Money: Why Is My Pocket So Heavy?

Let us talk money, in particular, currency.  We don’t mean the actual expenses of the trip but, rather, the current currency in the United Kingdom. We’re talking pounds and pence.

The currency of the UK is the British Pound Sterling, or just the Pound. Another slang term for it is a “quid.” The symbol for the Pound is “£.” The Pound is divided into 100 pence, abbreviated with “p” and pronounced “pee.” In folding money, the smallest bill is £5, sometimes called the fiver, with additional £10 (the tenner), £20 and £50 notes available. (UPDATE: £50 notes are no longer in circulation.) Mostly you will see the £5, £10 and £20 in general use, although the £5 is less often used. Unlike the US currency, the size of the bills varies, with the £5 being the smallest. For comparison, the US bill is currently 156mm x 66.3 mm (6.14” length, 2.61” wide), while the £5 is 125mm x 65mm. The £10 is just a bit bigger, at 132 x 69 mm, and the £20 is largest at 139 x 73 mm. Also, the £5 and £10 are made of polymer (plastic) and are slippery in feel. The £20 is still “paper” and feels very similar to US currency.  On the £5 is a picture of Winston Churchill, and Jane Austin is on the £10. Adam Smith is on the £20 but will be replaced when the £20 moves to polymer in 2020 by J.W.M. Turner, the artist. Most cash machines dispense £20 and £10 notes. (UPDATE: All currency is now “plastic” in 2024.)

There are eight coins, worth 1p, 2p, 5p, 10p, 20p, 50p, £1 and £2. Take note of the final two coins on the list. If you, for example, purchase something for £6.50 and pay with a tenner, you may well get in change a 50p coin, a £1 coin and a £2 coin. Those three coins will drop into your pocket or purse and you won’t think a thing about it. Later, in checking why your purse or trousers weigh so much, check the coins—you may well find £20-30 in loose change! Be careful not to fall into the bad habit of thinking of change as being insignificant, the high value coins can really add up.

One challenge with the coinage is that the value and size are not directly related. That is, the coins aren’t sized according to value. (They are also not related to size in the US—the nickel is larger than the dime, for example.) So be careful to examine that pile of coins to see that you understand the values. Honesty pretty much abounds in central London with merchants and the cabbies, so you are unlikely to be cheated, but it doesn’t hurt to check. When in doubt, don’t be afraid to hold out a hand full of change and ask the merchant to take the proper amount.

Currency can be printed or minted by several agencies within the UK, including the Bank of England and the Bank of Scotland, the Royal Bank of Scotland and Clydesdale Bank. If you visit Northern Ireland, you may also see currency from the Bank of Ireland. No matter the issuing agency, all of those bills and coins can be used anywhere in the United Kingdom.

UPDATE: The currency is changing from having the late Queen Elizabeth II on it to King Charles III. The change wll be rapid, but you may find both types in circulation for a while.