What Is A Shilling Comparable To Today's Money
Old money in the UK - pounds, shillings and pence an introduction
How did the old money system with pounds, shillings and pence work in the U.k.?
The pound was the same pound nosotros use today. Nosotros withal have a penny, but the onetime one was larger and worth a lot less. The shilling is no longer UK currency. Information technology had a value of 12 old pennies, or 12 pence.
Uk changed to decimal currency with 100 pence in a pound in 1971. After that date people called the old currency organisation 'old money'. They used to say 'how much is that in old money?'
- How did the old money piece of work?
- What were the former British coins?
- Old money v new coin
- How did you lot write amounts in pounds, shillings and pence?
- Amounts in shillings
- How much did things cost in one-time money?
- Old money slang
- When did Britain stop using pounds, shillings and pence?
- How much is former money worth in today'south money?
How did the old money work?
In that location were three units of currency: the penny, the shilling and the pound.
The penny was a large bronze coin. The shilling was a silver coin. It was the same size as the former 5p.
At that place were 12 pence in a shilling and xx shillings in a pound.
That made 240 pence in a pound.
How did you lot write amounts in pounds, shillings and pence?
You wrote £ for pound, 's' for shilling and 'd' for pence.
They are short for the Latin words libra, solidus and denarius, or LSD. You could say 'how much is that in LSD?'.
Libra meant pound, solidus meant shilling and denarius meant penny. Solidus and denarius were Roman coins, libra was a Roman pound. The origins of pounds, shillings and pence go back to ancient times.
The other common symbol was the slash or oblique ('/'). People used it to divide amounts in shillings and pence.
15 shillings and 6 pence was 15s 6d or xv/6. If at that place were no pence you could use /- for a quantity in shillings, then five/- was 5 shillings.
You could say the symbol for 1 shilling was i/-.
For instance, a jar of instant coffee might cost 2/3 - 2s 3d or two shillings and three pence.
How did people say amounts in pounds, shillings and pence?
For amounts less than a shilling, you said the amount in pence, eg '7 pence' or '7 and half pence'.
You could as well say penny-ha'penny for ane½d. In older English yous could say the amount in farthings, eg 'You owe me five farthings, Say the bells of St Martin's' from the nursery rhyme, 'Oranges and Lemons'.
For amounts in shillings and pence you said '2 and vi' for ii shillings and six pence. For amounts in just shillings, it was common to say '2 shillings'.
What were the former British coins?
What were the names of the old British coins?
Half Penny
i/2d
Threepence
3d
Sixpence
6d
Two Shillings
2s or ii/-
Half crown
2s 6d or 2/half-dozen
British pre-decimal coins in the twentieth century were:
- Farthing (¼d) - quarter of an old penny
- Halfpenny (½d) - half an former penny or ha'penny - pronounced ˈheɪpni'
- Penny (1d)
- Threepence (3d) - or threepenny chip or 3d fleck - pronounced thruppence or thruppenny fleck
- Sixpence (6d)
- Shilling (1s or 12d)
- Ii shillings or florin (2s or 24d)
- Half crown ('Two and six' 2s 6d)
- Crown (5s) [issued on special occasions just]
Farthings, halfpennies and pennies were statuary. The threepenny bit was brass. It had twelve sides.
Before 1937 the threepenny scrap was argent. There was a tradition of putting a silvery threepenny flake or a sixpence in a Christmas pudding for a lucky kid to find.
The sixpence, shilling, two shillings and half crown coins were silver. They were real silver before 1920.
There was also a crown coin which the Imperial Mint issued on special occasions.
For larger amounts, in that location were banknotes. In that location was a ten shilling note (worth 50p in decimal) £1, £5 and £ten notes.
What about the guinea?
One guinea was 21 shillings or one pound and one shilling. There were no guinea coins in the twentieth century.
You lot still got bills in guineas from solicitors, accountants and other professionals. If y'all went on holiday yous might accept to settle your hotel bill in guineas. It was a manner of sounding posh and also making a nib seem a little scrap smaller than it actually was.
What about the sovereign?
Aureate sovereigns with a face value of £1 and half-sovereigns with a face value of 10 shillings (50p) were legal tender in the 1960s. They remain then today. Although you lot would be extremely lucky if someone gave yous a aureate sovereign instead of a pound coin.
In the 1960s only collectors with a licence were allowed to own sovereigns.
Quondam money v new coin coins
| Old money | New money | |
|---|---|---|
| Pence in a pound | 240 | 100 |
| Smallest coin | ½d | ½p |
| Highest value coin | Half crown(two/six) | 50p |
| Bronze coins | ¼d, ½d, 1d | ½p, 1p, 2p |
| Brass coins | 3d | none |
| Silver(*) coins | 6d, 1s, 2s, 2s 6d | 5p, 10p, 50p |
(*) Cupro-nickel
When United kingdom of great britain and northern ireland's decimal organization was introduced in 1971, the value of money had gone down. Nosotros no longer had farthings equally they were withdrawn in 1960. The smallest sometime money coin was the halfpenny. It was worth 0.2p, so not very much. The new decimal halfpenny was worth more than double. It was worth more than than the old penny which had a decimal value of 0.42p.
The decimal value of the old money coins is equally follows:
| Coin | Value | Closest decimal coin |
|---|---|---|
| Farthing | 0.10p | None |
| Halfpenny | 0.21p | None |
| Penny | 0.42p | New halfpenny |
| Threepence | 1.25p | New penny |
| Sixpence | 2.5p | New twopence |
| Shilling | 5p | V new pence |
| Two shillings | 10p | X new pence |
| Half crown | 12.5p | Ten new pence |
| Ten shillings (note) | 50p | Fifty new pence |
Amounts in shillings
Some shops priced things in shillings rather than pounds, shillings and pence. For example, an Action Man Soldier (GI Joe in America) was 27/vi in 1970.
That is 27 shillings and 6 pence (onetime pence).
You also got larger amounts in shillings. It might be useful to know that:
- 25 shillings was £1 5 shillings - in decimal £1.25
- 40 shillings was £2
See Amounts in shillings for how to convert shillings to pounds.
How much did things cost in old money?
1970 was the last full year of old money. Britain'due south pound had much more buying power.
For 1970 prices, think of one shilling equally 50p, 2 shillings as £1 and half a crown as £1.25.
In earlier times, coin was worth more. When the state of war ended in 1945, one shilling was worth £1.50 in today'due south money and in the 1930s between £2.30 and £ii.50.
So how much was a can of baked beans?
These are some typical prices from 1965:
| English language butter per lb | 3/- |
| Baked beans lb | 9d |
| Kellogg'south corn flakes 12oz | i/5 |
| Nescafé 2oz | two/3 |
| Omo washing powder per lb | 1/11 |
So what is that in today's money? Translating these prices at confront value, they piece of work out at 15p for a lb of butter, 4p for the baked beans, 7p for the cornflakes, 11p for the coffee and 10p for the Omo.
But what well-nigh inflation? According to the retail cost index, prices have gone upward by a factor of twelve since 1965.
Taking aggrandizement into business relationship, these prices would accept been £i.25 for a lb of butter, 48p for a lb of broiled beans, 84p for 12oz of cornflakes, £1.32 for 2oz of Nescafe and £i.20 for a 1lb of Omo.
Read more than:
- What could you buy for a shilling in 1970?
- What could you buy for half a crown in 1969?
Slang terms for onetime money
You might hear the term bob for a shilling. The Boy Scouts did 'Bob-a-chore' week.
Bob-a-job week started in the UK in 1949. So one shilling was worth £1.xxx in today'south money.
In my twenty-four hours the Scouting Motility discouraged the term. They wanted more a bob a job in the high inflation days of the 1970s.
Bob-a-job calendar week officially concluded in 1992.
Another common slang term was a tanner for a sixpence. For more see slang terms for old money
When did Britain stop using pounds, shillings and pence?
Old money officially came to an end on 15 February 1971. For a brusque time, some shops all the same priced goods in old money, simply by the summer of that year pounds, shillings and pence had disappeared. Read more than nigh decimalisation.
The old coins disappeared on different dates. The concluding one, the two shillings or florin, was still legal tender in 1993.
- Farthing withdrawn on ane Jan 1961
- Halfpenny withdrawn on ane August 1969
- Half crown withdrawn on 1 Jan 1970
- Ten shilling notation withdrawn on 22 November 1970
- Penny withdrawn on 1 September 1971
- Threepenny chip withdrawn on ane September 1971
- Sixpence withdrawn on 1 July 1980
- Shilling (and original 5p) withdrawn on 1 Jan 1990
- Two shillings (and original 10p) withdrawn on one July 1993
The Royal Mint withdrew the farthing on ane January 1961, well before the United kingdom Government fabricated any decision on decimalisation.[1]
When the Regime decided to introduce decimal currency, the Royal Mint withdrew a few of the £sd coins.
The halfpenny was no longer legal tender from 1 August 1969[2] and the half crown from one January 1970. [3]
The Banking company of England chosen in the 10 shilling annotation on 22 Nov 1970. This meant information technology was no longer legal tender, just you lot could still tin take information technology to the Bank of England and change it for 50p.
The penny and threepence were however legal tender on D-Day (Decimal Twenty-four hour period), xv Feb 1971. Y'all could however utilise them to pay for appurtenances in new and old money until 1 September 1971 [4], when they were withdrawn. This worked because 6d was ii½ in decimal.
The remaining old coins had a much longer life. The sixpence continued in use until xxx June 1980 and was no longer legal tender from 1 July 1980.
The Majestic Mint withdrew the shilling and florin (two shillings) coins when it introduced the new smaller 5p and 10p coins. The shilling remained legal tender until thirty December 1990 and the florin or two shilling piece until 30 June 1993.
So the terminal day yous could legally spend a £sd coin or note was thirty June 1993.
The two shilling slice or florin was start struck in 1849 in Queen Victoria's reign as a small pace towards decimal currency. The first florins were marked 'Ane tenth of a pound'. So it was both U.k.'s get-go decimal coin and the final pre-decimal coin.
Old money amounts in today's money
Many people ask 'what is the value of quondam money in today's money?'. This is a difficult question to answer. There are three values: the confront value, the value in real terms and the value of a coin to a collector.
The face value of old money
In 1971 when United kingdom went decimal at that place was a conversion applied to old money. Instead of 240 pence in the pound in that location were 100. An sometime penny had a face up value of 0.42p and a shilling had a nominal value of 5p. See old money five new money.
The face value bears no relation to the spending ability of the old coins in today'south money. For that we demand to consider the real value.
Real value of old coin coins
What was the spending power of one-time money coins in the past?
These tables testify the spending ability of old coin in different eras. They are wide averages based on the Consumer Price Index.
As you can see the value of money could go up likewise equally down. There was deflation as well every bit inflation.
| Coin | 1700s | 1800s | 1900-1914 |
|---|---|---|---|
| Farthing | 14p | 9p | 10p |
| Penny | 57p | 35p | 39p |
| Shilling | £6.lxxx | £iv.20 | £4.lxx |
| Pound | £133 | £83 | £94 |
| Money | 1920s | 1930s | 1940s |
|---|---|---|---|
| Farthing | 4p | 5p | 3p |
| Penny | 18p | 21p | 13p |
| Shilling | £2.15 | £2.69 | £one.60 |
| Pound | £43 | £52 | £32 |
| Coin | 1950s | 1960s | 1970 |
|---|---|---|---|
| Farthing | 2p | 1p | 1p |
| Penny | 8p | 6p | 5p |
| Shilling | 97p | 71p | 57p |
| Pound | £19 | £14 | £eleven |
For a full general feel of values earlier the Kickoff World State of war, call back of a farthing as 10p, a penny as 40-50p, a shilling equally £5 and a pound as £100.
A golden sovereign, which was a coin worth £ane in 1914, had a value in today's money of £100. Quite something to accept a coin worth £100 in your pocket. Near people never endemic a sovereign. The toll of gold today has done ameliorate than the pound sterling. A gilded sovereign today is worth £300.
After the First World War prices inverse significantly. On the eve of decimalisation a shilling was worth 57p.
Collectors' value of former coins
Attribution: Clemchambers for the image. Andre Lavillier or perhaps some earlier Regal Mint engravers for the coin, Public domain, via Wikimedia Eatables licenced nether Attribution-ShareAlike 3.0 Unported (CC By-SA three.0)
The value of an old coin can be near nothing or thousands of pounds.
The majority of bronze coins from the sometime coin era have no real value. You need to discover uncirculated (unused) examples.
Rarity can make a huge departure to value. A one penny coin from 1933 sold for £72,000 ($100,000) in 2016. It was 1 of merely four 1933 pennies.
Silver coins earlier 1947 take a value based on the bit value of silver. Coins in good condition and from the Victorian era or earlier will be worth more than. Collectors grade coins on condition and those in the higher grades: uncirculated, or extremely fine attract the highest prices.
The Purple Mint used cupro-nickel instead of silver after 1946. The cupro-nickel 'silver' coins accept very little collector value today unless they are rare and in uncirculated condition.
Gold coins are always valuable because of the value of gilt. Depending on the gold toll, a sovereign will be worth around £300 flake value. It may exist worth much more than to a collector because of rarity and condition.
What were the oldest coins in apportionment?
Before Britain went decimal in 1971, the oldest legal tender coins were 1816 argent half crowns, shillings and sixpences from George 3's reign. The shilling remained legal tender until 1990.
The oldest legal tender florin was the first 1 from 1849.
Pennies, halfpennies and farthings from 1860 were the oldest bronze coins still legal before 1971.
Why use a non-decimal arrangement?
The advantage of the system over decimal was that it was piece of cake to divide. You could divide a pound into:
- Half - 120 pence
- One 3rd - eighty pence
- I quarter - lx pence
- One fifth - 48 pence
- I sixth 40 pence
In the days before computers and calculators, this was useful for trading.
Did other countries used old money?
Yes. Many countries in the British Commonwealth and former Empire used the pounds, shillings and pence system at some signal in the by. The Commonwealth of Ireland also used pounds shillings and pence until 1971.
The shilling lives on as the official currency of some African nations. Republic of kenya, Somalia, Somaliland, Tanzania and Uganda all utilize the shilling. The Kenyan shilling is divided into 100 cents, but no coins are minted today for amounts below i shilling.
The Somaliland one shilling coin carries the old style abbreviation ane/-.
Read more about:
- What other countries used pounds, shillings and pence?
- Pounds shillings and pence in Ireland
Purchase old money
If yous want to buy a ready of 'old money', the best fashion is to buy a complete fix from a specific year. They can make great birthday present, particularly if yous tin find a set dating from the yr the person was born.
They are not every bit expensive as you might recollect. A complete set of coins from a specific year from the 1950s or 1960s should toll no more than £25 and often a lot less. Await for:
- Coins sets from the 1960s
- 1953 to 1959 coin sets
- 1950 to 1952 money sets
New money
From 1968, to be ready for decimalisation, the Royal Mint started to mint decimal coins.
The Mint started with coins denominated in 'New Pence' of values five and ten. They worked with the old system as they were direct replacements for the one and 2 shilling pieces. In those days today'south pence were 'new pence'.
References
[1] The Guardian 31 December 1960 [1]
[2] The Times 30 July 1969, page 20 consequence 57625
[3] The Times 31 December 1969, page 1, result 57755
[4] The Times iii Baronial 1971, page iv, issue 58240
By Steven Braggs, Feb 2003, latest update October 2021
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Source: https://www.retrowow.co.uk/retro_britain/old_money/old_money.html
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