However, as the British economy started to decline the US Dollar grew in dominance.
In 1949, the Pound was devalued by 30% and a second devaluation followed in 1967.
When the British Pound was decimalized and began to float freely in the market, in 1971, the Sterling Area was terminated.
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As the fourth most traded currency, the British Pound is the third most held reserve currency in the world.
Common names for the British Pound include the Pound Sterling, Sterling, Quid, Cable, and Nicker.
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Great Britain officially adopted the gold standard in 1816, though it had been using the system since 1670.