An ancient history of money in the UK

Money makes the world go round, or it at least allows us to buy products and services and to be rewarded for our work efforts. The British Pound has had a fascinating 1,200 history, and with criminals finding more ways to infiltrate our finances, organisations have had to find ways to AML ID CHECK systems such as those from to help prevent money laundering from taking place.

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The pound originated in the Roman era, with the name coming from the Latin word “poundus”, which is related to weight. This was then reflected in the Anglo-Saxon use of the word, which saw the unit of currency being equal to a weight of 1 pound in silver. This amount of silver would have been very rare and only limited to those with vast wealth during this time.

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It was King Athelstan (the first King of England) that adopted the Sterling as the national currency of the country. It was Athelstan that set up mints in a number of locations around the country that would help to supply the nation with the money. In 928 AD, one pound would have allowed you to purchase 15 cows.

In 1694 the Bank of England was created by King William III as a way to continue to fund his war with France. In just 12 days, over £1.2 million was raised, and William III used over half of this to rebuild his navy.

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