Q

Scotland

Scotland, a country part of the United Kingdom, covers the northern third of the island of Great Britain and its Mainland has a 96-mile border. The currency of Scotland is the British pound (GBP) or the British pound sterling. The currency is also called Quid, a slang expression. One quid is equal to 100 pence. The slang expression is believed to have come from“quid pro quo,” a Latin phrase that translates to "something for something," which means an equal exchange for goods or services.

In 1707, when Scotland and England joined to form a single country, the United Kingdom adopted the British pound as its official currency. However, in the year 760, the British pound was initially made as a form of money. It is also the oldest currency in the world still accepted as legal tender. Except for the United Kingdom, the British pound has beforehand served as currency in several of the British Empire colonies, which includes Canada, Australia, and New Zealand. Before printing British pound notes (which began in 1855), the Bank of England reproduced all notes by hand. The United Kingdom applied the gold standard to establish the value of the British pound before World War I. In 2002, the U.K. chose not to adopt the euro when it became the common currency of most European Union member nations but instead kept the pound sterling as its official currency.

The first issued pound banknotes were issued by the Bank of England more than 300 years ago, and over the years, the notes underwent several changes. The pound coin first appeared during the rule of Henry VII in 1489. In 1694, pound notes started to circulate in England shortly after establishing the bank, and originally, the notes were handwritten. The pound worked in its complex scheme of pennies and shillings until 1971 when the decimal system was introduced. The U.K. government authorized the Bank of England to set the British pound's monetary policy by regulating the money supply. It currently has control over the issuance of banknotes in both Wales and England.

As it defines one pound sterling, Quid is thought to have come initially into use sometime in the late 17th century, but no one is quite sure why this word grew to become synonymous with the British currency. 
 

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