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  • The British pound, is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, South Georgia and the South Sandwich Islands, the British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence. A number of nations that do not use sterling also have currencies called the pound. At various times, the pound sterling was commodity money or bank notes backed by silver or gold, but it is currently fiat money, backed only by the economy in the areas where it is accepted. The British Crown dependencies of Guernsey and Jersey produce their own local issues of sterling: "Guernsey pound" and "Jersey pound". The pound sterling is also used in the Isle of Man, Gibraltar, the Falkland Islands, and Saint Helena and Ascension Island in Saint Helena, Ascension and Tristan da Cunha. Manx, Gibraltar, Falkland Islands and Saint Helena pounds are separate currencies, pegged at parity to the pound sterling. The Bank of England is the central bank for the pound sterling, issuing its own coins and banknotes, and regulating issuance of banknotes by private banks in Scotland and Northern Ireland.

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