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Money History Part 1

We’ve been harping on a lot about factoring and all those funding options so we thought it might be nice to be educational for once. So, with our infinite wisdom, we’ve taken a look at the history of money in the UK, how it came about and how it has change over the years.

So sit back relax and take it all in, you will be able to impress someone with your knowledge over the Christmas Period.

Believe it or not the Pound was around in the Anglo-Saxon period. It was a unit of currency which was equivalent to 240 silver pennies, which equated to exactly one pound in silver.

King Offa of Mercia introduced the silver penny as currency during his reign from 757-96AD . It spread through the kingdom and became the staple currency in this isle.

Silver pennies were made from the finest purest silver, however in the reign of King Henry II a new coin was launched. The Tealby Penny was pressed from 92.5% silver which broke the name “Sterling Silver”. These coins are actually harder than the original silver ones and lasted a lot longer. Silver was always the material of choice for currency and stay around until 1816.

1344 was the year that a gold coin was introduced into the currency. Coins changed and materials were mixed to create longer lasting currency.

The introduction of notes started with the Bank of England was formed back in 1694. These huge pieces of paper were nothing like we have today. Banks could issue notes and some were even hand written by the clerks of the bank.

Today our notes have a variety of famous faces and land marks to differentiate the amount of value.

In the last 40 years the range of currency has changed dramatically we will visit that interesting subject tomorrow :)

 

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