Wales is a country within the United Kingdom situated near England, the Irish Sea, the Celtic Sea, and the Bristol Channel. Wales boasts a stunning coastline stretching over 1,680 miles (2,700 km) and is characterized by mountainous terrain, particularly in the north and central regions.  

The Welsh national identity started following the Roman departure from Britain in the 5th century. The country was established under Gruffydd ap Llywelyn in 1055. Over time, Wales experienced conquest by King Edward I of England and subsequent attempts at independence. In the 16th century, Wales was fully incorporated into England, and distinctive Welsh politics emerged in the 19th century.  

The industrial revolution led to the transformation of Wales from an agricultural to an industrial economy, with coal mining playing a significant role. The South Wales coalfield employed hundreds of thousands of people, and Cardiff was the largest coal-exporting port globally. However, the decline of traditional industries shifted the focus to the service sector, light industries, and tourism.  

The economy of Wales has seen changes over the years, with the service sector now being the primary source of employment. The country has made strides in renewable energy production and is a net exporter of electricity. However, Wales still faces economic challenges, including a fiscal deficit and the need for greater high-value employment opportunities. Agriculture, particularly livestock farming, is a prominent sector due to the unsuitable soil for crop cultivation. The scenic landscape of Wales, including national parks and beaches, attracts a significant number of tourists, supporting the rural economy.  

When Wales became part of the Kingdom of Great Britain in 1707, the Welsh pound was replaced by the English pound. Later, in 1801, when Wales became part of the United Kingdom, the Welsh pound was further replaced by the pound sterling. The pound sterling is the official currency not only in the United Kingdom but also in various other territories such as Jersey, Guernsey, the Isle of Man, Gibraltar, and certain British Overseas Territories.

The currency in Wales is the Pound sterling, which replaced the Welsh Pound in 1801. The Welsh Pound was divided into 20 shillings, with each shilling consisting of 12 pence.

The Black Sheep Company of Wales Limited issued private sterling banknotes from June 1969 to 1972, conceptualized by Richard Hugh Williams who was a Welsh banker from Llandudno. The notes were considered promissory notes and required approval from the Board of Trade. Although not official legal tender in Wales, they held a similar status to Scottish and Northern Irish banknotes.  

Initially named the Chief Treasury of Wales Limited, the company faced restrictions on permitted denominations and had to change its name due to concerns from the Board of Trade. The new name, Welsh Black Sheep Company Limited, was chosen in reference to the historical banknotes of the Aberystwyth and Tregaron Bank, which featured an illustration of black sheep. The notes had to be sent to the Inland Revenue for stamping, and in 1971, they were replaced by the decimal currency.  

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