Decimal Coins of the UK - The Change to Decimal Coinage The Change to Decimal Coinage Pictures of Decimal Coins Decimalisation Day D-Day was February 15th 1971. On that day the United Kingdom changed from the centuries old tradition of using 12 pence to the shilling and 20 shillings to the pound to a new decimal 100 new pence to the pound. Options considered There had been much debate as to the best way of implementing the switch. Australia used a dollar valued at ten old shillings, making the new cent equal to 1.2 old pence, a small change in value. An alternative was to go to a pound-mil system, with a mil equal to 0.24 old pence, a latter-day successor to the farthing. Another was to keep the penny and have a new unit at 100 pence (eight shillings and fourpence). However, in the UK the pound was considered to be particularly important because of the UK's international trading status. In addition, having a new penny worth 2.4 old pence was less of a problem as inflation had made its purchasing power insignificant.

As a temporary measure a half new penny was introduced, but as will be seen this had a short life. There was even a pattern quarter penny made in aluminium, but this was not proceeded with. It was realised at the time that the decision was made that the life of the halfpenny would be very short, but it was felt necessary despite the considerable extra cost of having to mint the coin. Banks never accepted transactions involving an odd halfpenny. The Timetable for the Change The change was made gradually over three years, in a number of stages. In 1968 new shillings and florins were issued as 5 new pence and 10 new pence coins. The older shillings and florins continued to circulate long after decimalisation until the size of the coins was reduced. Theoretically silver coins from 1816 could still have been found in change, but the active withdrawal of silver in the years following the change in 1947, followed by the combination of a dramatic rise in the price of silver with devaluation in 1967 meant that silver coins rapidly vanished from circulation.

Blue plastic wallets containing the new 5p and 10p coins dated 1968, along with 1/2p, 1p and 2p coins dated 1971 were put on sale. These wallets are still very common. In October 1969 the 50 new pence piece replaced the 10 shilling note, which ceased to be legal tender on 22nd November 1970. The old halfpenny was demonetised on 1st August 1969. The half-crown was demonetised on 1st January 1970. The remaining decimal coins became legal tender on 15th February 1971. Maundy coins (and silver threepenny pieces of Maundy design, i.e. with a crowned three on the reverse) were revalued as being in new pence at the same time.

The changeover was so rapid that the old penny and nickel brass threepence pieces had been removed from circulation by the end of 1971, although I know of one shop in the Yorkshire Dales which continued to use the old currency for a long time on the basis that 'this new-fangled stuff will never catch on'. The old penny and threepence coins ceased to be legal tender on 31st August 1971, just over six months after D-day. It is no longer possible to exchange them for current coins at a bank. Later Developments The sixpence , which was allowed to continue circulating at 2½ new pence, was eventually withdrawn at the end of June 1980. I am indebted to Brian Dominic for the following quote from John Glover's book "London's Underground": "The adoption of decimal currency on 15 February 1971 posed a few problems for London Transport, which had favoured the £ Sterling being halved in value and divided into 100 pence - what today might be termed a '50p pound'.

With their extensive use of coin operated machines, the Board took strong exception to the proposed introduction of ½p coins, the lack of any coin between 2p and 5p, and the lack of a close relationship of old values and coins with the new. It was all too difficult for them, and it was indeed at London Transport's behest that the 2½p (sixpence) was retained in the coinage for the time being." The term 'New Penny' was dropped in 1982 on the grounds that after ten years it was no longer 'new'. In that year a new denomination, the 20p coin was introduced. It has proved very popular, and is one of the most frequently encountered coins in change. The pound coin was first issued in 1983. Again, there was a little resistance to the change from note to coin, but cessation of production of the pound note rapidly overcame the objections and the coin is now very well established. The notes were demonetised on 11th March 1988. The half penny coin was last minted for circulation in 1983.

In 1984 the denomination was only issued in Mint and Proof Sets and in December 1984 the coin was demonetised, as inflation had rendered it an anachronism. In 1985 a new portrait came into use, designed by Raphael David Maklouf, although the portrait on the Maundy coins was unchanged. Commemorative two pound coins were first issued in 1986, but although legal tender they rarely circulated (some are appearing in change now that the bimetallic circulating coin has been introduced, but as they are about twice the weight of circulating coins, banks have difficulty handling them). Crown sized commemorative coins valued at 25 pence continued to be minted, but after the Royal Wedding issue of 1981 later 'crowns' were valued at five pounds . This is a source of confusion, but the way to be sure is to know that if they are five pound coins they have the value on them.

It was intended that a new two pound coin of the same diameter but thinner than the commemorative versions be introduced in November 1997, but due to technical problems (vending machines rejected them), the introduction was delayed until 1998. This new coin is bimetallic, being the first such coin to be issued in the UK since the tin farthings and halfpennies of the late 17th century. It is the subject of an urban legend, in that a rumour is going the rounds that those coins where the queen is wearing a necklace are rare. This is most definitely untrue, but hoarding of these coins means they not often found in change. In 1998 a further new obverse portrait was introduced, designed by Ian Rank-Broadley, which is still in use nearly ten years later. In 2008 a new set of reverse designs has been revealed, which, in the words of the Royal Mint, 'are a contemporary take on traditional heraldry reflecting the nation's rich history'.

These designs apply only to the denominations from 1 penny to 1 pound, and I have been told that both the old and the new reverse designs will be put into circulation dated 2008. Metal Change In 1992 the metal used for the one penny and two penny coins was changed from bronze to copper coated steel. The use of a pure copper coating means that the colour of mint coins is slightly different. Also, as the density of steel is less than bronze and the weight was unchanged, the newer coins are noticeably thicker than the older ones. The versions of these coins issued in the 1992 Mint and Proof sets are said to be bronze - only the circulation issue coins of that date were steel. In 1998 the 2p (and possibly the 1p) temporarily reverted to bronze because of technical problems at the Royal Mint. In 2011 the 5p and 10p coins will change to being made of plated steel as the lower denominations. Perhaps the 20p and 50p will follow, but the sharper corners of these seven-sided coins may mitigate against this.

Shrinkage As a result of inflation the coins based on the old system, the five pence and ten pence , were increasingly seen as oversized for their value. In 1990 a new smaller version of the 5p coin was introduced, and the old large ones along with the shillings that were still to be found were demonetised at the end of that year. The same technique was used for the 10p coin in 1992, with the old size 10p and florin being demonetised at the end of June 1993. Frustratingly, the new 10p is similar in size to the old large 5p, and very occasionally you get fooled! The next was the 50p coin , which was reduced in size in 1997. This also reduced the enormous stock of the larger coins held in banks due to a reduction in demand after the introduction of the pound coin. A similar problem with the pound coin now that the circulating two pound coin has come into use did occur only to the extent that new one pound coins were not issued for circulation dated 1998 and 1999.

A new series of 'normal' non-commemorative designs were released in 2008 for all except the two pound coin. As these were not announced until well into the year, coins up to one pound dated 2008 come in both the original 1968/1971 designs and the new 2008 design. The 2008 50p with Britannia reverse had a very low mintage - I have only seen one in circulation. Starting in 2009, an enormous variety of coins of various denominations are being issued in connection with the 2012 Olympics in London. The Future The penny and twopence coins have become ever more insignificant in value in everyday transactions. However, these two denominations comprise the largest bulk of new coins minted at the Royal Mint, no less than 71% in 1998-99. The reason for this is simple - they are hoarded because of their low value, with pockets and purses being emptied of these relatively heavy coins each day. Australia and New Zealand have both abandoned the 1 and 2 cent coins, with no significant effect on either trade or inflation.

Cash transactions are rounded to the nearest 5 cents, while credit card transactions and cheques can still be written for odd cents. How soon will the UK bow to the inevitable and demonetise the 'coppers'? Legal Tender The following applies to England and Wales: 20p and 50p coins are legal tender up to a total value of 10 pounds. 5p and 10p coins are legal tender up to a total value of 5 pounds. 1p and 2p coins are legal tender up to a total of 20 pence. Therefore you cannot insist on paying your Income Tax (or other unpopular bill) in 1p coins! While five pound coins and old monometallic thick two pound coins are technically legal tender, banks do not accept them. As a result you might find it difficult to find traders willing to accept them. I gather that Scotland does not have any legal restriction, other than that payment should be presented in a reasonable manner. Tendering a large sum in pennies might not be considered 'reasonable', but the boundary between reasonable and unreasonable is not defined!

Acknowledgements See my Coins Index page for acknowledgements CSV File of Values Download a CSV file of the values of decimal coins. Links Coins of the UK About the Author. Introduction This is a series of pages dealing with the history of individual denominations used in England since the Norman Conquest or, in the case of the penny, a little earlier. Every effort is made to ensure the accuracy of the information provided, and extensive research has been carried out to this end. However, I will not and cannot accept liability for the consequences of any decisions made by readers of this site. Please note that the copyright on these web pages remains with the author. Please do not post copies of pages found on this web site elsewhere on the web without specific authorisation from the author, as the frequent updates would render the copies obsolete very quickly. However, please feel free to post links to the site if you think it is appropriate. If you wish to download these web pages for personal use only, you are welcome to do so. If you later want to update them, check with the version numbers in the main index on this page as given below (e.g. v12). The dates of the latest version are given in UK format (dd/mm/yy).

Site Organisation This site is having recently been transferred from the old site at It was not intended to move the site, but restrictions imposed by Demon have forced me to move it elsewhere, as had already happened with the pictures pages on what is now a redundant site - The two sites are now merged back together again. There are three main sets of pages dealing with the coins of the United Kingdom. The History Pages which detail the history of the individual denominations used since before the Norman Conquest. The Main Index for these is on this page. There are links to the relevant Values and Pictures pages on each of the History Pages. With hammered gold coins (such as the Angel) the changes of value over time do create a problem; they are referred to under each value that they had, with links taking you from one value to the next. The Decimal Coins pages detail the history of the change to decimal coinage in 1971, and the coins issued since that time, and are now integrated into the main History Pages section. The Values Pages, which detail the values of individual coins in a range of condition grades since the introduction of Milled coins during the Commonwealth. There is a Values Index Page on which will help you find the value of your coins.

There are links to the relevant History and Pictures pages on each of the Values pages. The Pictures Pages. These were hosted on my alternative site at although that site has been mothballed, and has been merged back onto this site . Pictures are confined to the pages in the picture section as the rest of the site is designed to be read easily and rapidly by readers using any type of software and communication link, without expecting that the viewer has the very latest software. However, links to many images can be found on the History pages. There are links to the relevant History and Values pages on each of the Pictures pages. Enquiries Before mailing the author to ask about the value of your coins, first try to judge their condition using the Grading Information below, and then look up your coins on the Values of UK Coins pages. This may answer your question without adding to the several messages per day that the author receives on the subject. If you wish to ask for advice, please try to look through this site first, but if you cannot find the information you want feel free to contact the author via the Advice page . Ensure that your Reply-To address is correct, as I delete all messages immediately after replying.

I do answer all non-spam e-mails received, so if you do not get a reply within a couple of weeks, try again. If the information is readily available on the site, I will refer you to the appropriate page in the hope that this will assist you to find further similar information yourself. If there is a problem with any aspect of the site design, such as faulty links, please contact the author via the Advice page . Die Numbers Some Victorian silver and gold coins have die numbers. I have compiled a list of those known to exist which is almost certainly not complete. If you have such a coin check the die number on this page and let me know if you have one that is not recorded. If outside the known range of numbers please send me a clear image of both sides of the coin for confirmation. Proof Sets v20 04/03/15 A list of what changes were made in the past year or so can be found here . UK Coin Values There is a similar series of pages dealing with just the Values of UK Coins , including access to a CSV File suitable for loading into your favourite database or spreadsheet. This file has an exhaustive list of all years and denominations and includes major varieties and many proof coins.

For more extensive value information I suggest you purchase The Coin Yearbook from Token Publishing Ltd, PO Box 14, Honiton, Devon EX14 9YP, UK , to whom I am indebted for their permission to use the values information published in their magazine Coin News and their Coin Yearbook. These values pages can also be accessed directly from the descriptive pages in the list above. Coins in gold and silver have an intrinsic metal value which can exceed any numismatic value. A new page on bullion values is now available. Index by Metal and Size As many UK coins do not have a denomination on them, especially prior to the 20th century, the following gives an index by diameter and weight for Milled coins only. Bear in mind that coins from the 18th Century and earlier show significant variations both in diameter and weight from issue to issue. Hammered coins show far too much variation for them to be indexed in this way. Milled coins are those produced on a machine press, and have a regular size. This process became standard around the time of Charles II in the middle of the 17th century.

Prior to that coins were made by hand hammering, and as there was no collar the size of the coin was irregular. The term milled is also applied to the lines on the edge of the machine-made coins which were introduced to prevent the practice of clipping silver or gold from round the edge. These lines can be either perpendicular, angled or chevroned, or even in the form of a recessed line around the edge. Higher denominations sometimes have lettered edges. The term 'Early' as used in the list below generally means pre-1816. Such coins show variations around the figure given. Copper, Bronze or Copper-plated Steel Illustrations In order that the site can be loaded speedily by all users of the web, illustrations are not used in the main pages. Previously, because of bandwidth limitations on the host server that I used to use, pictures were accessed from a picture store on the separate website However, this has now been relocated back onto this site in the folder . Use of remains active although you will simply be redirected back to the corresponding page on this site.

Links to individual pictures can be found at relevant points in the main description pages, and are downloaded from the picture store, while the above reference will give an index to extensive displays of images based either on monarch or denomination. Future Developments Now that I have scanners and digital cameras the number of illustrations on the picture pages has been dramatically increased. I particularly welcome donations of images to fill gaps in the collection. It is intended to write pages detailing the numismatic history of the reign of each monarch, but this is taking some time. Little has been done on that mission in this century! Grading A range of grades are used to describe the condition of coins. Valuation of a coin is impossible without a sound knowledge of the grading of coins. For this there is no real substitute for experience. However, the following is a guide to the main UK grading scheme used for UK and other coins. Please note that this differs in many respects from US grading systems. Poor: Inscriptions worn off, date illegible, only outline of design visible. Such coins are generally of no value to a collector. Very Good (VG): Considerable wear over the whole coin, and high spots worn through. Coins in this or the previous grades are really only collectable if extremely rare.

This picture is of the reverse of a 1905 penny which is Good to Very Good (i.e. awful!) Fine (F): Worn over whole area, but only the highest spots are worn completely through. (US Grade about VF) Very Fine (VF): Detail clear, but obvious evidence of limited circulation. High spots worn but detail remains. Traces of mint lustre may linger amongst the letters of the inscription. (US Grade about XF) Extremely Fine (EF): Slight wear on high spots on close inspection, and all other detail clear and sharp. Much mint lustre may remain. (US Grade about AU) Uncirculated (Unc): No wear, although it is possible for the design not to be fully struck up in the minting process. There may be bag abrasions. Older coins may be tarnished or toned. Brilliant Uncirculated (BU): Usually implies full mint lustre, in other words no toning or tarnish. FDC: (Fleur de Coin) Perfect mint state, with no abrasions or marks, and full lustre. Usually applied to proof coins only, as coins intended for circulation are in contact with others during production.

Proof: Not a condition, but the coin has been struck using specially prepared dies and polished blanks, and the minting process has been carried out usually twice with extra pressure to ensure the die is filled. Normally the fields are highly polished, with the design matte, however matte proofs where the whole coin is matte are known (for example all the 1902 GB proofs), and sometimes even the design is polished. A characteristic of proof coins is that they have very sharp edges because of the high pressures used to ensure that the metal flows into all details of the design. Many coins fall in between grades, and so terms such as 'nearly VF', 'good VF', 'gem BU' are encountered. The numerical system popular in the USA is almost unused in the UK, and US readers should bear in mind that their grading system is more generous than that of the UK. The Two Pound Coin with a Necklace Legend There have been rumours circulating in the UK that the two pound coin where the queen is wearing a necklace is worth a lot (the highest figure quoted to me is £75). There have even been rumours that they are being recalled and that banks and post offices will give a premium for them. This is an urban legend.

1997 two pound coins are plentiful, circulate readily, and are NOT scarce. Sorry to disappoint you on this. Banks and post offices will only give you two pounds for them. No less than 13,734,625 have been issued for circulation according to the Royal Mint. Hardly a rare coin. However, they are not too often seen as not only are much larger numbers of later coins available, but because of the rumours they have been picked out of circulation. There was a problem in the production of the new bimetallic two pound coins which meant that the release date was delayed from 1997 to 1998. In the meantime the portrait was changed for the newer coins minted in 1998. They issued the 1997 coins (with the 'necklace') anyway, in large quantities.

They are not worth more than two pounds, nor will they be unless in uncirculated condition in a lot of years time (as will the 1998, 1999, etc coins) On the other hand the Guernsey version of the coin dated 1997 is scarce as it was only issued in the Guernsey uncirculated coin sets (as you may know both Jersey and Guernsey issue their own coins). The Two Penny Coin with NEW PENCE Legend A lot of people have misunderstood a recent TV program. There is a rare two penny coin, but it is only the one dated 1983 with NEW PENCE on the reverse. From 1971 to 1981 all UK circulating coins used the words NEW PENCE to distinguish them from the old pre-decimal pennies. In 1982 it was felt that this had gone on long enough, and the legends were changed, replacing the word NEW with the value of the coin, such as TWO or FIFTY, etc. In 1983 so many 2p coins were in circulation that there was little demand for more.

As a result, two pence coins bearing that date were only issued in sets issued by the Royal Mint for collectors. In error, about 20 or so included two pence coins with the old NEW PENCE instead of TWO PENCE on the reverse. There may be sets still sitting around unchecked (sadly my own has the more common TWO PENCE reverse). The chances of sets being broken up and put into circulation are fairly small, so the chances of finding a 1983 twopence in circulation are tiny anyway - the chances of finding the error reverse make winning the lottery look easy. 'To Hanover' Tokens Copper or brass tokens bearing the legend 'To Hanover' often turn up. These are not UK coins, despite the portrait of Queen Victoria usually found on them. When William IV died, Victoria became Queen, and inherited many of King William's titles. However, the Electorship of Hanover could only be inherited by a male heir, and this went to the Duke of Cumberland, a rather unpopular figure, who promptly departed to Hanover. The tokens were used for gaming, it is thought, and say 'Good Riddance', so to speak.

With modern coins there are two types of the orientation of the reverse: 'Coin' orientation, where the reverse is upside down when you turn the coin sideways. 'Medal' orientation, where the reverse is upright when you turn the coin sideways. Modern US 'silver' coins use the 'coin' orientation, as do most UK copper coins prior to 1825 (1826 for farthings) and silver or gold up until 1887. Modern UK coins after the above dates use 'medal' orientation, as do many earlier proofs. Prior to 'D-Day' on 15th February 1971 the English coinage system was based on the following relationships: 2 Farthings = 1 Halfpenny 2 Halfpence = 1 Penny (1d) 6 Pence = Sixpence (often referred to as a tanner) (6d) 12 Pence = 1 Shilling (often referred to as bob, e.g.

six bob) (1/-) 2 shillings = 1 Florin (or two bob bit) (2/-) 2 Shillings and 6 Pence = 1 Half Crown (rarely referred to as half a dollar) (2/6) 5 shillings = 1 Crown (5/-) 20 Shillings = 1 Pound (often referred to as a quid) (£1) Other terms much more rarely used include 4 Pence = 1 Groat (4d) 13 Shillings and 4 Pence (160 pence) = 1 Mark (13/4) 21 Shillings = 1 Guinea (£1/1/-) Note the way sums of money were written: 6/8 means 6 shillings and eightpence, while £2/19/11 was two pounds nineteen shillings and eleven pence. The use of d for penny may seem odd until you realise it is short for the Latin denarius.

The term guinea was (and is) used for 21 shillings (£1.05), especially in horse racing and by auction houses, although no coin of that value has been issued since 1813. The Mark was traditionally used as a standard fine by the University of Cambridge during my own time there in the early 1960's. In advance of D-day the halfpenny and half-crown were withdrawn, and 5 new pence and 10 new pence coins were issued from 1968 to circulate alongside the existing shilling and florin coins. A 50p coin appeared in 1969 to replace the old 10 shilling banknote. The farthing had gone long before, in 1961. After D-day the penny and threepence coins rapidly disappeared from use. The sixpence continued in use as 2½ pence for about nine years. The new halfpenny went not long afterwards. However, the old shillings and florins continued alongside the 5p and 10p coins until a reduction in size in the early 1990's resulted in their disappearance from circulation.

The 50p coin was also reduced in size in 1997. Three new coins have been introduced since decimalisation - the 20p appeared in 1982 followed by the pound coin in 1983 and the two pound coin in 1998 (although 1997 versions are frequently found in change). Commemorative two pound coins were issued irregularly from 1986, but these early coins differ from the circulating version first issued in 1998 in that the latter is much thinner and is also bimetallic. Full information on the switch to Decimal Coinage, and recent changes to the coins used in the UK, can be found on the Decimal Coins page. The information has been culled from a very wide variety of sources, and I acknowledge my indebtedness to them, especially the following: 'An Advanced Guide to Coin Collecting' by Howard Linecar 'Coincraft's Standard Catalogue of English and UK Coins' 'English Coins' by GC Brooke 'English Copper, Tin and Bronze Coins in the British Museum' by C.W.Peck. 'The Bronze Coinage of Great Britain' by Michael J.

Freeman 'A History of Modern English Coinage' by James Mackay 'The Seaby Coin Encyclopaedia' by Ewald Junge 'Seaby's (now Spink's) Standard Catalogue of British Coins' 'Teach Yourself Numismatics' by CC Chamberlain There are many individuals who have been kind enough to help, and while some are mentioned individually in the text, I am indebted to all those who have written to me about points in this site. I am particularly indebted to Spink and Jean Elsen & Ses Fils for permission to use images from their auction catalogues, as well as many other individuals who are acknowledged by name or have given images anonymously. I am most grateful to The Ten O'Clock Show Limited for their past sponsorship of my coin-related websites. Sadly, it seems the business might have closed. Other Coin Related Sites A list can be found on my Links Page . An essay on the use of various metals in coinage is to be found on my 'Metals Used in Coins and Medals' page.

Tony Clayton's Home Page Help and Advice I would be grateful if you could search the site carefully before mailing me - the answers to the great majority of the questions that I am asked can be found on this site, and I am unlikely to reply quickly to such questions. In particular, I do NOT provide a valuation service. If you have done this and still wish to ask for advice, feel free to mail me via my Advice page . Coins of the UK Decimalisation in the UK Decimalisation in the UK by Jackie Speel, 29 March 2009. Updated 11 November 2016 The UK was one of the last countries to adopt a decimal monetary system, although there had been discussion on and investigations into the subject since the early nineteenth century. The topic was pursued intermittently for a century and a half, sometimes in conjunction with the adoption of the metric system of weights and measures. It was generally agreed that the changeover was necessary - it would simplify accounting, business and trade by a considerable degree, and would save a great deal of schooling in arithmetic.

Various official investigations, a number of books and many other publications, and much discussion in various quarters, as well as the formation of the 'Decimal Society', were involved in the process. There were a variety of decimal coinage systems proposed - some of them as complicated (to modern eyes) as the system they were intended to replace, and several bordered on the incomprehensible or impractical. The use of gold and silver as coinage metals - rather than the present system of coins having a purely nominal value - influenced nineteenth century discussions, as did the relative low value of inflation for much of the period. Options In the nineteenth century and early twentieth century a system based on ï¿½1 (one pound sterling) being equal to 1000 minor units (with several intermediary coins) was the most popular option and later on, with the effects of inflation, the lesser unit was fixed at a hundred minor units to the pound. Other options suggested at various points included 10s (ten shillings), the crown (five shillings, a quarter of a pound), the florin (two shillings, introduced as a tenth of a pound), and units based variously on a thousand farthings or a hundred pennies.

The effectively stable relationship between various different currencies led to suggestions for an international fusion of coins (one proposal from 1838 bears more than a passing resemblance to the euro). In many cases there was a preference to retain as many of the existing coins as possible, even when this meant redenominating them, with the potential for confusion that would arise. (Occasionally the metal was worth more than the face value: there were also occasional nineteenth century examples of forged coins using platinum, either as a silver substitute or as a core with a gold 'coating'.) The nineteenth century's choice of the pound being equal to 1000 minor coins reflected contemporary prices, and the seemingly easy conversion from the existing 960 farthings to the pound - and the perceived benefits to the poor of fractional prices, who would, it was claimed, be happy to receive more coins for their pennies and sixpences, and the greater flexibility afforded.

FOLLOWING PAGES: Hansard In English-language use, the pound sign (in the lower lefthand corner of this 1928 one pound note) is placed before the number (ï¿½15.00, and not 15.00ï¿½), and is separated from the following number by no space or only a thin space As part of the discussion in this period it was pointed out that in several quarters it was the practice to convert all monies into decimal equivalents, carry out transactions, and then convert the figures back to 'real money'. It was recognised that there would be 'issues' in some areas - for example the penny post and other 'fixed costs' - as there were no direct equivalents between existing coins and the replacements. There was a greater emphasis on establishing the values of the coins and how the two systems would tally than on the longer term impacts. More important were areas of concern such as the cost of conversion, the potential for inflation, and the likelihood of confusion if coins were redenominated, although some of this would have been resolved had there been a move towards implementing a new system.

The move towards implementation The debate, and official investigations continued into the twentieth century, by which time virtually all major and many minor economies outside the British empire had adopted decimal systems (and had sometimes gone through a number of different systems of monetary units). The real shift towards the adoption of decimal currency occurred from the 1950s with the rise of international trade, and various members of the British empire and Commonwealth adopting decimal currency. The Halsbury Committee was established in 1961. This reported on decimalisation in 1963, the majority report being in favour of the pound as the basis. The chief alternative proposal was based on a ten shilling unit (such as had been adopted in several Commonwealth countries), and the proponents for this argued their case. Other suggestions were made, with units from five shillings via a hundred old pence to ï¿½5 (five pounds) - the latter to take into account inflation by the time the system was actually adopted, none of which received significant support. An octal system was suggested, with Sir Fred Hoyle erroneously arguing that it would be more computer friendly (some makes of computer actually 'preferred' hexadecimal (base 16) to octal).

Counter arguments included the point that computers were made to make life easier for humans, not the reverse. A duodecimal system was also suggested (a society promoting a base-twelve was still active in 2009), but this was not taken up. Base-ten was the normal usage for currency elsewhere. In 1966 the pound was adopted as the main unit. In support of this, chancellor of the Exchequer (and later prime minister), James Callaghan argued that the claimed benefits of the ten shilling unit were purely temporary and limited, whilst possibly leading to inflation (as the minor unit would go from one old penny to the equivalent of 1.2 old pennies). Again there was much debate as to the coins to be used and their names - 'cent' was favoured by some for the smaller unit, but 'new penny' (eventually to be shortened to penny) was adopted. The system was made technically non-decimal by the introduction of a half-unit coin, to accommodate values covered by the existing penny.

It was suggested (as in previous discussions) that the shilling be made equivalent to ten pennies (down from twelve in Imperial currency), there being no indication on the units of money as to their interrelationships, but this was rejected as likely to lead to hoarding and similar complications. A 'Decimal Currency Board' was set up (alongside several other such bodies, covering inter alia East Africa, West Africa, and the Pacific). Under the chairmanship of GLC Leader William Fiske (afterwards Baron Fiske), it carried out a good deal of work, including the provision of educational material and publications. There were also two competitions, one secret and the second open, to find a design for the new coins. Publicity As with the 'millennium bug' of around thirty years later, but in practice more practical, a minor industry arose to cater for the conversion: dual use equipment (which could, of course, be used with existing decimal currencies as well), training provision, and publications. Robert Maxwell, then owner of Pergamon Press and also an MP, saw the potential profit in issuing books and other materials on the subject.

Shown here is the former Royal Mint building in London, with this postcard photo being dated to 1906 - the building itself was opened for business in 1808-1810 A two shilling coin, or florin, from 1964. Florins were produced for Queen Elizabeth II each year between 1953 and 1967, with proof coins again produced in 1970. The obverse shows the Mary Gillick head of Queen Elizabeth, inscribed ELIZABETH II DEI GRATIA BRITT OMN REGINA (1953 only) or ELIZABETH II DEI GRATIA REGINA (all other years), while the reverse shows a Tudor rose in the centre surrounded by thistles, shamrocks, and leeks, with the inscription FID DEF TWO SHILLINGS 1964. In accordance with the plan for currency decimalisation, from 1968 the decimal ten pence coin was introduced at the same size, weight, and metal composition as the florin.

Accordingly the florin (usually dated 1947 or later) remained in circulation until the size of the decimal ten pence was itself reduced in 1992. Earlier florins had been made of an alloy containing 50% or 92.5% silver, and had mostly already been withdrawn to retrieve the valuable metal. Remaining florins and the larger 10p coins were finally demonetised in 1993. The situation in countries which were decimalising at the time was studied and learnt from. One of the marketing strategies was to point out that those companies in Australia which had decided to leave the acquisition of equipment and training until the last moment had found it difficult to make arrangements - and lost customers to those firms which had already done so and therefore provided a quicker service. As mentioned, publicity material and educational material were provided for the general public and for educational establishments - and it was argued that with increasing travel abroad people were already familiar with decimal currency. There was a certain amount of counter-argument - or baseless problems: it was argued that claims by shopkeepers that people would be wandering around with pocketfuls of the new currency but unable to work out how to use it were fallacious.

As with the earlier period, differences in culture and attitudes are regularly visible - most notably the situation and attitudes towards women, with remarks made about 'the housewife' that would now be seen as patronising. However, the situation was that men were in positions of authority and the housewife was in charge of the household - she did most of the shopping and would be at the forefront of using the new coinage. The Royal Mint was moved from its existing site at Tower Hill, London, to a new site in Wales, partly because the existing site was too small and also due to the then existing policy of moving industry to the regions (there being relatively high unemployment in the new catchment area). Post-launch Coins were struck over several years - although all of them with the intended date of use - and consideration was given to factors such as the premature death of the queen, popular rejection of the new currency, or the Mint being damaged by Welsh nationalists (some of whom at the time adopted less than peaceful methods). In the event there were some delays - caused by a postal strike early in 1971.

The half-crown (2/6, or two shillings and sixpence) and old half-penny were withdrawn ahead of the transition for the sake of convenience. The first decimal coinage was issued in 1968 - the equivalents of the shilling and florin - these being the 5p and 10p. The ten shilling note was replaced by a new 50p coin. This was announced (and introduced) later, in 1969, after a specimen set or introductory pack in a vinyl wallet had been made available, which consisted of 5p and 10p coins (both dated 1968) and 1/2p, 1p, and 2p coins (all dated 1971). British ten pence piece, often pronounced 'ten pee' The three smaller coins, 2p, 1p and 1/2p, were introduced into general circulation on 15 February 1971 (this being one of the quieter times of year). The banks had been shut for several working days to allow for essential activities.

The BBC reported the story: 'D-Day delivers new UK currency - The British Government has launched a new decimal currency across the country. The familiar pound (ï¿½), shilling (s) and pence (d) coins are to be phased out over the next eighteen months in favour of a system dividing the pound into units of ten, including half, one, two, five, ten and 50 pence denominations.' Shops were opened as 'old currency' and 'new currency.' It had been expected that the transition would take some two years, but in fact it took a matter of weeks - sufficient for the Decimal Currency Board to be wound up in 1971. A range of its documents were released by the Public Records Office and the National Archives in 2001 to mark the thirtieth anniversary of the event. In 2008, to mark the issue of a new design for the existing coins (the 1/2p having been dropped, and three new coins being added, with values of 20p, ï¿½1, and ï¿½2) a small exhibition at the British Museum included a section on decimalisation.

The unprepossessing 'new' Royal Mint premises at Llantrisant in Wales British Money - British Culture, Customs and Traditions British Culture, British Customs and British Traditions British Money With dictionary look up. Double click on any word for its definition. This section is in advanced English and is only intended to be a guide, not to be taken too seriously! Money, money, money Pound sterling, strictly speaking refers to basic currency unit of sterling, now the pound , which is the currency of the United Kingdom (UK). The sign for the pound is £ (or rarely just "L"). Both symbols derive from libra , the Latin word for " pound ". The standard ISO 4217 currency code is GBP = Great Britain Pound. The pound sterling is one of the worlds most widely traded currencies along with the United States dollar, the Japanese yen and the euro. In the UK, in order to distinguish the unit of currency from the unit of weight, and perhaps from other units of currency that have the same name, a pound is sometimes referred to more formally as a pound sterling or sometimes simply sterling . The slang term quid is also substituted in informal conversation for "pound(s) sterling".

The sterling was originally a name for a silver penny of 1/240 pound. In modern times the pound has replaced the penny as the basic unit of currency as inflation has steadily eroded the value of the currency. Originally a silver penny had the purchasing power of slightly less than a modern pound. History of British Money As a unit of currency, the term pound originates from the value of a troy pound of high purity silver known as sterling silver . An Act in 1266 set the weight of the silver penny, so one pound of sterling silver would yield 240 silver pennies. However, although the Pound was subsequently used in accounting (to complement and eventually replace the Mark, valued at 160 silver pennies), no pound coin was issued until 1489. The penny was originally one '"pennyweight"' of silver. A pennyweight is a unit of mass which is the same as 1.555 grams, or 1⁄240 of a troy pound. So, a penny was literally, as well as monetarily, 1⁄240 of a troy pound of sterling silver.

Sterling (with a basic currency unit of the Tealby penny , rather than the pound) was introduced as the English currency by King Henry II in 1158 , though the name sterling wasn't acquired until later. Pound sterling was established in 1560 – 61 by Elizabeth I and her advisors, foremost among them Sir Thomas Gresham , brought order to the financial chaos of Tudor England that had been occasioned by the "Great Debasement" of the coinage, which brought on a debilitating inflation during the years 1543 – 51 . By 1551, according to Fernand Braudel (Braudel 1984, pp 356ff), the silver content of a penny had dropped to one part in three. The coinage had become mere fiduciary currency (as modern coins are), and the exchange rate in Antwerp where English cloth was marketed to Europe, had deteriorated. All the coin in circulation was called in for reminting at the higher standard, and paid for at discounted rates.

Pound sterling maintained its intrinsic value — "a fetish in public opinion" Braudel called it — uniquely among European currencies, even after the United Kingdom officially adopted the gold standard, until after World War I, weathering financial crises in 1621 , in 1694 – 96 , when John Locke pamphleteered for the pound sterling as "an invariable fundamental unit" and again in 1774 and 1797 . Not even the violent disorders of the Civil War devalued the pound sterling in European money markets. Braudel attributes to the fixed currency, which was never devalued over the centuries, England's easy credit, security of contracts and rise to financial superiority during the 18th century . The pound sterling has been the money of account of the Bank of England from its inception in 1694 . The Guinea was a coin until 1797, it was the first British machine-struck gold coin, and was originally worth one pound. However, the name continued in use to reflect a sum of 21/- (one pound and a shilling) well into the 20th century.

In fact the term guinea survives in some circles, notably horse racing, to mean an amount of one pound and five pence in decimalised currency. By 1945, the money in circulation was as follows. The most commonly used nicknames are given in brackets.

Farthing = copper coin value 1/4 penny Ha'penny = copper coin value 1/2 penny Penny = copper coin, one of the basic units = 1d Thrupenny bit = brass coloured twelve sided coin value three pennies = 3d (thrupence) Sixpence (tanner) = silver coin value six pennies = 6d Shilling (bob) = silver coin second basic unit, value 12 pennies =1/- Florin (two bob) = silver coin value two shillings = 2/- Half-crown (half a dollar) = silver coin value two shillings and six pence = 2/6d Ten shillings (ten bob) = banknote value 10 shillings = 10/- Pound (quid) = third basic unit, banknote value 20 shillings or 240 pennies = £1 Five pounds (fiver) = banknote value five pounds = £5 'Copper' and 'silver' coins were, by this time, made from alloys and were named for their colour, rather than the actual metal used.

There were 20 shillings to the pound and 12 pence to the shilling. Farthings were not produced after 1956 and were withdrawn in 1960, because of inflation. In preparation for decimalisation, the ha'penny was withdrawn in 1969, with the half-crown being withdrawn the year after. From 1968, 5p and 10p coins, identical in size, weight and value to the shilling and florin respectively, were introduced. The symbol, £, for the pound is derived from the first letter of the Latin word for pound, the librum. The old abbreviation for the penny, d, was derived from the Roman denarius. The old abbreviation for the shilling, s, was derived from the Roman solidus. Decimalisation Prior to decimalisation in 1971, each pound was divided into 240 pence — although it was usually expressed as being divided into twenty shillings , with each shilling equal to twelve pence. The symbol for the shilling was "/" or "s" — not from the first letter of the word, but rather from the Latin word solidus .

The symbol for the penny was "d", from the Latin word denarius . (The solidus and denarius were Roman coins.) After Decimal Day, the value of one penny was therefore different from its pre-decimalisation value. For the first few years after 1971, the new type of penny was commonly referred to as a "new penny". Coins for denominations of ½p, 1p, 2p, 5p, 10p and 50p all bore the name NEW PENCE until 1982, when the inscription changed to ONE PENNY, TWO PENCE, FIVE PENCE and so on. Denominations One pound is divided into 100 pence, the singular of which is "penny". The symbol for the penny is "p"; hence coins are often pronounced "pee" rather than "penny" or "pence".

Coins come in the following denominations: One pence (a penny) or (one pee)· Two pence (two pee) · Five pence (five pee) · Ten pence (ten pee) · Twenty pence (twenty pee) · Fifty pence (fifty pee) · One pound (a quid) · Two pounds (two quid) Notes come in the following denominations: £5 note . £10 note . £20 note . £50 note. Scotland even has a £100 note. There are no Welsh banknotes in circulation. Interesting Facts About Money Slang for British Money Some pre-decimalisation coins or denominations became commonly known by slang terms, perhaps the most well known being bob for a shilling, and quid for a pound. A farthing was a mag, a silver threepence was a joey and the later aluminium-bronze threepence was called a threepenny bit (pronounced threp'ny bit), a sixpence was a tanner , the two-shilling coin or florin was a two-bob bit, and the two shillings and sixpence coin or half-crown was a half dollar.

Common Slang Terms

Question: On this day in 1968, the first two decimal coins were introduced in the UK. Name either of them.
Answer: 5p and 10p