Saturday, January 17, 2004

It's about money, honey!

"After all money is money!"

Our EMC prof Dr Gunasekharan was heard exclaiming this during one of those inspirational lectures about entrepreneurship.

Today afternoon I finished another one from Jeffrey Archer, in my opinion his best, "As the Crow Flies". The story of the British 'onest trader Charlie Trumper. A masterpiece performance! The novel starts with a fewpence and at the end it talks of � 1,000,000! Wow, that sorta money :)

And here is about the British currency �, the lower denominations of which have always confused me.
Sign: � (or "L"; both from Latin libra = pound). �1 = 100 pence (p) (singular penny). Pre-1971 �1 = 20 shillings (s.; colloquially "bob"), 1 shilling = 12 pence (d.); hence "Lsd" as shorthand for predecimalisation values. Note that the pre-and-post decimalisation penny had different values (the pound was constant), so the latter were known as "new pence" for their first few years. UKP is a non-standard abbreviation.

In modern times the pound has become the basic unit of currency. Inflation has steadily eroded the value of currency. The basic unit was once the penny. Originally a silver penny of 1.555 grams (1/240 pound troy) had the purchasing power of slightly less than a modern "pound".

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