This character is a Currency Symbol and is commonly used, that is, in no specific script.
The glyph is not a composition. It has no designated width in East Asian texts. In bidirectional text it is written as end of a European number, e.g., a currency symbol, from left to right. When changing direction it is not mirrored. U+20B6 prohibits a line break before it, if it follows a number. The glyph can be confused with one other glyph.
The CLDR project calls this character “livre tournois” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: currency, livre, tournois.
The Wikipedia has the following information about this codepoint:
The livre tournois (French pronunciation:[livʁtuʁnwa]; lit.'Tours pound'; abbreviation: ₶ or £) was one of numerous currencies used in medieval France, and a unit of account (i.e., a monetary unit used in accounting) used in early modern France.
The 1262 monetary reform established the livre tournois as 20 sous tournois, or 80.88 grams of fine silver. The franc à cheval was a gold coin of one livre tournois minted in large numbers from 1360.
In 1549, the livre tournois was decreed a unit of account, and in 1667 it officially replaced the livre parisis.
In 1720, the livre tournois was redefined as 0.31 grams of pure gold, and in 1726, in a devaluation under Louis XV, as 4.50516 grams of fine silver.
It was the basis of the revolutionary French franc of 1795, defined as 4.5 grams of fine silver exactly.