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Summary bus450week5.docx United Kingdom s Monetary System BUS 450: International Finance Introduction The British Pound is one of the longest running currencies in the western world, having existed in some form for the better part of a Millenia. This cur$7.49
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Summary bus450week5.docx United Kingdom s Monetary System BUS 450: International Finance Introduction The British Pound is one of the longest running currencies in the western world, having existed in some form for the better part of a Millenia. This cur
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ASh
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Ashford University
United Kingdom s Monetary System BUS 450: International Finance Introduction The British Pound is one of the longest running currencies in the western world, having existed in some form for the better part of a Millenia. This currency has shown stability over many years, and that coupled with...
bus450week5docx united kingdom s monetary system bus 450 international finance introduction the british pound is one of the longest running currencies in the western world
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Running head: THE UNITED KINGDOM’S MONETARY SYSTEM 1
United Kingdom’s Monetary System
BUS 450: International Finance
Introduction
, UNITED KINGDOM’S MONETARY SYSTEM 2
The British Pound is one of the longest running currencies in the western world, having
existed in some form for the better part of a Millenia. This currency has shown stability over
many years, and that coupled with a stable British monetary system, anchored by one of the
oldest central banks in the world (Rodrigues,2009), make the pound a prime candidate for
investment. Though there has been some uncertainty and trepidation by investors post Brexit, I
believe that the Pound is poised to rebound and is currently trading at a bargain as compared to
the U.S Dollar. For the savvy investor now is the perfect time to invest in poundfutures and wait
for the currency exchange rate to rise back to pre-Brexit levels.
The Evolution of the United Kingdom’s Monetary System
The British Pound, sometimes referred to as the pound sterling, is the currency from
which the United Kingdom’s monetary system is based. The British pound has a long history
dating back to the latter half of the 8th Century A.D, when the Anglo-Saxon King Offa
introduced a monetary system based off silver pennies (Lowther, 2014). At its’ onset the pound
the pound was a unit of accounting by weight, where one pound was roughly equivalent to 240
pennies. Within a few years these coins spread across southern England and the new monetary
system started to take hold throughout the British Isles.
The early British currency, instituted by King Offa, was minted from pure silver, though
valuable, was not the most durable material. In 1158, King Henry II reduced the purity of the
pennies to about 92.5%, these new coins were more durable than their predecessors which
allowed them to be better suited for the rigors of mass currency circulation. This reduced level of
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