The Egyptian pound (EGP) is the official currency of Egypt. In terms of currency, one Egyptian pound breaks down into 100 piastres. The Egyptian pound was created in 1834, when an order by the Khedive of the time was issued to create a unified Egyptian currency that would replace the old piastre. Until 1962, the Egyptian pound and its value was pegged to the British pound, making it a part of the Sterling Area. However, after 1962, the Egyptian pound switched directions and pegged itself to the U.S. dollar.