Use in the Pound Empire
Main article: Sterling Area
Sterling circulated in much of the British Empire. In some parts, it was used alongside local currencies. For example, the
gold sovereign was legal tender in Canada despite the use of the Canadian dollar. Several colonies and dominions adopted the pound as their own currency. These included Australia, Barbados, British West Africa,
Cyprus, Fiji, Irish Free State, Jamaica, New Zealand, South Africa and Southern Rhodesia. Some of these retained parity with sterling throughout their existence (e.g. the South African pound), whilst others deviated
from parity after the end of the gold standard (e.g. the Australian pound). These currencies and others tied to sterling constituted the Sterling Area.
See also:Economic history of Britain 1945–1959
In 1940, an agreement with the U.S.A. pegged the pound to the U.S. dollar at a rate of £1 = $4.03. This rate was maintained through the Second World War and became
part of the Bretton Woods system which governed post-war exchange rates. Under continuing economic pressure, and despite months of denials that it would do so, on 19 September 1949 the government devalued the pound
by 30.5% to $2.80. The move prompted several other currencies to be devalued against the dollar.
In the mid-1960s, the pound came under renewed pressure since the exchange rate against the dollar was
considered too high. In the summer of 1966, with the value of the pound falling in the currency markets, exchange controls were tightened by the Wilson government. Among the measures, tourists were banned from
taking more than £50 out of the country, until the restriction was lifted in 1979. The pound was eventually devalued by 14.3% to $2.40 on 18 November 1967.
Main article: Decimal Day
On 15 February 1971, the UK decimalised, replacing the shilling and penny with a single subdivision, the new penny. The word "new" was omitted from coins after 1981.
With the breakdown of the Bretton Woods system — the pound floated from August 1971 onwards. It at first appreciated a little, rising to almost $2.65 in March 1972, from 2.42 when it had been
fixed. The Sterling Area effectively ended at this time when the majority of its members also chose to float freely against the pound and the dollar.
The 1976 pound sterling crisis
came to power in 1976. He was immediately told the economy was facing huge problems, according to documents released in 2006 by the National Archives. Financial markets were losing confidence in sterling. The UK
treasury could not balance its books, while Labour's strategy emphasised high public spending. Callaghan was told there were three possible outcomes: a disastrous free fall in Sterling, an internationally
unacceptable siege economy or a deal with key allies to prop up the pound while painful economic reforms were put in place.
The pound in 979-1989
The Conservatives arrived in power in 1979, on a
programme of fiscal austerity. The pound rocketed, moving above the $2.40 level, as interest rates rose in response to the monetarist policy of targeting money supply. The high exchange rate was widely blamed for
the deep recession of 1981. Sterling fell sharply after 1980 At its lowest, the pound stood at just $1.03 in March 1985, before returning to the US$1.70 level in December 1989.
Pound following the Deutsche Mark
In 1988, Margaret Thatcher's Chancellor of the Exchequer Nigel Lawson decided that the pound should "shadow" the West German Deutsche Mark, with the unintended
result of a rapid rise in inflation as the economy boomed due to inappropriately low interest rates. (For ideological reasons, the Conservative Government declined to use alternative mechanisms to control the
explosion of credit. For this reason, former Prime Minister Edward Heath referred to Lawson as a "one club golfer").
Pound Following the European Currency Unit
On 8 October 1990 the
Conservative government decided to join the European Exchange Rate Mechanism (ERM), with the pound set at DM2.95. However, the country was forced to withdraw from the system on “Black Wednesday” (16 September 1992)
as Britain’s economic performance made the exchange rate unsustainable. Speculator George Soros famously made approximately US$1 billion from shorting the pound.
'Black Wednesday' saw interest rates jump from
10% to 15% in an unsuccessful attempt to stop the pound from falling below the ERM limits. The exchange rate fell to DM2.20. Proponents[who?] of a lower GBP/DM exchange rate were vindicated as the cheaper pound
encouraged exports and contributed to the economic prosperity of the 1990s.
Following inflation targets
In 1997, the newly-elected Labour government handed over day-to-day control of
interest rates to the Bank of England (a policy that had originally been advocated by the Liberal Democrats). The Bank is now responsible for setting its base rate of interest so as to keep inflation in the Consumer
Price Index (CPI) very close to 2%. Should CPI inflation be more than one percentage point above or below the target, the governor of the Bank of England is required to write an open letter to the Chancellor of the
Exchequer explaining the reasons for this and the measures which will be taken to bring this measure of inflation back in line with the 2% target. On 17 April 2007, CPI inflation was reported at 3.1% (inflation of
the Retail Prices Index was 4.8%). Accordingly, and for the first time, the Governor had to write publicly to the government explaining why inflation was more than one percentage point higher than its target.
Pound / Euro
As a member of the European Union, the United Kingdom could adopt the euro as its currency. However, the subject remains politically controversial. Gordon Brown, when Chancellor of the
Exchequer, ruled out membership for the foreseeable future, saying that the decision not to join had been right for Britain and for Europe.
The government of former Prime Minister Tony Blair had pledged to
hold a public referendum to decide on membership should "five economic tests" be met, to ensure that adoption of the euro would be in the national interest. In addition to these internal (national)
criteria, the UK would have to meet the EU's economic convergence criteria (Maastricht criteria), before being allowed to adopt the euro. Currently, the UK's annual government deficit, as a percentage of the GDP, is
above the defined threshold. In February 2005, 55% of British citizens were against adopting the currency, with 30% in favour. The idea of replacing the pound with the euro has been controversial with the British
public, partly because of the pound's identity as a symbol of British sovereignty and because it would, according to critics, lead to suboptimal interest rates, harming the British economy. In December 2008 the
results of a BBC poll of 1000 people suggested that 71% would vote no, 23% would vote yes to joining the European single currency, while 6% said they were unsure. The pound did not join the Second European Exchange
Rate Mechanism (ERM II) after the euro was created. Denmark and the UK have opt-outs from entry to the euro. Technically, every other EU nation must eventually sign up.
The Scottish Conservative Party claims
that there is an issue for Scotland in that the adoption of the euro would mean the end of regionally distinctive banknotes, as the euro banknotes do not have national designs. The Scottish National Party claims
an independent Scotland would have nationally distinctive coins, and its party policy includes entry into the single currency.
On 1 January 2008 the British sovereign bases on Cyprus (Akrotiri and Dhekelia)
began using the euro (along with the rest of the Republic of Cyprus).
Pound Current exchange value
Main article: Economy of the United Kingdom#Exchange rates
The pound and euro fluctuate in value
against one another, although there may be correlation between movements in their respective exchange rates with other currencies such as the US dollar. Inflation concerns in the UK led the Bank of England to raise
interest rates in late 2006 and 2007. This caused the pound to appreciate against other major currencies, and with the US dollar depreciating at the same time, the pound hit a 15-year high against the US dollar on
18 April 2007, having reached US$2 for the first time since 1992 the day before. The pound and many other currencies continued to appreciate against the dollar, and sterling hit a 26-year high of $2.1161 on 7
November 2007 as the dollar fell worldwide. From mid-2003 to mid 2007, the pound/euro rate remained rangebound (within ± 5%) of €1.45. However, following the global financial crisis in late 2008, the pound has
since depreciated at one of the fastest rates in history, reaching a 24-year low of $1.35 per £1 on 23 January 2009 and falling below €1.25 against the euro in April 2008. A further decline was seen during the
remainder of 2008; most dramatically in December when its euro rate hit an all-time low at €1.0219 (29th). The pound appreciated in early 2009 reaching a peak in mid-July of €1.17. The following months
saw a steady decline, with the pound's current (Feb '10) value at €1.14 and USD$1.56.
On 5 March 2009, the Bank of England announced that they would pump £75 billion of new capital into the British
economy, through a process known as quantitative easing. This is the first time in the United Kingdom's history that this measure has been used, although the Bank's Governor Mervyn King suggested it was not an
The process sees the Bank of England creating new money for itself, which it then uses to purchase assets such as government bonds, bank loans, or mortgages. Despite the misconception that
quantitative easing involves printing money, the Bank of England is unlikely to do this and instead money is created electronically and thus does not actually enter the cash circulation system. The initial amount
stated to be created through this method was £75 billion, although Chancellor of the Exchequer Alistair Darling had given permission for up to £150 billion to be created if necessary. It is thought the process is
likely to occur over a period of three months with results only likely in the long term. By 5 November 2009, some £175 billion had been injected using quantitative easing and the effectiveness of the process remains
The Bank of England has stated that the decision has been taken to prevent the rate of inflation falling below the two percent target rate. Mervyn King, the Governor of the Bank of England, also
suggested there were no other monetary options left as interest rates have already been cut to their lowest level ever of 0.5% and it was unlikely they would be cut further.
Main article: Coins of the pound sterling
The silver penny (plural:pence; abbr.: 'd') was the principal and often sole coin in circulation from the 8th century until 13th century. Although
some fractions of the penny were struck (see farthing and halfpenny), it was more common to find pennies cut into halves and quarters to provide smaller change. Very few gold coins were struck, with the gold penny
(worth 20 silver pence) a rare example. However, in 1279, the groat, worth 4d was introduced, with the half groat following in 1344. 1344 also saw the establishment of a gold coinage with the introduction (after the
failed gold florin) of the noble worth six shillings and eight pennce ('6/8') (ie 3 to the pound), together with the half and quarter noble. Reforms in 1464 saw a reduction in value of the coinage in both silver and
gold, with the noble renamed the ryal and worth 10/- (ie 2 to the pound) and the angel introduced at the noble's old value of 6/8.
The reign of Henry VII saw the introduction of two important coins, the
shilling (abbr,: 's') (known as the testoon) in 1487 and the pound (known as the sovereign, abbr.: '£' or 'L') in 1489. In 1526, several new denominations of gold coins were added, including the crown and half crown
worth five shillings ('5/-'), and two shillings and six pence ('2/6', 'two and six') respectively. Henry VIII's reign (1509–1547) saw a high level of debasement which continued into the reign of Edward VI
(1547–1553). However, this debasement was halted in 1552 and a new silver coinage was introduced, including coins for 1d, 2d, 3d, 4d and 6d, 1/-, 2/6 and 5/-. The reign of Elizabeth I (1558–1603) saw the addition of
silver ¾d and 1½d coins, although these denominations did not last. Gold coins included the half crown, crown, angel, half sovereign and sovereign. Elizabeth's reign also saw the introduction of the horse-drawn
screw press to produce the first "milled" coins.
Following the succession of the Scottish King James VI to the English throne, a new gold coinage was introduced, including the spur ryal (15/-), the
unite (20/-) and the rose ryal (30/-). The laurel, worth 20/-, followed in 1619. The first base metal coins were also introduced, tin and copper farthings. Copper halfpenny coins followed in the reign of Charles I.
During the English Civil War, a number of siege coinages were produced, often in unusual denominations.
Following the restoration of the monarchy in 1660, the coinage was reformed, with the ending of
production of hammered coins in 1662. The guinea was introduced in 1663, soon followed by the ½, 2 and 5 guinea coins. The silver coinage consisted of denominations of 1d, 2d, 3d, 4d and 6d, 1/-, 2/6 and 5/-. Due to
the widespread export of silver in the 18th century, the production of silver coins gradually came to a halt, with the half crown and crown not issued after the 1750s, the 6d pence and 1/- stopping production in the
1780s. One response was the introduction of the copper 1d and 2d coins and the gold ⅓ guinea (7/-) in 1797. The copper penny was the only one of these coins to survive long.
To alleviate the shortage of
silver coins, between 1797 and 1804, the Bank of England counterstamped Spanish dollars (8 reales) and other Spanish and Spanish colonial coins for circulation. A small counterstamp of the King's head was used.
Until 1800, these circulated at a rate of 4/9 for 8 reales. After 1800, a rate of 5/- for 8 reales was used. The Bank then issued silver tokens for 5/- (struck over Spanish dollars) in 1804, followed by tokens for
1/6 and 3/- between 1811 and 1816.
In 1816, a new silver coinage was introduced in denominations of 6d, 1/-, 2/6 and 5/-. The crown was only issued intermittently until 1900. It was followed by a new gold
coinage in 1817 consisting of 10/- and £1 coins, known as the half sovereign and sovereign. The silver 4d coin was reintroduced in 1836, followed by the 3d ("thruppence") in 1838, with the 4d coin issued
only for colonial use after 1855. In 1848, the 2/- florin was introduced, followed by the short-lived double florin in 1887. In 1860, copper was replaced by bronze in the farthing (quarter penny, 1⁄4d),
halfpenny and penny.
During the First World War, production of the half sovereign and sovereign was suspended and, although the gold standard was restored, the coins saw little circulation again. In 1920, the
silver standard, maintained at .925 since 1552, was reduced to .500. In 1937, a nickel-brass 3d coin was introduced, with the last silver 3d coins issued seven years later. In 1947, the remaining silver coins were
replaced with cupro-nickel. Inflation caused the farthing to cease production in 1956 and be demonetised in 1960. In the run-up to decimalisation, the halfpenny and half-crown were demonetised in 1969.
£1 coin (Welsh design, 2000)
Queen Elizabeth II Welsh dragon
British coinage timeline:
1968: The first decimal coins were introduced. These were cupro-nickel 5p and 10p
coins which were equivalent to and circulated alongside the 1/- and 2/- coins.
1969: The curved equilateral heptagonal cupro-nickel 50p coin replaced the 10/- note.
1971: The decimal coinage was completed
when decimalisation came into effect in 1971 with the introduction of the bronze ½p, 1p and 2p coins and the withdrawal of the 1d and 3d coins.
1980: Withdrawal of 6d coins, which had circulated at a value of 2½p.
1982: The word "new" was dropped from the coinage and a 20p coin was introduced.
1983: A £1 coin was introduced.
1983: The ½p coin was last produced.
1984: The ½p coin was demonetised
1990s: The 5p, 10p and 50p coins became smaller.
1991: The old 1/- coins, which had continued to circulate with a value of 5p, were
demonetised in 1991 after the 5p coin became smaller.
1992: Bronze was replaced with copper-plated steel
1993: The 2/- coins were similarly demonetised.
1998: The bi-metallic £2 coin was introduced.
2007: By now the value of copper in the pre-1992 1p/2p coins (which are 97% copper) exceeded the value to such an extent that melting down the coins by entrepreneurs was becoming worthwhile (with a premium of up to
11%, with smelting costs reducing this to around 4%) – although this is illegal, and the market value of copper has subsequently fallen dramatically from these earlier peaks.
At present, the oldest circulating
coins in the U.K. are the 1p and 2p copper coins introduced in 1971. Before decimalisation, change could contain coins aged one hundred years or more, with any of five monarchs' heads on the obverse.
2008 an extensive redesign of the coinage was unveiled. The new designs were issued gradually into circulation, starting in summer 2008. The new reverses of the 1p, 2p, 5p, 10p, 20p and 50p coins feature parts of
the Royal Shield, and the new pound coin depicts the whole shield. The coins are of the same specifications as those with the old designs (which will continue to circulate).
Main article: Banknotes of the pound sterling
£10 Series E Bank of England note.The first sterling notes were issued by the Bank of England shortly after its foundation in 1694. Denominations were
initially written on the notes at the time of issue. From 1745, the notes were printed in denominations between £20 and £1000, with any odd shillings added in hand. £10 notes were added in 1759, followed by £5 in
1793 and £1 and £2 in 1797. The lowest two denominations were withdrawn following the end of the Napoleonic wars. In 1855, the notes were converted to being entirely printed, with denominations of £5, £10, £20, £50,
£100, £200, £300, £500 and £1000 issued.
A £20 note of the 2007 issue from the Bank Of ScotlandThe Bank of Scotland began issuing notes in 1695. Although the pound scots was still the currency of
Scotland, these notes were denominated in sterling in values up to £100. From 1727, the Royal Bank of Scotland also issued notes. Both banks issued some notes denominated in guineas as well as pounds. In the 19th
century, regulations limited the smallest note issued by Scottish banks to be the £1 denomination, a note not permitted in England.
With the extension of sterling to Ireland in 1825, the Bank of Ireland began
issuing sterling notes, later followed by other Irish banks. These notes included the unusual denominations of 30/- and £3. The highest denomination issued by the Irish banks was £100.
In 1826, banks at least
65 miles (105 km) from London were given permission to issue their own paper money. From 1844, new banks were excluded from issuing notes in England and Wales but not in Scotland and Ireland. Consequently, the
number of private banknotes dwindled in England and Wales but proliferated in Scotland and Ireland. The last English private banknotes were issued in 1921.
In 1914, the Treasury introduced notes for 10/- and
£1 to replace gold coins. These circulated until 1928, when they were replaced by Bank of England notes. Irish independence reduced the number of Irish banks issuing sterling notes to five operating in Northern
Ireland. The Second World War had a drastic effect on the note production of the Bank of England. Fearful of mass forgery by the Nazis (see Operation Bernhard), all notes for £10 and above ceased production, leaving
the bank to issue only 10/-, £1 and £5 notes. Scottish and Northern Irish issues were unaffected, with issues in denominations of £1, £5, £10, £20, £50 and £100.
The Bank of England reintroduced £10 notes in
1964. In 1969, the 10/- note was replaced by the 50p coin as part of the preparation for decimalisation. £20 Bank of England notes were reintroduced in 1970, followed by £50 in 1982. Following the introduction of
the £1 coin in 1983, Bank of England £1 notes were withdrawn in 1988. Scottish and Northern Irish banks followed, with only the Royal Bank of Scotland continuing to issue this denomination.
The £5 polymer
banknote, issued by Northern Bank in 2000, is the only polymer note currently in circulation, although Northern Bank also produces paper-based £10, £20 and £50 notes.
Pound Legal tender and regional issues
Legal tender in the UK means (according to the Royal Mint) "that a debtor cannot successfully be sued for non-payment if he pays into court in legal tender." It does not mean that any ordinary
transaction has to take place in legal tender or only within the amount denominated by the legislation. Both parties are free to agree to accept any form of payment whether legal tender or otherwise according to
their wishes. In order to comply with the very strict rules governing an actual legal tender it is necessary, for example, actually to offer the exact amount due because no change can be demanded.
the U.K., £1 and £2 coins are legal tender for any amount, with the other coins being legal tender only for limited amounts. In England and Wales, Bank of England notes are also legal tender for any amount. In
Scotland and Northern Ireland, no banknotes are currently legal tender, although Bank of England 10/- and £1 notes were legal tender, as were Scottish banknotes, during World War II (Currency (Defence) Act 1939;
this status was withdrawn on 1 January 1946). However, the banks made deposits with the Bank of England to cover the bulk of their note issues. In the Channel Islands and Isle of Man, the local variations on the
banknotes are legal tender in their respective jurisdictions.
Scottish, Northern Irish, Channel Islands and Manx notes are sometimes rejected by shops when used in England and Wales. (Conversely, English bank
notes are very rarely rejected in other British countries.) British shopkeepers can choose to reject any payment, even if it would be legal tender in that jurisdiction, because no debt exists when the offer of
payment is made at the same time as the offer of goods or services. When settling a restaurant bill after consuming the meal, or settling another debt, the laws of legal tender do apply, but usually any reasonable
method of settling the debt (such as by credit card) will be accepted.
Commemorative £5 and 25p (crown) coins, rarely seen in circulation, are legal tender, as are the bullion coins issued by the Mint.
Coin Maximum usable as legal tender
£5 (post-1990 crown) unlimited
25p (pre-1990 crown) £10
Further, any coin or bank note ceases to be legal tender if it is 100x the amount of the debt (for example, offering a £20 note to settle a 20p debt).
In 2006 the House of Commons
Library published a document which included an index of the value of the pound for each year between 1750 and 2005, where the value in 1974 was indexed at 100. (This was an update of earlier documents published
in 1998 and 2003.)
Regarding the period 1750–1914 the document states: "Although there was considerable year on year fluctuation in price levels prior to 1914 (reflecting the quality of the harvest,
wars, etc.) there was not the long-term steady increase in prices associated with the period since 1945". It goes on to say that "Since 1945 prices have risen in every year with an aggregate rise of over
The value of the index in 1751 was 5.1, increasing to a peak of 16.3 in 1813 before declining very soon after the end of the Napoleonic Wars to around 10.0 and remaining in the range 8.5–10.0
at the end of the nineteenth century. The index was 9.8 in 1914 and peaked at 25.3 in 1920, before declining to 15.8 in 1933 and 1934—prices were only about three times as high as they had been 180 years earlier.
Inflation had a dramatic effect during and after World War II—the index was 20.2 in 1940, 33.0 in 1950, 49.1 in 1960, 73.1 in 1970, 263.7 in 1980, 497.5 in 1990, 671.8 in 2000 and 757.3 in 2005.
Pound Exchange rate
The pound is freely bought and sold on the foreign exchange markets around the world, and its value relative to other currencies therefore fluctuates. It has been among the highest-valued
currency units in the world. As of 22 November 2009, £1 was worth US$1.648 or €1.109.
Sterling is used as a reserve currency around the world and as at ranked third in value held as reserves.
Currency composition of official foreign exchange reserves v • d • e '95 '96 '97 '98 '99 '00 '01
'02 '03 '04 '05 '06 '07 '08
US dollar 59.0% 62.1% 65.2% 69.3% 70.9% 70.5% 70.7% 66.5% 65.8% 65.9% 66.4% 65.7% 64.1% 64.0%
Euro 17.9% 18.8% 19.8% 24.2% 25.3% 24.9% 24.3% 25.2% 26.3% 26.5%
German mark 15.8% 14.7% 14.5% 13.8%
Pound sterling 2.1% 2.7% 2.6% 2.7% 2.9% 2.8% 2.7% 2.9% 2.6% 3.3% 3.6% 4.2% 4.7% 4.1%
Japanese yen 6.8% 6.7% 5.8% 6.2% 6.4% 6.3% 5.2% 4.5% 4.1% 3.9% 3.7% 3.2% 2.9% 3.3%
French franc 2.4% 1.8% 1.4% 1.6%
Swiss franc 0.3% 0.2% 0.4% 0.3% 0.2% 0.3% 0.3% 0.4% 0.2% 0.2% 0.1% 0.2% 0.2% 0.1%
Other 13.6% 11.7% 10.2% 6.1% 1.6% 1.4% 1.2% 1.4% 1.9% 1.8% 1.9% 1.5% 1.8% 2.0%
Sources: 1995-1999, 2006-2008 IMF: Currency Composition of Official Foreign Exchange Reserves
Sources: 1999-2005, ECB: The Accumulation of Foreign Reserves
Current GBP exchange rates
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Economic history of the United Kingdom
Coins of the pound sterling
Economy of the United Kingdom
"Bank of England Banknotes FAQ". http://www.bankofengland.co.uk/banknotes/about/faqs.htm. Retrieved 2006-05-07.
The Perspective of the World, Vol III of Civilisation and Capitalism, Fernand
Braudel, 1984 ISBN 1-84212-289-4 (in French 1979).
A Retrospective on the Bretton Woods System : Lessons for International Monetary Reform (National Bureau of Economic Research Project Report) By Barry
Eichengreen (Editor), Michael D. Bordo (Editor) Published by University of Chicago Press (1993) ISBN 0-226-06587-1
The political pound: British investment overseas and exchange controls past—and future? By John
Brennan Published By Henderson Administration (1983) ISBN 0-9508735-0-0
Monetary History of the United States, 1867–1960 by Milton Friedman, Anna Jacobson Schwartz Published by Princeton University Press (1971)
The international role of the pound sterling: Its benefits and costs to the United Kingdom By John Kevin Green
The Financial System in Nineteenth-Century Britain (The Victorian Archives
Series, By Mary Poovey Published by Oxford University Press (2002) ISBN 0-19-515057-0
Rethinking our Centralised Monetary System: The Case for a System of Local Currencies By Lewis D. Solomon Published by
Praeger Publishers (1996) ISBN 0-275-95376-9
Politics and the Pound: The Conservatives' Struggle With Sterling by Philip Stephens Trans-Atlantic Publications (1995) ISBN 0-333-63296-6
The European Monetary
System: Developments and Perspectives (Occasional Paper, No. 73) by Horst Ungerer, Jouko J. Hauvonen Published by International Monetary Fund (1990) ISBN 1-55775-172-2
The floating pound sterling of the
nineteen-thirties: An exploratory study By J. K Whitaker Dept. of the Treasury (1986)
World Currency Monitor Annual, 1976–1989: Pound Sterling : The Value of the British Pound Sterling in Foreign Terms Published
by Mecklermedia (1990) ISBN 0-88736-543-4
Krause, Chester L. and Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed. ed.). Krause Publications. ISBN 0873411501.
(1994). Standard Catalog of World Paper Money: General Issues. Colin R. Bruce II and Neil Shafer (editors) (7th ed.). Krause Publications. ISBN 0-87341-207-9.
Pick, Albert (1990). Standard Catalog of World
Paper Money: Specialized Issues. Colin R. Bruce II and Neil Shafer (editors) (6th ed.). Krause Publications. ISBN 0-87341-149-8.