The lowdown on British pounds
Economical Influences and the Great British Pound
The oldest currency in the world that’s still in use today, the British pound dates all the way back to 760 when the Anglo-Saxons traded silver pennies known as sterling. With 240 of these pennies to call your own you had one pound, certainly an impressive fortune in the 8th century. Its name comes from the Latin Libra Pondo meaning ‘pound weight’, because its value was the price of a pound weight of silver. Simple!
In 1487 the shilling was born, with the pound coin following along just two years later. Gold coins were introduced in 1560 and copper pennies in 1672. In 1694, the world’s first central bank, the Bank of England was formed and notes were introduced as a way of saying ‘I owe you’, promising to pay the bearer the full amount in gold deposits.
By 1971, the UK did away with the confusing mixture of pounds, shillings, pence and guineas, instead bringing in the simple decimal system that’s used today.
You might hear someone referring to a British pound as sterling, a quid, squid or a nicker. Whatever you call it, the British currency is one that’s steeped in history and is the fourth most traded in the world.
Great British Pound Historical Market Exchange Rate
Over the past decade the New Zealand dollar to Great British pound exchange rate has fluctuated between approximately 1 NZD to 0.35 GBP on 1st March 2009 and 1 NZD to 0.58 GBP on 7th November 2016.1
Back in late March 2014 the New Zealand dollar was buying around 0.52 GBP. Not much had changed by mid-January 2015 when the NZD was worth around 0.51 GBP. (1) By 18th September 2015 the pound had strengthened against the NZ dollar, with 1 NZD buying approximately 0.40 GBP.1
By 10th July 2016 however the NZD had strengthened and was then buying 0.56369; by 8th November of the same year that figure jumped again and was sitting at 0.59192 GBP per NZD.1
In the past 12 months the best time to exchange New Zealand dollars to Great British pounds would have been on the 12th January 2018 when 100 NZD would have bought around 53 pounds; in comparison if you exchanged the same amount on 11th October 2018 you would have only received around 48 pounds.1
Learn more about the GBP before you travel to Great Britain and create a currency rate alert so we can notify you when it hits the rate you want.
Exchange rates last updated Friday, 22 March 2019 9:11:30 a.m. NZDT. The online exchange rates provided by this Currency Converter are intended as a guide only and should not be used for transactional purposes. All rates are subject to change from time to time without notice. Exchange rates used in-store may differ from those offered online. The Travelex online buy rate will be used for conversions from a foreign currency to the local currency. The Travelex online sell rate will be used for conversions from the local currency to a foreign currency.
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*Data correct as of 6 November 2018.
*The information contained in this article has been compiled by Travelex from different different external sources. The figures provided are indicative only and are there to provide an idea of the amount of travel money you may need during your trip. Travelex does not ensure the accuracy and completeness of the information shown. Nothing in this article is to be considered financial advice. Travelex Limited does not accept any liability for any loss or damage derived from any reliance on the information in this article. Travelex NZ Limted arranges for and sells Online Foreign Currency via its Online Ordering Facility. You should consider the Online Foreign Currency Product Disclosure Statement and Terms and Conditions before deciding whether to acquire the product.