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The British pound is a widely used currency in many countries, both in the UK and the British overseas territories (such as the Falkland Islands, Gibraltar or Santa Elena, among others). The pound is the GBP iso code, and is divided into 100 pence. Formerly divided into 20 shillings and each shilling into 12 pence, but was changed to decimal. Among the metals used to manufacture the coins are sterling silver (92.5%) from which comes the name, and copper and other metals (7.5%). One pound is equivalent to $ 1.677 (US or USD dollars) and € 1.207 (USD or EUR).