Stay with me and I will show you why its worthless.
At one time you could take your pounds into a bank and get it exchanged for Gold. (wow) But all that changed because the UK and many other countries in the world were broke due to the war in 1939/45 , so in 1944 a group of nations hosted by the united states met in Bretton Woods which is in New Hampshire USA to hatch out a plan to rescue the worlds economies!
On the right is a short video to explain the purpose of the meeting.
All this was of course in favour of the states who had also profited from the war by supplyiing arms until they were brought into the war by Japan and their attack on pearl harbour.
It was eventually agreed that the dollar would become the worlds reserve currency and that all transactions would be conducted in the U.S. dollar and the dollar could be converted to gold. That lasted until 1971 but because of speculation, notably by France President Nixon of the U.S. announced that the Dollar would no longer be convertible to gold