| Torpedo Fodder |
07-03-07 11:09 PM |
Quote:
Originally Posted by geetrue
I thought the British pound's value was based on silver ... I know USA's was and now it's not, but the pound has always been like between $2, $2.25, $2.50 to me.
|
Not anymore. The British Pound, just like every other currency on the planet is today a fiat currency. The name "Pound Sterling" is nothing more than an anachronism, and was long before it became a fiat currency (In 1816, it was moved from silver to the gold standard, and finally became a fiat currency after World War I) |
