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The pound sterling is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, British Antarctic Territory, South Georgia and the South Sandwich Islands, and Tristan da Cunha. The Bank of England has a legal monopoly of banknote issuance in England and Wales. Six other banks also issue their own banknotes as provisioned by the Banking Act 2009, but the law requires that the issuing banks hold a sum of Bank of England banknotes equivalent to the total value of notes issued.
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