Before the United Kingdom adopted decimal currency in 1971, its monetary system was a fascinating mix of pounds, shillings, and pence. Understanding these old British Money Denominations can be helpful for historical research, literature comprehension, and even casual trivia. This guide breaks down the pre-decimal currency system and its intricacies.
Understanding Pre-Decimal British Currency
The pre-decimal system was based on a complex relationship between three main units:
- Pound (£): The largest unit, often called a “quid” in slang.
- Shilling (s): One pound was divided into 20 shillings. A shilling was also known as a “bob.”
- Penny (d): The smallest unit. One shilling was divided into 12 pence. A penny was further divided into two halfpennies or four farthings.
This meant there were 240 pence in a pound (20 shillings x 12 pence). Keeping track of these conversions required a bit of mental gymnastics!
Engraving of a Royal Mint, illustrating the historical production of British currency.
Common Abbreviations for British Money
Several abbreviations were commonly used to represent these denominations:
- £: Pound, derived from the Latin word “libra.”
- s: Shilling, from the Latin “sesterius” or “solidos.”
- d: Penny, surprisingly, from the Latin “denarius.”
- ob: Halfpenny, short for “obulus,” another Roman coin.
- qua: Farthing (a quarter of a penny), from “quadrans.”
Writing Monetary Amounts in Old British Money
Various ways existed to express monetary amounts:
- Full Amounts: £1 9s 6d, £1.9.6, £1/9/6d, or £1-9-6 all represented one pound, nine shillings, and sixpence.
- Shillings and Pence: 9s 6d or 9/6 (spoken as “nine and six”).
- Shillings Only: 9s or 9/- (the dash indicated no pence).
- Roman Numerals: Before the 17th century, lowercase Roman numerals were common (e.g., ixs vjd for nine shillings and sixpence).
Coins and Other Units of Pre-Decimal British Money
A wide range of coins circulated, each with its own unique name and value:
- Farthing (¼d)
- Halfpenny (½d or ha’penny)
- Three Farthings (¾d)
- Penny (1d)
- Tuppence (2d)
- Threepence or Thruppence (3d)
- Groat (4d), circulated until 1662 and briefly revived in the mid-19th century.
- Sixpence or Tanner (6d)
- Shilling or Bob (1s)
- Florin (2s)
- Half Crown (2s 6d)
- Crown (5s)
- Half Sovereign (10s)
- Sovereign or Quid (£1)
- Guinea (£1 1s or 21 shillings)
Additionally, a “mark” equaled two-thirds of a pound (13s 4d), used for accounting but not a physical coin.
Decimalisation: The End of an Era
On February 15, 1971, the UK adopted decimal currency, simplifying the system to pounds and pence (£1 = 100p).
A newspaper advertisement announcing Decimal Day and explaining the new currency system.
The old denominations were converted as follows:
- 6d = 2½p
- 1s = 5p
- 2s = 10p
- 10s = 50p
- £1 = £1
Some pre-decimal coins continued to circulate for a time, representing their decimal equivalents. However, the sixpence, shilling, and two-shilling coins were eventually phased out. For a period after decimalisation, the term “New Pence” distinguished newly minted coins from the old pence. The transition to decimal currency marked a significant shift in British monetary history.
