The money symbol for the UK is the pound sign, represented as £. This symbol precedes the numerical value when writing or displaying amounts in British currency, known as the pound sterling. For example, ten pounds would be written as £10. But where did this symbol originate, and what other symbols and abbreviations were associated with British money before decimalization in 1971?
Engraving of a Royal Mint, from The Child’s Arithmetic: A Manual of Instruction for the Nursery and Infant Schools (London: William S. Orr and Co., 1837)
Origin of the Pound Sign (£)
The £ symbol is derived from the capital letter “L” in the old Roman alphabet. This “L” stood for “libra,” the Latin word for “pound,” a unit of weight used in Roman times. The pound weight of silver became a standard monetary unit in England, leading to the adoption of “libra” and its associated symbol for representing currency. Over time, the “L” was stylized with a horizontal line or two through it, eventually evolving into the modern £ symbol.
Pre-Decimal Currency and Abbreviations
Before 1971, the UK used a pre-decimal currency system with pounds (£), shillings (s), and pence (d).
- Pound (£ or li): Represented by the £ sign or the abbreviation ‘li’, both stemming from the Latin “libra.”
- Shilling (s): Abbreviated as ‘s,’ derived from the Roman coins “sesterius” or “solidos.”
- Pence (d): Confusingly abbreviated as ‘d,’ originating from the Roman coin “denarius.”
- Halfpenny (ob): Represented by ‘ob,’ short for “obulus,” another Roman coin.
- Farthing (qua): Abbreviated as ‘qua,’ short for “quadrans,” meaning a quarter of a penny. “Farthing” itself is Old English for “a fourth-thing.”
Various formats were used to write monetary amounts, including:
- £1 9s 6d
- £1.9.6
- £1/9/6d
- £1-9-6
Shillings and pence alone could be written as:
- 9s 6d or 9/6 (spoken as “nine and six”)
Lowercase Roman numerals were also common until the 17th century, for instance:
- ixs vjd (representing 9 shillings and 6 pence).
Coins and Units of Pre-Decimal Money
A collection of Pre-Decimal British coins. Image source: Wikimedia Commons
The pre-decimal system included a variety of coins with specific names and values:
| Coin | Amount | Nickname(s) |
|---|---|---|
| ¼ d | Farthing | |
| ½ d | Halfpenny | Haypny |
| ¾ d | Three Farthings | |
| 1d | Penny | |
| 2d | Two Pennies | Tuppence |
| 3d | Three Pennies | Threepenny bit, Thruppence |
| 4d | Groat | |
| 6d | Sixpence | Tanner |
| 1s | Shilling | Bob |
| 2s | Two Shillings | Florin |
| 2s 6d | Half a Crown | |
| 5s | Crown | |
| 10s | Ten Shillings | Half Sovereign |
| £1 | One Pound | Sovereign, Quid |
| £1 1s | One Pound and One Shilling | Guinea |
A “mark” (2/3 of a pound or 13s 4d) was used for accounting but was not a physical coin.
Decimalization and the Modern Pound
In 1971, the UK adopted decimalization, simplifying the currency to pounds (£) and pence (p), with 100 pence equaling one pound. Some pre-decimal coins initially remained in circulation with their decimal equivalents (e.g., a shilling became 5p). The term “New Pence” distinguished new coins from old pennies for a period after decimalization. While the old system is now largely historical, understanding its intricacies sheds light on the evolution of the modern pound sterling and its enduring symbol, the £.
