In a book I’m reading, I had just encountered with considerable delight a statement that the word “sterling” came from “Easterlings,” a name often given to the upstanding merchants of the Hanseatic League. I was ready to write that up as a Fun Fact, but years of working in publishing made me feel odd about publishing anything without checking another source. Hmm. Webster’s Dictionary said the word probably came from the Old English steorling, from steorra, or star. Okay, so the dictionary says “probably.” Time for a third source.
So on to Britannica. It said “One theory” is that it comes from the silver coins made by the Germanic Easterlings–so referring to their silver rather than their sterling characters. Then it adds “A more plausible derivation” is the steorling mentioned by Webster’s, meaning “coin with a star.”
So, in other words, there is no absolutely certain explanation–the word arose a thousand years ago, and it’s hard to track precisely all influences and language changes going back that far.
One thing I did discover while looking into this, however, is why British money was originally divided up the way it was–and why it was (and is) called a pound. In Anglo-Saxon times, one pound of silver would be coined into 240 pennies. These pennies were 925 parts silver to 75 parts copper (and one still sees 925 stamped on sterling silver). Each silver coin bore a star, and so it was called a steorling, or “coin with a star.” But that means that, at one time, a pound sterling in Britain really was a pound of sterling.
And what does this have to do with food, you might be wondering. Well, the Hanseatic League made their wealth and gained their power from controlling the salt trade for a couple of centuries–back when salt was the only reliable way to preserve food for most people. So almost no story is more than a step or two away from food.
The World's Fare 