What is the basic monetary unit of the United Kingdom called?

The basic monetary unit of the United Kingdom is the pound sterling.

Pound sterling is the currency of the United Kingdom and several Crown Dependencies, including the Isle of Man, Jersey and Guernsey. Its symbol is £, and its ISO 4217 code is GBP. The Bank of England issues banknotes for England and Wales, while Scottish and Northern Irish banks also issue notes that circulate across the United Kingdom.

The pound has one of the longest continuous currency histories in the world. The name “pound” reflects an old unit of weight, while “sterling” became associated with high-quality silver coinage. Before decimalisation, one pound was divided into 20 shillings and each shilling into 12 pence.

The United Kingdom adopted decimal currency on 15 February 1971, known as Decimal Day. Today, one pound is divided into 100 pence. Pound sterling is often called simply “the pound,” but that nickname can also describe other national currencies.