Currency Act 1982 It is still in force unamended. Currency Act 1982 The Currency Act 1982 (c 3) is an Act of the Parliament of the United Kingdom. Following Decimal Day in 1971, when the British monetary system changed from pound/shilling/penny to the metric £1 = 100p system, the new currency was known as the "new pound" and therefore the "new pence". By 1982, the use of "new pence" was out of use, and replaced with "penny". The Act sanctions the use of "penny" rather than "new penny" in common usage, such as on coins produced by the Royal Mint. The Act covers
World currency unit have adopted the name "World Currency Unit". The Wocu (contraction of World Currency Unit) is a standardized basket of currencies — the national currencies of the 20 largest national economies measured by GDP, established in 2008. The basket is reweighed semi-annually according to the relative growth of the economies, whereby constituent currencies are replaced by other currencies should the size of the GDP be overtaken by that of another national economy. Conceived as an apolitical and global alternative to the ECU, it is used as a reference currency for global investors and companies seeking to mitigate bilateral exchange rate volatility.