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
WCU – World Currency Unit base years are spliced to form a continuous series. The formula for the valuation of the World Currency Unit has been revised since 2008 so that the GDP weights are now revised every year. While still retaining the meaning of a unit of global real purchasing power, the WCU can now be interpreted as a GDP-weighted basket of currencies, each indexed against domestic inflation. The GDP-weighted basket of currencies has now formed the basis for a new formula for the effective exchange rate. The nominal value of this unit would rise with inflation in each economy. Moreover, the nominal value