The shilling lives on as the official currency of some African nations. Kenya, Somalia, Somaliland, Tanzania and Uganda all use the shilling. The Kenyan shilling is divided into 100 cents, but no coins are minted today for amounts below 1 shilling. In 1971 when Britain went decimal there was a conversion applied to old money. An old penny had a face value of 0.42p and a shillinghad a nominal value of 5p.
Decimal
Now, keep in mind that the UK has more than 1000 years of monetary history, to the point that it would take a book or two to properly cover it all. Instead, we’ll focus on things you’re likely to encounter in TV, movies, and literature. Historically, the pound sterling has been worth quite a bit more relative to the USD. Throughout much of the 1970s, a single pound would cost more than $2. During the early 2000s, £1 fluctuated between roughly $1.45 and $2. An amount such how much is a bob in english money as 12/6 would be pronounced ‘twelve and six’ as a more casual form of ‘twelve shillings and sixpence’.
British Coins
Another point of contention was the potential for confusion during the transition period. People who were accustomed to the old currency system had to adapt to the new decimal system, which required learning new conversion rates and understanding the new symbols. However, with public awareness campaigns and educational initiatives, the government aimed to minimize confusion and ensure a smooth transition.
We, as modern American readers, have always had some problem in translating the British monetary system of the Victorian era into something more tangible, such as purchasing power. After puzzling the matter of the monies of the times off and on, we eventually asked one of our good British friends? Viz., Brian May, to explain to us the intricacies of the Victorian monetary system. We shall try to convey to you, what Brian conveyed to us. Let’s start with the little money and work up – everything eventually comes out to be defined in terms of the penny (pence) ..
What were the old British coins?
Striking a balance between tradition and efficiency would ensure a currency system that is both practical and reflective of the rich heritage of British money. A couple of other monetary things came to our attention after our communication with Brian. Then there.are the Napoleons which John Clay plotted to steal under the ruse of The Red Headed League. Ten-cent coins minted through the remainder of the 1960s included the legend “ONE SHILLING” on the reverse.
For example, a public toilet might require 30p for access. If something requires pounds and pence, you could say 5 pounds 50 pence, but you’re more likely to hear “5 pounds 50”. Luckily for those who enjoy travelling to the UK, the pound sterling has been weak in recent years, dipping as low as $1.07 in late 2022. Even still, dollars buy a lot more than they used to in the UK, so it’s a great time to be travelling and shopping at British businesses. The word threepence would often be pronounced as though there was only a single middle “e”, therefore “thre-pence”. The penny was further sub-divided into two halfpennies or four farthings (quarter pennies).
Maltese shillings
- It is denoted by the symbol and is further divided into smaller units known as pence.
- Understanding the basics of Pound Sterling and pence is crucial for anyone living in or visiting the United Kingdom.
- Younger generations might be more inclined to adopt modern slang terms, such as “bucks” or “p” for pounds, while older generations might stick to the traditional terms they grew up with.
- A shilling was a coin used in England from the reign of Henry VII4 (or Edward VI around 1550).
The shilling had a distinct design, with various monarchs appearing on the obverse side. Although no longer in use, the shilling holds nostalgic value for many Britons who grew up using this coin. One of the main arguments in favor of decimalization was the ease of calculation and understanding. The old system of pounds, shillings, and pence relied on complex conversion rates and mental arithmetic that could be time-consuming and prone to errors. Decimal currency, on the other hand, is based on units of 10, making calculations much more straightforward and intuitive.
The oldest legal tender florin was the first one from 1849. These tables show the spending power of old money in different eras. They are broad averages based on the Consumer Price Index. According to the retail price index, prices have gone up by a factor of fifteen since 1965. In the 1960s only collectors with a licence were allowed to own sovereigns.
Before decimalization in 1971, the British currency was based on the pound sterling (), which was divided into shillings (s) and pence (d). This system, although unfamiliar to many today, played a crucial role in the everyday lives of the British people. Let’s delve into the intricacies of the pre-decimalization era and explore the significance of shillings and pence.