Great Britain in actual circulation has the gold sovereign (value $4.8665) and half-sovereign ; the silver crown (value $1,087), half-crown, shilling (value $0,217), six-pence, four-pence, and three-pence. It has a paper currency, which includes the notes of the Bank of England, the smallest denomination of which is five pounds ; the notes of the Scotch and Irish banks, the smallest denomination of which is one pound. Certain joint stock and private banks also issue notes.
Canada has a currency similar in form to that of the United States. But she has no gold coinage of her own. She uses the gold coinage of the United States and Great Britain, and they are legal tender. The silver coins are similar to those of the United States except that there are no silver dollars and no silver five-cent pieces. There are notes issued under the laws of the Dominion of the denominations of $1, $2, and $4, and are redeemable in gold on demand. The chartered banks issue bank notes in denominations not smaller than $5. Unlike the laws in the United States, no special security in the way of deposit of bonds is required, but the notes, in case of the bank's insolvency, become a preferred claim against all assets of the bank, and include the double liability of the stockholders. The total issue rarely exceeds sixty per cent. of the paid-up capital of the bank, and in no case must it exceed one hundred per cent.
Australia has the same monetary system as that of Great Britain.
British India has a silver standard unit, which is the rupee, whose value is $0.444. It has gold coin of five, ten, fifteen, and twenty rupees, respectively. The government notes, ranging in value from five to ten thousand rupees, are issued and secured by deposits of gold and silver. The money in circulation in India is said to exceed one billion dollars.