How to type GBP pound sign (£) using US keyboard, in Windows 8 and Windows 8.1?

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On a US keyboard layout there is no £ key. In order to get the symbol it is required to press some key combinations.

To get the £ symbol typed on the screen, do the following:

Hold down the ALT key and type 0 1 6 3

Note: The above will only work using the number pad keys with num lock on.