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The term "pound" to describe a sum of money, has been in use for about 1,000 years by the English.

It evolved from the unit of measure of weight, the Pound. This was because 240 silver Pennies weighed one pound back in the old days, and the term was used more for accounting purposes than as a unit of currency.

During the reign of Queen Elizabeth I around the late 16th century, a gold coin called the Pound (of 20 Shillings) was first minted, but did not last very long in the currency.

The Pound, in various denominations, was issued as paper money after the establishment of the Bank of England in 1694.

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