The British pound’s final reserve currency defense (1960–1967) ended with the 1967 devaluation: gold reserves declined steadily, the current account deteriorated, and the Bank of England raised rates sharply to defend the peg — but ultimately failed. Central banks began selling sterling reserves after the devaluation, confirming the shift. This is the playbook for reserve currency transitions: current account deterioration → reserve drawdown → rate hikes to defend → failed defense → devaluation → foreign central bank selling → confirmation of new order.