
WT£? A pound is unit of measurement. British Pound Sterling (GBP) was originally equal to one pound of Sterling Silver, which is an alloy consisting of 92.5% silver and 7.5% other metals, usually copper. The gold standard was officially adopted in 1821, which effectively depegged the pound from silver. British gold sovereigns (1£) contain 0.2354 troy ounces of pure gold. Britain officially abandoned the gold standard on Sep 20, 1931. Given the current silver and gold prices in GBP per troy ounce is 31.98£ and 2,735£, respectively, we can effectively extrapolate the sheer level of debasement of this fiat currency. Silver 31.98 x 14.5833 (troy ounces in 1 pound) = 466.37 92.5% of 466.37 = 431.39£ 94 years average annual inflation rate of approx. 6.47%. Gold: 2,735 x 0.2354 = 643.82£ Real annual inflation = 7.13% WT$ A dollar is also a unit of measurement.