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More about British Pounds1 Pound (£) = 100 pence. Notes are in denominations of £50, 20, 10 and 5. There are also bank notes issued by Scottish banks which are legal tender in all parts of the UK. Coins are in denominations of £2, 1, and 50, 20, 10, 5, 2 and 1 pence. Smaller 5 and 10-pence coins were introduced in 1990 and 1992, respectively. British Pounds are also sometimes referred to as "Pounds Sterling" or just "Sterling".
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