THE BRITISH £1 POUND COIN FACTS
Why is a pound called a pound?
The British pound or pound sterling was so named because it was the value of one pound (weight) of "sterling silver". During Anglo-Saxon times, 240 silver pennies are equivalent to one pound weight of silver.
As in the Carolingian system, 240 pennies weighed 1 pound (corresponding to Charlemagne's libra), with the shilling corresponding to Charlemagne's solidus and equal to 12d. At the time of the penny's introduction, it weighed 22.5 troy grains of fine silver (32 tower grains; about 1.5 g), indicating that the Mercian pound weighed 5,400 troy grains (the Mercian pound became the basis of the tower pound, which weighed 5,400 troy grains, equivalent to 7,680 tower grains, about 350g). At this time, the name sterling had yet to be acquired. The penny swiftly spread throughout the other Anglo-Saxon kingdoms and became the standard coin of what was to become England.
Where the name pound came from?
The word pound is the English translation of the Latin word libra, which was the unit of account of the Roman Empire. The pound (mass) is often initialised to 'lb'; along with the French livre, the Italian lira and the Portuguese Libra, when, during Middle Ages the European countries adopted the LSD system.
What is the origin of the pound sign (£)?
The currency sign is the pound sign (£), which is usually written with a single cross-bar, as on sterling bank notes, though a version with a double cross-bar (₤) is also sometimes seen.
The pound sign derives from the black-letter "L", an abbreviation of Librae in Roman £sd units (librae, solidi, denarii) used for pounds, shillings and pence in the British pre-decimal duodecimal currency system. Libra was the basic Roman unit of weight, derived from the Latin word for scales or balance.
How many £1 coin designs have there been since 1983?
UK pound coin was first issued on 21 April 1983, during the year that Prime Minister Margaret Thatcher entered her third term of office. The reverse designs of the £1 coin represent the UK and its four constituent parts – Scotland, Wales, Northern Ireland and England – and the first series of designs took floral emblems as its theme. Since 1983 until 2013, 21 designs of £1 coin has been introduced by Royal Mint UK. You can view the complete list of the design here: Complete list of £1 coin designs.
How to spot a fake £1 coin
You need to do check the coins carefully for some differences from the original coins:
1. Do the date and design match?
2. Edge Lettering is wrong
3. Quality of the coins.
4. Orientation
You can read and understand more about counterfeit £1 coins by reading about it in my post; How to spot fake £1 coin.
Source: Wikipedia, Royal Mint UK.
