Before 1971, understanding British money required navigating a fascinating system of pounds, shillings, and pence. This pre-decimal currency, rich in history and tradition, utilized unique symbols and abbreviations that can still be seen in historical documents and literature today. Let’s delve into the intricacies of this system and decode the symbols for British money.
The Pre-Decimal System: Pounds, Shillings, and Pence
The foundation of old British money was the pound (£), a unit that remains the cornerstone of UK currency even now. However, prior to decimalization, the pound was subdivided in a way that might seem complex to modern eyes.
One pound (£) was composed of 20 shillings (s). Each shilling, in turn, was made up of 12 pennies (d). This hierarchical structure meant that a single pound contained a total of 240 pennies. For even smaller transactions, the penny could be further divided into halfpennies (ob) and farthings (qua), with two halfpennies in a penny and four farthings in a penny.
This system, while intricate, had deep historical roots and shaped the economic landscape of Britain for centuries. Understanding these divisions is crucial to interpreting historical financial records and gaining insight into Britain’s past.
Decoding the Abbreviations: £, s, d, and More
One of the most recognizable symbols for British money is the pound sign: £. This symbol, along with the abbreviations for shillings and pence, has fascinating origins rooted in Latin.
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£ (Pound): The pound sign, £, is derived from the Latin word “libra,” meaning “pound” or “balance.” Historically, it was also abbreviated as ‘li’. The £ symbol itself evolved from an ornate capital ‘L’, representing its Latin origin.
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s (Shilling): Shillings were commonly abbreviated as ‘s’. This ‘s’ is taken from the Latin words “sesterius” or “solidos,” names of Roman coins. This connection highlights the Roman influence on the development of British currency.
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d (Penny): Perhaps the most confusing abbreviation is ‘d’ for pennies. This stems from the Latin word “denarius,” another Roman coin. The continued use of ‘d’ long after the Roman Empire’s influence waned is a testament to the enduring legacy of Latin in British financial terminology.
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ob (Halfpenny): For halfpennies, the abbreviation ‘ob’ was used. This comes from “obulus,” the name of a smaller Roman coin, further emphasizing the Roman connection.
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qua (Farthing): Farthings were abbreviated as ‘qua’, which is short for “quadrans,” meaning a quarter of a penny in Latin. Interestingly, the word “farthing” itself is of Old English origin, meaning “fourth-thing,” reinforcing its value as a quarter of a penny.
Alt text: Historical engraving of a minting facility, illustrating the production of British money.
Writing Monetary Amounts: Various Formats
Amounts of British money were written in a variety of ways before decimalization, reflecting common practices and evolving conventions. Understanding these formats is key to interpreting historical texts.
Amounts involving pounds, shillings, and pence could be expressed in several formats:
- £1 9s 6d (using abbreviations)
- £1.9.6 (using periods as separators)
- £1/9/6d (using slashes as separators)
- £1-9-6 (using dashes as separators)
Shillings and pence amounts were often written as:
- 9s 6d
- 9/6 (spoken as “nine and six”)
Shillings alone could be represented as:
- 9s
- 9/- (the dash indicating zero pence)
Furthermore, until the 17th century, Roman numerals were sometimes used, particularly lowercase:
- ixs vjd (representing 9 shillings and 6 pence)
Coins and Their Values: From Farthings to Sovereigns
The pre-decimal system featured a diverse array of coins, each with its own name and value within the pound-shilling-pence framework.
| Coin | Amount | Common Names/Notes |
|---|---|---|
| ¼ d | Farthing | |
| ½ d | Halfpenny | Pronounced “haypny,” often printed as “ha’penny” |
| ¾ d | Three farthings | |
| 1d | Penny | |
| 2d | Two pennies | “Tuppence” |
| 3d | Three pennies | “Threepenny bit,” pronounced “thrupny” or “thruppence” |
| 4d | Groat | Circulated until 1662, briefly revived in mid-19th century |
| 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 | Guinea | 21 shillings |
Additionally, the “mark,” worth 13s 4d (two-thirds of a pound), was a unit of account, though not a physical coin.
The Shift to Decimalisation: A Modern Currency
On February 15, 1971, Britain transitioned to a decimal currency system. The pound (£) was retained as the primary unit, but it was now divided into 100 pence (p). This decimalization simplified transactions and aligned British currency with modern international standards.
The old pre-decimal units were assigned decimal equivalents:
| Old Currency | Decimal Equivalent |
|---|---|
| 6d | 2½ p |
| 1s | 5p |
| 2s | 10p |
| 10s | 50p |
| £1 | £1 |
Some pre-decimal coins continued to circulate for a period, representing their new decimal values. However, these were gradually phased out, with the sixpence abolished in 1980, and the shilling and two-shilling coins withdrawn in the early 1990s. For a decade after decimalization, newly minted coins were marked “New Pence” to distinguish them from the old pennies.
Understanding the symbols for British money and the pre-decimal system provides a valuable window into Britain’s financial history and the evolution of its currency to the modern decimal system we use today.
