You’re standing at a kiosk in Heathrow, or maybe a tiny bakery in the Cotswolds, and you realize you aren’t quite sure what to call the crumpled note in your hand. Is it a pound? Sterling? Or that word you heard on a Guy Ritchie movie—a quid?
Honestly, the answer is all of them. But there is a bit of a hierarchy to the names.
The official, "don't-mess-this-up-on-a-tax-return" name is the Pound Sterling. Most of the world just calls it the British Pound. If you're looking at a currency exchange board, you’ll see the code GBP.
But nobody actually says "That’ll be five pounds sterling, please" when you’re buying a sausage roll. That would be weird.
What is the money in UK called by the locals?
If you want to sound like you’ve lived in London for ten years instead of ten minutes, you call it the Pound. Simple.
For the smaller stuff, the UK uses pence. There are 100 pence in one pound. People almost always shorten this to "p." If something costs 50 pence, you’ll hear "That's fifty pee."
Then there’s the slang.
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Quid is the big one. It’s the British version of the American "buck." Interestingly, "quid" is both singular and plural. You have one quid, or you have fifty quid. You never say "fifty quids." It sounds wrong, like putting milk in the tea cup before the hot water (a cardinal sin for some).
You might also hear:
- Fiver: A £5 note.
- Tenner: A £10 note.
- Grand: £1,000 (though you hopefully aren't carrying that much in cash).
The "Libra" Connection
Ever wonder why the symbol for the pound is £? It looks nothing like a "P." That’s because it’s actually a very fancy, curly letter "L." It stands for libra, the Latin word for scales or weight. Specifically, a libra pondo—a pound by weight.
Basically, back in the day, a pound was literally a pound’s weight of high-quality silver. This silver was known as "sterling" silver, which is how we got the full name. It’s one of the oldest currencies still in use today. Some people say it’s been around for over 1,200 years, which makes the US Dollar look like a brand-new startup.
The Paper vs. Plastic Situation
If you haven't been to the UK in a few years, the money feels different now. It’s literally plastic. Or, to be technical, polymer.
The Bank of England switched to polymer notes because they’re harder to fake and don't turn into mush if you accidentally leave them in your jeans during a wash cycle. They are way more durable.
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As of 2026, you’ll see two different faces on your notes.
- Queen Elizabeth II: Most of the notes in your wallet will still feature the late Queen. They are still perfectly legal to use.
- King Charles III: Newer notes featuring the King began circulating in mid-2024.
Don't panic if you get a mix of both in your change. They both work exactly the same way. The Bank of England only prints the King Charles notes to replace worn-out ones, so it’s a slow transition.
The Coins in Your Pocket
UK coins are a bit of a workout for your wallet. They are heavy.
- 1p and 2p: The "copper" coins. They aren't worth much, but they add up.
- 5p, 10p, 20p, 50p: The silver-colored ones. The 20p and 50p are heptagons (seven-sided). This helps people with visual impairments tell them apart.
- £1: This is a 12-sided, gold-and-silver colored coin. It replaced the old "round pound" back in 2017 because the old ones were too easy to counterfeit.
- £2: The big, chunky bimetallic coin.
It Gets Complicated in Scotland and Northern Ireland
Here’s a fun fact that trips up almost every tourist: The Bank of England isn't the only bank that prints money.
In Scotland, banks like the Bank of Scotland, Royal Bank of Scotland, and Clydesdale Bank issue their own banknotes. They look completely different from the English ones. They have Scottish bridges, writers, and inventors on them.
In Northern Ireland, banks like Ulster Bank and Bank of Ireland do the same thing.
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Is it still called the same thing? Yes. It’s still the Pound Sterling.
Can you spend it in London? Technically, yes. It is legal currency across the whole UK. However, some shopkeepers in England might look at a Scottish £20 note like it's play money from a board game. They might even refuse it because they aren't familiar with the design.
If you're traveling from Edinburgh back down to London, it’s usually easier to spend your Scottish notes before you leave or swap them at a bank to avoid the "confused cashier" stare.
The Death of Cash?
While it’s good to know what the money in UK is called, you might not actually use it that much. The UK is very, very big on contactless payments.
Whether it's a bus in London (which doesn't even accept cash anymore) or a pub in the Highlands, you can usually just "tap" your card or phone. Most places accept Apple Pay and Google Pay.
In fact, some trendy cafes in London are now "Cashless." They literally won't take your physical pounds. It's always a good idea to have a backup card. That said, if you’re heading to a rural farmer's market or a tiny village shop, having a few "quid" in your pocket is still a lifesaver.
Actionable Steps for Your Trip
- Check your leftover cash: If you have old "paper" notes from a trip ten years ago, they aren't legal tender anymore. You’ll need to take them to a major bank or the Bank of England in London to swap them for the new polymer ones.
- Get a "No Foreign Transaction Fee" card: Since the UK is so contactless-heavy, using a card is easiest, but your bank might charge you every time you tap.
- Learn the coins: Spend your coins before you leave! Exchange bureaus almost never take coins back, only notes.
- Don't overthink the slang: If you call it a "pound," everyone knows what you mean. "Quid" is just a bonus for when you're feeling fancy.
The British currency system has survived world wars, decimalization in 1971 (where they threw out the old "shillings" system), and a change in Monarch. Whether you call it sterling, pounds, or quid, it remains one of the most stable and recognizable ways to pay for a pint or a palace tour.