`\pounds` misbehaving with the `eulervm` package even in T1 encoding

Question

I am teaching a probability course involving lots of gambling and hence, since I'm in the UK, I would like to use £ in some formulae. I use utf8x input enconding, T1 font encoding and the eulervm maths fonts. Nevertheless, £ inside math-mode comes out like a dollar sign.

Here's a minimum working example:

\documentclass{article}
\usepackage[T1]{fontenc}
\usepackage[utf8x]{inputenc}
\usepackage[small]{eulervm}

\begin{document}

A gambler wins $£1$ with probability $p$ and loses $£1$ with probability $1-p$.

\end{document}

Commenting out the line which calls the eulervm package works, but I really like the eulervm fonts, so any help would be immensely appreciated.

Answer 1

I would recommend using utf8 instead of utf8x and of leaving £ outside of math mode, to which it doesn't belong.

If you want to use it in math mode you have to teach how to LaTeX

Method A (utf8 option):

\usepackage[utf8]{inputenc}
\usepackage{amsmath}
\DeclareUnicodeCharacter{00A3}{\text{\textsterling}}

Method B (utf8x option):

\usepackage[utf8x]{inputenc}
\usepackage{amsmath}
\makeatletter
\uc@dclc{163}{default}{\text{\textsterling}}
\makeatother