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Commodity Trading Discussion Forum

Re: Little humor :) *PIC*

Posted By: R
Date: Sunday, 8 November 2009, at 11:26 a.m.

In Response To: Re: Little humor :) *PIC* (R)

but .. cheer up ..
you could live in the UK ..

The British Pound originally represented one troy pound of sterling silver back in 1560. Sterling silver is 92.5% pure silver and there are 12 troy ounces in a troy pound. Elizabeth I and her advisor Sir Thomas Gresham (of Gresham's Law fame) established the new currency to bring about order created by the "Great Debasement" of 1543-51 when Henry VIII sought to finance his costly wars with both France and Scotland.

Paper banknotes were issued shortly after the establishment of the Bank of England in 1694.

As of January 7, 2009 it now takes 81.8 GBP to purchase that same troy pound of sterling silver - a loss of 98.8%!

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