If you’ve ever found yourself staring at a handful of chunky, multi-colored coins while standing at a London coffee shop, you aren’t alone. It’s confusing. Most people just want to know what is the British money called, but the answer depends entirely on who you ask and where you are.
Officially, it is the pound sterling.
But nobody actually says that when they’re buying a pint. If you use the full term in a pub, you’ll sound like you’ve just stepped out of a 19th-century period drama. It’s the pound. Or quid. Or "buck" if you’re hanging out with the wrong crowd (though that’s rare). The British currency is the oldest currency in continuous use, which means it has picked up a lot of baggage, nicknames, and weird quirks over the last 1,200 years.
Understanding the Basics: It’s All About the Pound
The British currency is the pound sterling, denoted by the symbol £ and the ISO code GBP. It’s the official currency of the United Kingdom, which includes England, Scotland, Wales, and Northern Ireland.
You’ll hear the word "sterling" used mostly in foreign exchange markets or formal banking. It’s used to distinguish the British pound from other versions of the pound, like the Egyptian pound or the Lebanese pound. One pound is divided into 100 pence. A single unit is a penny. You’ll see the "p" everywhere.
The Bank of England is the central bank that issues these notes, but things get weird when you cross the border. Scotland and Northern Ireland have their own banks that issue their own banknotes. Legally, they are all pounds sterling. However, if you try to spend a Scottish £20 note in a small shop in rural Cornwall, you might get a suspicious look. Technically, it’s legal currency, but "legal tender" is a very specific legal term that most people—including shopkeepers—don't actually understand.
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Basically, the pound is the heavyweight champion of the currency world. It’s been around since the era of King Athelstan. It survived the Roman collapse (sort of), the Middle Ages, and the transition to decimalisation in 1971.
What is the British money called on the street?
If you want to sound like a local, you need to ditch the formal terminology. "Quid" is the most common slang term for a pound. It’s like "buck" in the US.
The weird thing? "Quid" is both singular and plural. You’d say "That cost five quid," never "five quids." No one is 100% sure where the word comes from, though some linguists think it’s from the Latin quid pro quo. Others think it’s related to Quidhampton, a royal mint location, but that feels a bit like a stretch.
Common Slang for Specific Amounts
- A Fiver: A £5 note. These are now made of polymer (plastic), so they’re surprisingly hard to rip.
- A Tenner: A £10 note.
- A Score: £20. This one is fading out with the younger generation, but you'll still hear it at markets.
- A Pony: £25. This is old-school London "Cockney Rhyming Slang."
- A Bullseye: £50.
- A Monkey: £500. You probably won't use this unless you're betting on horses or dealing with high-end trade.
- Grand: £1,000.
Most people just stick to fivers and tenners. Honestly, if you try to use a £50 note in a corner shop, the cashier will probably look at it like it’s a piece of alien technology. They are rarely seen in daily circulation because they are a favorite for money laundering and are generally a pain to change.
The Coins: From Copper to Bi-Metal
British coins are actually quite tactile. Since 1971, the UK has used a decimal system, but before that, it was a nightmare of shillings, florins, and crowns. You don't need to worry about those unless you're visiting a museum.
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Today, you have the "coppers." These are the 1p and 2p coins. They are mostly annoying. They weigh down your wallet and many people just throw them in a jar at home. Then you have the silver coins: 5p, 10p, 20p, and 50p.
The 20p and 50p coins are heptagonal. That’s a fancy way of saying they have seven sides. This was done so they could be easily distinguished from round coins by touch, which is incredibly helpful for people with visual impairments.
The £1 and £2 coins are the heavy hitters. The current £1 coin is 12-sided and bi-metallic (gold on the outside, silver in the middle). It was introduced in 2017 to replace the old round pound because the old ones were being counterfeited at an insane rate. The Royal Mint estimated that about 1 in every 30 old pound coins was a fake.
Regional Variations: Scotland and Northern Ireland
This is where travelers get tripped up. While the answer to what is the British money called remains "the pound," the physical paper (well, plastic) looks different depending on where it was printed.
In Scotland, three banks issue notes: Bank of Scotland, Royal Bank of Scotland, and Clydesdale Bank. In Northern Ireland, four banks do the same. These notes are perfectly valid throughout the UK. However, because they look different, people in England are sometimes hesitant to take them. If you’re traveling from Edinburgh to London, it’s usually easier to spend your Scottish notes before you leave or swap them at a bank.
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It’s an odd quirk of the British system. The Bank of England notes are accepted everywhere, but the "regional" notes have a harder time traveling south.
The Move to Plastic (Polymer)
In the last few years, the UK has phased out paper money. If you find an old paper £5 or £10 note in a jacket pocket from a trip five years ago, you can't spend it at a shop anymore. You have to take it to a bank or the Bank of England to "exchange" it for the new polymer version.
The new notes are smaller and much more durable. You can accidentally wash them in your jeans and they’ll come out fine. They also feature famous British figures.
- £5: Winston Churchill.
- £10: Jane Austen.
- £20: J.M.W. Turner.
- £50: Alan Turing.
Using Alan Turing for the £50 was a massive nod to his work in computing and his tragic history with the British government. It’s a beautiful note, even if you’ll rarely see one in the wild.
Why Does it Matter?
Knowing what the British money is called—and understanding its nicknames—saves you from that awkward moment of confusion at a checkout. It’s also a matter of security. If you know that a £1 coin should be 12-sided and a £5 note should feel like thin plastic rather than paper, you’re much less likely to be handed counterfeit currency.
The British economy is heavily leaning toward contactless payments now. In cities like London or Manchester, you can go weeks without touching a physical coin. You just tap your phone or card for everything, including the bus. But in smaller towns or at local markets, "cash is king" still holds some weight.
Actionable Tips for Using British Money
- Don't carry £50 notes. Most small businesses won't accept them because they don't have enough change or they fear fakes. Stick to £20s and below.
- Download a banking app. If you're visiting, using something like Revolut or Monzo will give you the best exchange rates and let you "tap" your way through the country.
- Spend your coins. British coins are heavy. If you let them accumulate, your wallet will feel like a brick. Try to use them for small purchases like a newspaper or a chocolate bar.
- Check your change. If someone gives you a round £1 coin, it’s "out of circulation" and worthless in shops. Make sure you're getting the 12-sided ones.
- Scottish notes in England. If a cashier refuses a Scottish note, don't get angry. They aren't technically "legal tender" in the narrowest legal sense in England, even though they are legal currency. Just offer a different note or use a card to keep things simple.
The British pound is more than just a currency; it's a piece of history that you carry in your pocket. Whether you call it sterling, a quid, or just "cash," it’s a remarkably stable and iconic part of global finance. Just remember: it's a fiver, not a five-pounder.
Practical Next Steps
- Check your old travel bags: If you have paper banknotes from before 2020, they are no longer legal tender. You will need to visit a UK post office or bank to exchange them for the current polymer versions.
- Get a "Contactless" Card: If you are traveling to the UK soon, ensure your debit or credit card has the contactless symbol. It is the primary way people pay for transport (like the London Underground) and small goods.
- Study the 12-sided pound: Familiarize yourself with the gold-and-silver 12-sided coin to ensure you aren't handed old, worthless round pounds in tourist-heavy areas.