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1300 Years of the Pound Sterling

Published online by Cambridge University Press:  26 March 2020

Martin Weale
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Abstract

The article begins with an account of the way in which the value of the pound has changed over the last 1300 years or so. This is indicated in terms of silver and, for the last 7–800 years, also in terms of gold, wheat and Phelps-Brown's general cost of living basket. It is shown, for example, that the whole of the increase in the price of silver since 1000 has occurred in the last 60 years. These prices are used to indicate how the real wage of a building labourer has changed since the 13th century. The article then proceeds to an account of the evolution of the currency itself, from its beginning as a pound of silver cut into 240 pennies (following continential practice) to the move to a gold currency and the introduction of paper money. It concludes with a discussion of whether the whole concept of currency will eventually become obsolete.

Type
Articles
Information
National Institute Economic Review , Volume 172 , April 2000 , pp. 78 - 89
Copyright
Copyright © 2000 National Institute of Economic and Social Research

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Footnotes

∗

I am grateful to Ray Barrell, Neil Millward and Sig Prais for their comments. This research has been supported by the ESRC under its ‘Evolving Macroeconomy’ programme.

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