For centuries, navigating daily transactions in Britain required understanding a monetary system quite different from today’s decimalised currency. Prior to 1971, the British Money System operated on a complex structure of pounds, shillings, and pence, a system that can seem bewildering to modern audiences. This article delves into the intricacies of this pre-decimal system, explaining its units, abbreviations, and the coins that shaped everyday life in Britain. Understanding this historical money system offers valuable insights into British history and culture, particularly for those interested in genealogy, historical texts, or simply the evolution of currency.
Unpacking the Traditional Units: Pounds, Shillings, and Pence
At the heart of the pre-decimal British money system were three primary units: pounds, shillings, and pence. The relationship between these units was not based on multiples of ten, as we see in decimal systems, but rather on divisions of twelve and twenty:
- Pound (£): The largest unit of currency. One pound was equivalent to 20 shillings.
- Shilling (s): A subdivision of the pound. One shilling was further divided into 12 pennies.
- Penny (d): The smallest unit in common usage. The penny itself was further divisible into smaller, less frequently used units:
- Halfpenny (½ d): Half of a penny.
- Farthing (¼ d): A quarter of a penny.
This hierarchical structure meant that there were a total of 240 pennies in a single pound (20 shillings x 12 pennies/shilling). This non-decimal system, while complex, was deeply rooted in British history and commerce.
Common Abbreviations in Pre-Decimal British Money
To efficiently record and communicate monetary values, a system of abbreviations was widely used. These abbreviations, often derived from Latin, are frequently encountered in historical documents and literature:
| Abbreviation | Meaning | Origin |
|---|---|---|
| £ | Pound | Latin word ‘libra’ (meaning ‘pound’), evolved from an ornate capital ‘L’ |
| s | Shilling | Latin ‘sesterius’ or ‘solidos’ (Roman coins) |
| d | Penny | Latin ‘denarius’ (Roman coin) |
| ob | Halfpenny | Latin ‘obulus’ (small Roman coin) |
| qua | Farthing | Latin ‘quadrans’ (quarter of a penny), from ‘fourth-thing’ |
Understanding these abbreviations is crucial for interpreting historical financial records, letters, and other documents that mention monetary amounts.
Writing and Reading Pre-Decimal Monetary Amounts
Amounts in pre-decimal currency could be written in various ways, often combining symbols and abbreviations. Here are some common formats:
-
Pounds, Shillings, and Pence:
- £1 9s 6d
- £1.9.6
- £1/9/6d
- £1-9-6
-
Shillings and Pence:
- 9s 6d
- 9/6 (spoken as “nine and six”)
-
Shillings Only:
- 9s
- 9/- (dash indicating zero pence)
-
Roman Numerals: Before the 17th century, lowercase Roman numerals were sometimes used:
- ixs vjd (nine shillings and six pence)
These varied notations reflect the long history and evolving practices of recording financial transactions in Britain.
Coins and Units: From Farthings to Guineas
The pre-decimal system encompassed a range of coins, each with its own value and often a popular nickname. Here’s a table outlining some key coins and their values:
| Coin | Amount | Nicknames/Additional Information |
|---|---|---|
| Farthing | ¼ d | |
| Halfpenny | ½ d | Pronounced ‘haypny’ or ‘ha’penny’ |
| Three farthings | ¾ d | |
| Penny | 1d | |
| Two pennies | 2d | ‘Tuppence’ |
| Threepence | 3d | ‘Threepenny bit’, pronounced ‘thrupny’ or ‘thruppence’ |
| Groat | 4d | Circulated until 1662, briefly revived in the mid-19th century |
| Sixpence | 6d | ‘Tanner’ |
| Shilling | 1s | ‘Bob’ |
| Florin | 2s | |
| Half Crown | 2s 6d | |
| Crown | 5s | |
| Half Sovereign | 10s | |
| Sovereign | £1 | ‘Pound’, ‘Quid’ |
| Guinea | £1 1s (21s) | Valued slightly higher than a pound, associated with prestige |
| Mark | 13s 4d (⅔ of £1) | Accounting unit, not a physical coin |
Beyond physical coins, the ‘mark’ served as a unit of accountancy, frequently used in financial records even though it wasn’t represented by a specific coin.
The Decimalisation of British Currency in 1971
On February 15, 1971, Britain transitioned to a decimal currency system, a day known as “Decimal Day.” This marked a significant shift, simplifying the monetary system by dividing one pound (£) into 100 pence (p). The old pre-decimal units were then equivalent to the following decimal amounts:
| Old Currency | Decimal Equivalent |
|---|---|
| 6d | 2½ p |
| 1s | 5p |
| 2s | 10p |
| 10s | 50p |
| £1 | £1 |
In the years following decimalisation, some pre-decimal coins continued to circulate, representing their nearest decimal equivalents. However, these were gradually phased out: the sixpence in 1980, and the shilling and two-shilling coins (then used for 5p and 10p) in the early 1990s. For about a decade after 1971, newly minted coins were marked “New Pence” to distinguish them from the old pennies.
The pre-decimal British money system, with its pounds, shillings, and pence, represents a fascinating chapter in the nation’s history. While it may seem complex by today’s standards, understanding its structure and terminology is key to unlocking a deeper appreciation of Britain’s past.
