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British Currency

British Currency Overview

British currency was converted to the decimal system in 1971. Prior to that the currency was in the following terms:

• £ pounds: (This is from the Latin librae a Roman unit of weight, about 12 modern ounces)
   
• s shillings: (This is from the Latin solidi. A solidus, the Latin word for solid, was originally a gold coin issued by the Romans.)
   
• d pence (i.e., pennies): (This is from the Latin denarii. A denarius was the most common coin produced for circulation.)

Prices were written as a combination of all three, separated by a slash, thus £5/2/6d = five pounds, two shillings and sixpence (i.e., six pennies). That would have been spoken as five-pound-two-and-six. 4/2d (i.e., four shillings and tuppence (i.e., two pennies) would have been spoken as four and tuppence. 1/41/2d = one shilling, four fourpence (i.e., pennies) and a ha'penny (pronounced hayp-ny half-penny) (i.e., half penny) would have been spoken as one and fourpence hapenny. 11/2d would have been spoken as three ha'pence as well as a penny ha'penny.

Prices in posh shops, for luxury goods, horse trading, and racing were often written in guineas, 21 shillings (i.e., £1/1s) and spelled in full, instead of pounds.

Farthings, quarter pennies, were scrapped in the 1950's. An example of its spoken form would have been thruppence three-farthing.

There was also the groat (i.e., four pence) which was in use from 1279 to 1888.

British Coin Denominations from Celtic Times to Date provides all the denominations over the centuries

Another view of the currency may be represented like this

• The farthing coin - 4 farthings = one penny
   
• The half-penny (ha'penny) coin - 2 half pennies = one penny (in Scotland this was also called a bawbee)
   
• The penny coin - 12 pennies = 1 shilling
   
• The three penny coin (thruppence) was a hexagonal shaped coin unlike the rest.
   
• The six penny (sixpence) coin was a small silver coin also known as a tanner or half a bob
   
• The shilling coin = 12 pennies. (known as a bob)
   
• The two shilling coin = 24 pennies (known as two bob)
   
• The 2 shilling and six penny coin (known as two and six or half a crown)
   
• The crown coin - 5 shillings = a crown (or five bob) - usually minted to celebrate a great occasion such as a coronation or jubilee.
   
• The 10 shilling note = half a pound (ten bob)
   
• The pound note = 20 shillings (a quid)
   
• The guinea (an expression, not a note or coin in modern times) = one pound and one shilling

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British Currency - More Information

A Mint from a Print  'Canny' is a word you often hear to describe the Scots' relationship with money.  However, please don't be mistaken into thinking that being 'canny' means that Scots are mean or stingy!  As anyone who has visited Scotland before will testify, the Scots are amongst the most generous people you'll ever meet. ... The dictionary definition of canny is prudent, thrifty or shrewd, which nicely sums up a nation with a long history with money and whose very 'canny-ness' brought about the emergence of its capital city, Edinburgh, as one of the biggest financial centres in Europe and home to two of the world's top 10 banks. ... From the 17th century onwards Scotland was at the vanguard of the evolution of banking in Europe and was a leading innovator in the issuing of its own banknotes - a unique right that it has fought to retain for 300 years. ... In most countries it is only the government, through its central bank, that is permitted to issue currency, but in Scotland three banks are still allowed to issue banknotes - the Bank of Scotland (now HBOS), the Royal Bank of Scotland (RBS) and the Clydesdale Bank (part of NAG).

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