Before 1971, navigating the English Money System was a unique experience, quite different from the decimal systems used in many countries today. The currency of Britain was based on a non-decimal system of pounds, shillings, and pence, a structure that had evolved over centuries. Understanding this historical system offers a fascinating glimpse into the past and the complexities of pre-decimal finance.
Alt text: Historical engraving of a mint showcasing coin production, representing the traditional English money system before decimalization.
At the heart of the english money system was the pound (£), the largest unit. This pound was not divided into 100, but into 20 shillings. Each shilling (s) was further subdivided into 12 pennies (d). And even smaller denominations existed: the penny itself could be split into two halfpennies, or four farthings. This meant that a pound contained a total of 240 pennies – a far cry from the straightforward decimal system we know now.
Unraveling the Abbreviations of Old English Money
The abbreviations used in the english money system are rooted in history, primarily drawing from Latin origins. These abbreviations, while potentially confusing at first glance, were integral to everyday financial transactions and record-keeping.
| Abbreviation | Meaning | Historical Context |
|---|---|---|
| £ | Pound | Derived from the Latin word ‘libra’, meaning ‘pound weight’. The symbol £ evolved from an ornate capital ‘L’, signifying its Latin origin. |
| s | Shilling | Abbreviation for ‘sesterius’ or ‘solidos’, ancient Roman coins. This highlights the Roman influence on the early development of the English monetary system. |
| d | Penny | Stands for ‘denarius’, another Roman coin. The continued use of ‘d’ for penny long after the Roman Empire’s influence waned is a quirk of historical linguistic persistence. |
| ob | Halfpenny | Short for ‘obulus’, a minor Roman coin of small value, reflecting the halfpenny’s fractional status. |
| qua | Farthing | Abbreviated from ‘quadrans’, meaning a quarter in Latin. ‘Farthing’ itself is Old English for ‘fourth-thing’, both pointing to its value as one-quarter of a penny. |
Writing Monetary Amounts in the Pre-Decimal English System
There were various accepted formats for writing amounts in the pre-decimal english money system. For sums involving pounds, shillings, and pence, several notations were common:
£1 9s 6d
£1.9.6
£1/9/6d
£1-9-6
For amounts only in shillings and pence, the notation would be:
9s 6d
9/6 – commonly spoken as “nine and six”
Shillings alone could be written as:
9s
9/- – the dash indicating zero pence.
Interestingly, until the 17th century, it was also common to use lowercase Roman numerals for monetary amounts, adding another layer of complexity to reading historical financial documents:
ixs vjd
Coins and Their Values in the Old English Money System
The english money system featured a diverse array of coins, each with its own name and value. Some coins, like the ‘mark’ and ‘guinea’, represented specific amounts used primarily for accounting or in certain social contexts rather than everyday transactions.
| Coin Name | Abbreviation/Nickname | Amount | Notes |
|---|---|---|---|
| Farthing | ¼ d | Quarter of a penny | The smallest denomination, its name literally meaning “fourth-thing”. |
| Halfpenny | ½ d, ‘haypny’, ‘ha’penny’ | Half of a penny | Pronounced distinctively, often written as ‘ha’penny’ in text. |
| Three farthings | ¾ d | Three-quarters of a penny | Less common in everyday use compared to other fractions. |
| Penny | 1d | One penny | The fundamental unit within the shilling. |
| Two pennies | 2d, ‘tuppence’ | Two pence | Often referred to as ‘tuppence’ in common speech. |
| Three pennies | 3d, ‘threepenny bit’, ‘thrupny’, ‘thruppence’ | Three pence | Known as a ‘threepenny bit’ and frequently pronounced ‘thrupny’ or ‘thruppence’. |
| Groat | 4d | Four pence | Circulated until 1662 and briefly revived in the mid-19th century, holding historical significance. |
| Sixpence | 6d, ‘tanner’ | Six pence | Popularly known as a ‘tanner’. |
| Shilling | 1s, ‘bob’ | Twelve pence | Colloquially called a ‘bob’. |
| Florin | 2s | Two shillings | Named ‘florin’, equal to two shillings. |
| Half a crown | 2s 6d | Two shillings and six pence | A common denomination in transactions. |
| Crown | 5s | Five shillings | A larger silver coin of significant value. |
| Half sovereign | 10s | Ten shillings | Half the value of a sovereign. |
| Sovereign | £1, ‘quid’ | One pound | Also known as a ‘quid’ in informal language, representing a full pound. |
| Guinea | £1 1s | One pound and one shilling (21 shillings) | Historically associated with gold and higher social classes, slightly more valuable than a sovereign. |
| Mark | N/A | 13s 4d (Two-thirds of a pound) | Not a physical coin, but a unit of account, often used for accounting purposes. |
The Shift to Decimalization
The english money system underwent a radical transformation on February 15, 1971, with the introduction of decimalization. This pivotal change simplified the currency by dividing the pound (£) into 100 pence (p), abandoning the complex shillings and pence subdivisions.
| Old Currency | Decimal Equivalent |
|---|---|
| 6d | 2½ p |
| 1s | 5p |
| 2s | 10p |
| 10s | 50p |
| £1 | £1 |
Interestingly, some pre-decimal coins continued to circulate for a period after decimalization, repurposed to represent their nearest decimal equivalents. For example, the sixpence, now worth 2½ p, was eventually phased out in 1980. Similarly, the shilling and two-shilling coins, used as 5p and 10p respectively, were withdrawn from circulation in the early 1990s. For about a decade after decimalization, newly minted coins were labeled “New Pence” to differentiate them from the old pennies.
The transition to decimalization marked the end of a long and intricate chapter in the history of the english money system, ushering in an era of simpler and more universally understandable currency.
