Why is a Pound Called a Pound? And When Was the £ Symbol First Used?

This the second article in a series of insights into the fascinating past of the UK currency. Here we ask, why is a Pound a Pound, and when was the £ symbol first used? 

Why is our modern-day British Pound called a Pound?

It all dates back to Rome and the, "medieval understanding of the Roman pound weight, and the monetary pound was a unit of value equal to a pound weight of silver," says Nicolas Mayhew in his book, Sterling, The History of a Currency.

Why do we use the £ symbol to denote the British Pound Sterling?

A 'pound' was actually known in Latin as 'libra' with an abbreviation of li or L used.

According to Mayhew, the symbol we know so well - £ - was only introduced in the 18th century and is in fact an ornate letter L.