Bank of England: Issues notes for England and Wales.
- Scottish Banks: Banks like the Bank of Scotland, Royal Bank of Scotland, and Clydesdale Bank issue notes in Scotland.
- Northern Irish Banks: Banks such as Danske Bank, First Trust Bank, Ulster Bank, and Bank of Ireland issue notes in Northern Ireland.
- Crown Dependencies: The governments of Guernsey, Jersey, and the Isle of Man also issue their own notes.
What is Legal Tender?
Only notes from the Bank of England are considered legal tender in England and Wales. This means shops and businesses must accept them as payment.
Acceptance of Notes
- In Scotland and Northern Ireland, notes from their local banks are always accepted.
- However, outside of Scotland and Northern Ireland, especially in places like London, some shops might not accept notes from Scottish or Northern Irish banks. This is because people might not be familiar with them.
