British Pound Devaluation

Date: September 16, 1992 • Location: London, United Kingdom

The British pound (coin pictured) was forced out of the European Exchange Rate Mechanism on Black Wednesday and suffered a major devaluation.

Sterling is the currency of the United Kingdom and nine of its dependent territories and formerly of the Kingdom of England. The pound is the base unit of sterling, and the word pound is also used to refer to the British currency generally, often qualified in international contexts as the British pound or pound sterling. Since 1971, each pound has been divided into 100 pence.