General Knowledge Question and Answer “Why is English Currency Called Pound?” Common GK Paragraph, Essay for class 8, 9, 10 and 12 Class, Competitive Exam.

Why is English Currency Called Pound?

In Europe, sillier coins were used commonly during the Middle Ages. The smaller silver pennies used were 1/240 of a pound in weight, and were called sterlings. 240 sterlings weighed one pound and the basic unit of money became the pound of silver. The unit is still called the pound sterling, although it is no more made of silver.

The word dollar used for the American money also has a history. During the 16th century, silver coins made in St. Joachimsthal in Bohemia were thought to contain the purest silver. This prized coin became known as the Joachimsthaler which was shortened to ‘thaler.’ In some places it became `daler’.

The Spanish coins which were used in America before the Revolution were also called daler. In 1785 when the U.S. Congress decided to start issuing money, they changed this to ‘dollar’ which is since then used for the unit of currency.

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