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Main article: Anglo-Saxon pound
The pound was a unit of account in Anglo-Saxon England, equal to 240 silver pennies and equivalent to one pound weight of silver. It evolved into the modern British currency, the pound sterling.
The accounting system of 4 farthings = 1 penny, 12 pence = 1 shilling, 20 shillings = 1 pound was adopted from that introduced by Charlemagne to the Frankish Empire (see French livre).
The origins of sterling lie in the reign of King Offa of Mercia, (757–96) who introduced the silver penny. It copied the denarius of the new currency system of Charlemagne's Frankish Empire. As in the Carolingian system, 240 pennies weighed 1 pound (corresponding to Charlemagne's libra), with the shilling corresponding to Charlemagne's solidus and equal to 12d. At the time of the penny's introduction, it weighed 22.5 troy grains of fine silver (30 tower grains; about 1.5 g), indicating that the Mercian pound weighed 5,400 troy grains (the Mercian pound became the basis of the tower pound, which weighed 5,400 troy grains, equivalent to 7,200 tower grains). At this time, the name sterling had yet to be acquired. The penny swiftly spread throughout the other Anglo-Saxon kingdoms and became the standard coin of what was to become England.
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Thursday, October 27, 2011
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The American currency dropped against the euro after the EU hammered out a deal to stem the debt crisis that has depressed the markets for months.
EU policymakers have agreed to increase the size of the European Financial Stability Facility (EFSF) to €1 trillion, write down half of the Greek debt owned by private bondholders and called for European banks to raise €106 billion of additional capital.
Traders were jittery ahead of the summit after media reports suggested that euro zone member were still at odds over a few key issues, including how to increase the bailout fund. Gold hit five week highs just before the summit kicked off as investors used it to protect wealth.
The long-awaited comprehensive plan to combat the debt crisis has boosted appetite for riskier assets, triggering a rally in stock markets, while safe haven assets such as the US dollar were out of favour.
Gold traded at US$1,727/oz this afternoon, up just US$2 from Wednesday’s close. Silver rallied 93 cents to US$34.30/oz and platinum advanced US$21 to US$1,614/oz.
Today’s top risers in the sector were:
Norseman Gold (LON:NGL), up 10.5 percent at 7.02 pence at midday
Arian Silver Corp (LON:AGQ), up 10 percent at 25.35 pence
Caledonia Mining (LON:CMCL), up 9.5 percent at 5.75 pence
Solomon Gold (LON:SOLG), up 9.5 percent at 15.99 pence
Aquarius Platinum (LON:AQP), up 9 percent at 194.34 pence
The top fallers were:
GMA Resources (LON:GMA), down 18 percent at 0.102 pence at midday
Bezant Resources (LON:BZT), down 9 percent at 29.15 pence
Alecto Minerals (LON:ALO), down 6 percent at 2 pence
Central Rand Gold (LON:CRND), down 5.5 percent at 0.43 pence
Hummingbird Resources (LON:HUM), down 5.5 percent at 129 pence
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The pound was a unit of account in Anglo-Saxon England, equal to 240 silver pennies and equivalent to one pound weight of silver. It evolved...
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