Pound Coins Absent in Great Britain for Over a Century

Economist George Selgin has pointed out that for over a century, no physical pound coins were in circulation in Great Britain. This period spanned from 1717 to 1817, when the pound sterling was the primary monetary unit.

According to Selgin, the absence of actual pound coins does not pose problems for monetary systems. He notes that a 'ghost money' metallic unit, related to other metallic media at fixed rates, is not inherently problematic.