Replace text in a string with jQuery

[javascript]
<!DOCTYPE html>
<html lang="en">
<head>
<meta charset="utf-8">
<title>Hello User!</title>
<script type="text/javascript" src="https://ajax.googleapis.com/ajax/libs/jquery/1/jquery.min.js"></script>
<script type="text/javascript">
$(document).ready(function() {
$(".element span").text(function(index, text) {
return text.replace(‘British Pound’, ‘GBP’);
});
});
</script>
</head>
<body>
<div class="element">
<span>1 British Pound</span>
</div>
</body>
</html>
[/javascript]

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