Gold Price UK
The United Kingdom, or UK, includes England, Scotland, Wales and Northern Ireland. The UK has a land area of some 93,600 square miles, and has a population of approximately 65 million. The UK is one of the most densely populated countries in Europe, and one of the most populated in the world. The capital of the UK is the city of London, and its official language is English. The UK Government is a constitutional monarchy with a parliamentary democracy. The current monarch, Queen Elizabeth II, has reigned since February 1952.
The official currency of the UK is the Pound Sterling, or Great British Pound. The pound can be subdivided into 100 smaller units of currency called pence. The currency is not only the official currency of the UK, but is also used in Jersey, Guernsey, South Georgia, the Isle of Man, The British Antarctic Territory and South Sandwich Islands.
The Great British Pound is one of the most widely traded currencies in the world, and it is also one of the currencies included in the IMF’s SDR or Special Drawing Rights. The currency was previously on a gold standard, and has been allowed to float since the end of the Bretton Woods system in 1971.
The currency of the UK is issued and controlled by the nation’s central bank known as the Bank of England. The central bank was established in 1694, and is the second oldest central bank in operation today. It is also one of the world’s oldest banks still in operation. The Bank of England was owned by shareholders from its establishment in 1694 until 1946, at which time it became nationalised.
The price of gold in the UK will be quoted in pound sterling, but quotes may also be available in other major global currencies such as euros, U.S. Dollars, Japanese Yen or Canadian Dollars. Spot gold prices are typically quoted by the ounce, gram or kilo, although sometimes other local units of measure may also be used.
The Royal Mint produces coinage for the UK. The mint is wholly-owned by Her Majesty’s Treasury and maintains the exclusive right to produce the government’s coinage. In addition to producing UK circulation coinage, the mint also makes medals, collectible coins, planchets and bullion products. The Royal Mint was established in the year 886, and is headquartered in Llantrisant, Wales.
One of the Royal Mint’s most popular products is the British Gold Britannia Coin. This symbolic gold bullion coin features a design of Lady Britannia, as well as the profile portrait of Her Majesty Queen Elizabeth II. The one ounce coin contains one troy ounce of .9999 percent fine gold, and is good, legal tender with a face value of 100 GBP. This iconic gold bullion coin made its debut in 1987, and it is also available in fractional weights including 1/10th oz, ¼ oz and ½ ounce. In recent years, the mint has also added a five ounce size as well as a 1/20th ounce size.
Due to their popularity and the reputation of the Royal Mint, Gold Britannias can make a great addition to any portfolio or collection.