1. Before the establishment of the Bank of England, the currencies circulating in British society were mainly silver coins and gold coins. 1694, the Bank of England began to issue paper money-pound. But at that time, the pound was not a real currency.

2. 17 17, Newton, director of the Royal Mint, set the price of gold at 3 pounds per troy ounce, 17 shilling, 10 and12 pence. Since then, the pound has been linked to gold.

3. 182 1 year, Britain officially launched the gold standard system, and the pound became the British standard monetary unit, with 7.32238 grams of pure gold per 1 pound.

Fourth, in 182 1 year, Britain formally established the gold standard. The establishment of the gold standard, coupled with the rapid development of British economy and trade at that time, quickly established the dominance of the pound, and the world currency entered the pound century.

5. 1844, Britain promulgated the Bank of England Ordinance, and the Bank of England became the only bank that can issue pounds. 1872, the Bank of England began to provide financial support to other banks in difficult times, thus maintaining the stability of the British economy. At this time, the Bank of England has been playing the role of the central bank, effectively maintaining the stable position of the pound.

6. The widespread use of the pound in the world, coupled with the stability of the exchange rate between the pound and gold for hundreds of years, made London a world financial center and shipping center at that time. With its economic and military advantages, Britain made Portugal, Germany, Denmark, Sweden, Norway, France, Belgium, Italy, Switzerland, the Netherlands, Spain and other countries transition to the gold standard one after another, which contributed to the international gold standard system in the 1970s.