The official currency of the United Kingdom is the British pound sterling, often simply referred to as the pound. Its symbol is £, and it is subdivided into 100 smaller units called pence. The pound is one of the oldest currencies still in use today and is widely recognized around the world. The Bank of England is responsible for issuing banknotes and managing the currency's value. In addition to banknotes, there are also coins in various denominations, including 1p, 2p, 5p, 10p, 20p, 50p, £1, and £2. The pound is used in England, Scotland, Wales, and Northern Ireland, although Scotland and Northern Ireland have their own banknotes.