The pound sterling (£), or British pound, is the oldest currency still in use today. Its history can be traced back to the 8th century, when the Anglo-Saxons introduced a silver coin known as the pound, which was equivalent to 240 pennies. The pound sterling as we know it today was established in 1694, when the Royal Mint began issuing gold coins in denominations of one, two and five pounds. The pound sterling has remained the official currency of the United Kingdom, and has also been adopted by several other countries, including the Isle of Man, Jersey and Guernsey.