From Peter Moore & Barcode Index:
I do know of this problem. The u problem is usually either the Firmware Version on the pole display needs updating to version 1.03 (i.e from the hardware supplier) , or alternatively the client will need to set the dip switch on button 1-8 to on. The dip switch is underneath a rubber cap directly behind the display. After setting that button 1-8 to on, they then need to power the pole display. It will then run a self test every time it is switched on, and this will then run a sequence of events that will display all the settings and the characters on the pole display for approx 3 minutes. If the £ sign appears as a supported character, then the escape command to the pole display has set the £ sign as 154 rather than 156 in the character table.The escape commands for the £ sign according to the epson manual are supposed to be
esc t 19 which will take you to character table PC 858 and then you need to change the character for the £ sign to 156 rather than 154.
154 will display the £ sign as U
156 will display the £ sign as £
158 will display the £ sign as X
169 will display the £ sign as R