BBC ON THIS DAY | 1 | 1966: Britain to go decimal in 1971 About This Site | Text Only 1966: Britain to go decimal in 1971 The Chancellor of the Exchequer, James Callaghan, has confirmed the "historic and momentous" decision to change over to decimal coinage. It was just one of a number of proposals announced in his "little Budget" statement in the Commons. Other proposals included a new gambling tax - the proceeds from which will be used to fund cheaper mortgages for the less well off. Loud cheers greeted Mr Callaghan's announcement of the switch to decimal currency. 'Considerable benefit' He said: "It is the government's conclusion, shared I know by large sections of industry, commerce, science and banking, that the change to a decimal coinage will bring considerable benefit to the economy at large." Preparations for the change-over will begin at once, with the introduction of a Decimal Currency Bill. One of its functions will be to establish a new Decimal Currency Board to oversee the switch which will take place in February 1971. There were more cheers as Mr Callaghan confirmed the pound would remain the major unit of currency.

It will be divided into 100 units, to be called either cents or new pennies. Preliminary estimates suggest the cost of switching to decimal coinage may be as much as �120m. However, Mr Callaghan said he hoped the long change-over period may mean the total cost was lower than this. Companies obliged to invest in new equipment will not be compensated, but they will be entitled to tax relief. How Britain converted to decimal currency - BBC News BBC News How Britain converted to decimal currency By Len Freeman BBC News 5 February 2011 Image caption Shoppers had to learn how to use decimalised currency from 15 February 1971 Do you remember the tanner, shilling, florin and half crown? If you do, you must be at least in your 40s, because it was back in February 1971, 40 years ago, that Britain "went decimal" and hundreds of years of everyday currency was turned into history overnight. On 14 February that year, there were 12 pennies to the shilling and 20 shillings to the pound.

The following day all that was history and the pound was made up of 100 new pence. Decimalisation - having a currency based on simple multiples of 10 and 100 - had been a long time coming to Britain. France and the United States had gone decimal in the 1790s. Britain first thought about doing the same in the 1820s but the idea did not gather momentum. Prior to 1971, the closest Britain came to decimalisation was in 1849 with the introduction of the florin - a coin worth two shillings (24 old pence or 10 new pence) which was one-tenth of a pound. See all the old coins From the farthing to the florin and half crown. Images from the Royal Mint. In pictures: Pre-decimal currency During the 1960s a number of Commonwealth countries had gone decimal - Australia, New Zealand and South Africa. "There was a sense in which there was a momentum behind this," said Dr Kevin Clancy, head of historical services at the Royal Mint.

"It would have been a huge disruption, which was one of the reasons governments shied away from it." "The old money in fact linked right the way back to ancient times," said Catherine Eagleton, curator of modern money at the British Museum. "So it's the pound of silver divided into 240 pence. It was the historic way the Romans used their money and divided up the [librum, solidus and] denarius which was where the d in L.s.d. (or £sd) for pounds, shillings and pence comes from." Quick decision But remarkably it took the government only seconds to decide to get rid of the currency that had served Britain for thousands of years. It happened one day when the then Chancellor of the Exchequer Jim Callaghan popped next door to see Prime Minister Harold Wilson. Find out more Archive on 4: Decimal day - What's that in old money is on Radio 4 at 2000 GMT on Saturday 5 February Or listen again on the iPlayer The economist Peter Jay, who was also Mr Callaghan's son-in-law, recalled: "They talked for about 20 seconds and Wilson said 'well why not' and that is how the decision was made...

in a few seconds a century and half of argument about decimalisation came to an end." The decision was announced to Parliament in 1966. In reality, the change-over between currencies was a gradual process. The Decimal Currency Board (DCB) was created to manage the transition. Some three years before "D-Day" or Decimal Day, new 5p and 10p coins were introduced. They were of the same size and value as the existing one and two shilling coins. Then in 1969, a 50p coin was introduced to replace the 10-shilling note. The 50p coin was referred to as a 10-shilling coin at the time. On Monday 15 February 1971, the process was completed when the 0.5p, 1p and 2p coins were introduced. The banks were closed for four days from the previous Thursday to prepare for the change-over. Save the sixpence One old coin that survived longer than expected was the sixpence. Worth 2.5p, it remained in circulation until 1980, after a public campaign to keep it.

Old money speak Many sayings and phrases in the English language relate to our old money. Here are just a few: "Spend a penny" "You look like you have lost half a crown and found sixpence." "A penny for your thoughts" "It can turn on a sixpence" "Bob-a-job week" "Take the King's shilling" Dick Taverne, who was chief secretary to the Treasury a year before decimalisation said: "There was a passionate public campaign 'save our sixpence'. "People were very fond of the coin. They said it was part of our heritage. It was thought a terrible thing to get rid of the sixpence. "I remember in the course of the debate, one of the Labour members screaming 'But what about the housewife, she is going to miss the sixpence, she is going to be exploited - how dreadful the decision to abolish the sixpence'. It was a very emotive issue." Forty years on, those old coins are a distant memory for those in their 40s and beyond, and a puzzlement for those too young to have known them.

But pre-decimal pennies are still in use in one part of London where they have a vital role. They are used to adjust the timing of the pendulum of the clock in the Clock Tower of the Palace of Westminster, commonly known as Big Ben. The History of Decimalisation in Britain By Ben Johnson | Comments Prior to 1971, there were 12 pennies to the shilling and 20 shillings to the pound. There were guineas, half crowns, threepenny bits, sixpences and florins. This old system of currency, known as pounds, shillings and pence or lsd, dated back to Roman times when a pound of silver was divided into 240 pence, or denarius, which is where the 'd' in 'lsd' comes from. (lsd: librum, solidus, denarius ). To prepare the nation for the changeover in currency systems, the Decimal Currency Board (DCB) was set up, running a public information campaign in the two years prior to the switchover on Monday 15 February 1971, also known as Decimal Day.

Three years before changeover, new 5p and 10p coins were introduced; these were the same size and worth the same amount as the one and two shilling coins. In 1969 a new 50p coin was introduced to replace the old 10 bob (shilling) note. The banks were closed for four days before changeover to prepare. Currency converters were available for everyone, and prices in the shops were shown in both currencies. This went some way to alleviate the feeling many people had, that shopkeepers might use the conversion from old money to new to increase prices! Cafe price list circa 1960 with prices in shillings and pence 'Decimal Day' ran without a hitch. Although the elderly generation found it more difficult to adapt to decimalisation, in general the population readily embraced the new currency and the oft-used phrase of the 1970’s "How much is that in old money?" is now more commonly used in reference to metrication. For a short time the old and new currencies operated in unison, whereby people could pay in pounds, shillings and pence and receive new money as change.

Originally it was planned that old money would be phased out of circulation over eighteen months, but as it turned out, the old penny, halfpenny and threepenny coins were officially taken out of circulation as early as August 1971. from l to r: shilling, farthing, threepenny bit It was originally intended that the new unit of currency would be referred to as ‘new pence’ to distinguish it from the old money, but this was quickly adapted to the abbreviation ‘pee’, which we still use today. The term ‘decimal currency’ describes any currency that is based on one basic unit with a sub-unit which is a power of 10, most commonly 100, and comes from the Latin word decem, meaning ten. In comparison to the rest of the world, Britain lagged behind in the decimalisation stakes. Having converted to the ruble (equal to 100 kopecks) in 1704, Russia became the world’s first country to adopt a decimal currency, followed by the 1795 introduction of the franc in the wake of the French Revolution.

from l to r: sixpence (or tanner), half crown, half penny Whilst Britain and our nearest neighbour Ireland did not convert to decimalisation until 1971, this was not the first time Britain had considered decimalisation. As far back as 1824 Parliament had considered decimalising the British currency. In 1841,the Decimal Association was founded in support of both decimalisation and use of the SI metric system, the international standard for physical measurements which had been adopted by France in the 1790s and has since been widely introduced across the world (although interestingly the metric system has still not been fully implemented in the UK). However despite the introduction of the two shilling silver florin in 1849, worth one-tenth of a pound, and the double florin (a four-shilling piece) in 1887, there was little development towards decimalisation in Britain for nearly a century.

It was not until 1961, in the wake of South Africa’s successful move to decimalisation that the British Government introduced the Committee of the Inquiry on Decimal Currency, whose 1963 report resulted in the final agreement to adopt decimalisation on 1 March 1966, with the approval of the Decimal Currency Act in May 1969. Whilst various names for a new unit of currency had been suggested – such as the new pound, the royal or the noble – it was decided that as a reserve currency, the pound sterling was too important to lose. Conversion table - decimal and pre-decimal systems Pre-decimal 5/- 25p There are now only two countries in the world who officially continue to use non-decimal currencies. Mauritania still employs the ouguiya, which is equal to five khoums and Madagascans use the ariary, which is equal to five iraimbilanja. However, in reality the khoum and iraimbilanja sub units are so small in value that they are no longer used and the rest of the world’s currencies are either decimal, or use no sub units.

Whilst many of our closest neighbours have succumbed to the simplicity of the Euro since it’s induction on 1 January 2002, for now at least the majority of Britons remain faithful to the pound sterling. Whether this is down to a sense of identity or the more altruistic suspicion that goods prices will rise dramatically (or a combination of the two!), whatever the viewpoint it is agreed that there is still a great deal of debate over any change to British currency. As with decimalisation then, perhaps in two hundred years time we will have decided our European counterparts are on to something! Tweet If you enjoyed this article, you might also like... Etiquette and Good Manners - Whilst the English penchant for manners and socially appropriate behaviour is renowned across the world, the word etiquette to which we so often refer actually originates from the French... Britain in the 1950s and 1960s - Our new section of articles about Post War Britain; everyday life and events in the 1950s and 1960s. For those of you too young to remember this period, we hope you will enjoy a little window into the 'good old days'...

Black Monday 1360 - Black Monday in 1360 changed the course of the Hundred Years War. A freak storm appeared from nowhere, its hailstones killing over 1000 English soldiers and 6000 horses... Folk Remedies - There is hardly a substance known to man that has not been tried as a medicine, nor any disease for which faith-healers have failed to prescribe. Even way back in Saxon days physicians... Popular This Month The day Britain lost its soul: How decimalisation signalled the demise of a proudly independent nation | Daily Mail Online The day Britain lost its soul: How decimalisation signalled the demise of a proudly independent nation comments Although we all have money worries, especially at a time of such economic ­austerity, few of us ever spare a thought for the coins that jangle in our pockets. We take them for granted; usually we ­barely even bother to look at them. Yet next month will mark the 40th ­anniversary of one of the biggest ­ruptures in our recent past — a moment that marked the greatest transformation in the history of ­British money.

On Monday, February 15, 1971, Edward Heath’s government formally abolished the old coinage that had served for ­generations, replacing it with a new ­decimal system inspired by Napoleonic France. Decimalisation: By 1971, Edward Heath, leader of the Conservative Party and the new man in Number 10, was obsessed with ­modernising Britain - and if that meant demolishing the legacy of the past, so much the better Out went the shilling, the half-crown and the sixpence, with all their historic associations. In came a new, unfamiliar European-style ­currency — much to the outrage of millions of ordinary Britons. Forty years on from ‘Decimal Day’, it looks a profoundly symbolic moment, marking the end of a proud history of defiant insularity and the beginning of the creeping ­Europeanisation of ­Britain’s institutions. Like so many of the social and cultural changes of the Sixties and Seventies, it was remarkably undemocratic. Nobody ever voted for it; nobody ever asked the British people for their opinion.

Decimalisation was imposed from on high, the edict handed down by a ­political and intellectual elite indifferent to the romantic charms of history and tradition, but determined to turn Britain into a modern European state. RELATED ARTICLES Share this article Share Like the reformers who wanted to revamp England’s historic counties, the planners who relished demolishing our Victorian ­architectural heritage, or those poor souls who wanted to sign up to the euro (and who have gone remarkably quiet), the decimal-­lovers fantasised about a modernised Britain with all the quirks ironed out — a larger, colder ­version of Belgium. Yet they were not the first reformers to dream of scrapping Britain’s age-old ­coinage. Even the Victorians had their fair share of decimal enthusiasts, although their ­campaign never caught on. Now decimal currencies are the norm, we often forget they represent something ­relatively new. As late as 1789, only one major European country, Russia, had a ­decimalised currency, the rouble, which was divided into 100 kopeks. But when the French ­Revolution broke out that year, radicals saw their chance to sweep away the legacy of the past.

A bank within a shop in Oxford Street, London, changes the old pounds, shillings and pence into decimal currency (file photo) Six years later, the French ­introduced the franc, divided into 100 centimes, which was to become their national ­currency for the next two centuries. As Napoleon’s armies ­rampaged across Europe, the French took their strange new decimal notions with them. And although Britain stood firm against the Corsican ­dictator, there were, as so often, more than a few ­starry-eyed idealists who wanted to copy the French example. In 1841, a small group of ­Victorian do-gooders even founded the Decimal ­Association to campaign for currency reform, and in 1859, a Royal Commission considered but rejected the idea, judging it had ‘few merits’. But the decimal enthusiasts never gave up the fight. In Anthony Trollope’s Palliser novels, the character of ­Plantagenet Palliser is a ­passionate advocate of ­decimalisation. But although he eventually becomes Prime Minister, he never gets his plan put into effect.

The truth is that during ­Britain’s imperial heyday, ­politicians and ordinary people alike were too closely attached to their national traditions to consider such a radical change. Like so many of the social and cultural changes of the Sixties and Seventies, it was remarkably undemocratic. Nobody ever voted for it; nobody ever asked the British people for their opinion The pound sterling, the half-crown, the shilling and the ­sixpence were too deeply embedded in our national life; they were symbols of a country set apart, proud of its island status. And this sense of British ­exceptionalism was not confined to the political Right. In his splendid essay The Lion And The Unicorn, published when Britain stood alone against the Nazis in 1940, the Left-wing George Orwell wrote that there was ‘something distinctive and ­recognisable in English ­civilisation … bound up with solid breakfasts and gloomy Sundays, smoky towns and winding roads, green fields and red pillar-boxes’. Like so many of his compatriots, Orwell saw Britain as a land apart from continental Europe. ‘When you come back to England from any foreign country,’ he wrote, ‘you have immediately the sensation of breathing a different air.

Even in the first few minutes dozens of small things conspire to give you this feeling. The beer is ­bitterer, the coins are heavier, the grass is greener, the advertisements are more blatant.’ Yet in the decades that ­followed, Orwell’s Britain became ­increasingly unfashionable. By the beginning of the Sixties, with the colonies ­declaring independence and the economy entering a long-term decline, our political and ­intellectual classes were ­losing confidence in Britain’s ­deep-rooted traditions. Having rejected the chance to join the nascent Common ­Market in the mid-Fifties, ­Britain’s governing elite now became convinced only ­European membership could reverse the decline. And in a bid to show their neighbours just how modern and European they were, they turned their attentions to the national currency. In 1961, Harold Macmillan set up the Halsbury Committee to examine the prospects for ­decimalisation. It did not report until five years later — by which time another impatient ­moderniser, Labour’s Harold Wilson, was prime minister.

Lord Fiske, Chairman of the Decimal Currency Board, pictured in 1970 with one of three posters which were displayed as part of an intensive campaign of official information and explanation of decimal currency in time for D Day Februay 15, 1971 Having promised to build a ‘new Britain’ in the ‘white heat’ of the technological revolution, Wilson liked the sound of ­anything that would make him look youthful and progressive. His was a government obsessed with the new, from new road signs, postcodes, speed limits and breathalysers to the reform of the divorce, abortion and homosexuality laws. Going decimal, he thought, would show French president Charles de Gaulle just how keen he was on all things European. So when his Chancellor, Jim Callaghan, asked him about ­decimalisation, Wilson simply nodded and said: ‘Why not?’ — an extraordinarily cavalier and undemocratic way to approve such a sweeping change. When the Cabinet considered the matter a few days later, it was accepted with virtually no discussion at all.

So, in just a few moments, without the ­British people ever being asked to express their opinion, the coins that millions of Britons down the centuries had known and loved had been condemned to the scrapheap. But what should replace them? Most banks and businesses wanted a shilling system, with ten shillings as the basic unit. But the Bank of ­England was ­adamant that to preserve sterling’s ­international reputation, Britain must stick with the pound. By 1968, the changeover was underway. In April that year, the first 5p and 10p coins entered ­circulation, larger than they are today being the same size and weight as the old shilling and the florin or two shilling coin. A year later they were joined by the ­hexagonal 50p coin, which replaced the ten-shilling note. Gradually, the old coins began to disappear. The old ha’penny vanished in 1969; the much-loved half-crown, part of ­English life since the reign of Henry VIII, went a year later.

All of this, however, was merely a prelude to the big changeover on Monday, February 15, 1971, ­‘Decimal Day’ — chosen because February was usually a quiet month for banks and businesses. By now a new Conservative ­government was in charge. But in many ways, Edward Heath, the new man in Number 10, was even more radical than Wilson. Already looking forward to ­taking Britain into Europe, Heath was obsessed with ­modernising Britain — and if that meant demolishing the legacy of the past, so much the better. In the run-up to Decimal Day, Heath’s ministers spared no effort to preach the virtues of the new currency, even commissioning an unforgivably awful song by Max Bygraves, Decimalisation. The BBC organised a series of five-minute information shows called Decimal Five, while ITV put on a supremely patronising little drama, Granny Gets The Point, showing a baffled old lady learning how to use the new coins. On the big day itself, the ­transition went off without a hitch. British Rail and London Transport had gone decimal a day early, while most major stores were prepared.

Harrods had an army of ‘decimal pennies’, girls in rakish boaters and blue sashes, to help confused ­shoppers, while Selfridges boasted a troop of girls dressed in ‘shorts and midi split skirts and other suitably ­mathematically costumes’. Yet like so many of the ­transformations of the late Sixties and early Seventies, from the ­demolition of the old city centres to the abolition of hanging, decimalisation went ahead in the face of widespread public opposition. Polls showed barely four out of ten people liked it; in London’s West End, so-called ‘anti-decimal terrorists’ handed out leaflets denouncing the government’s ­failure to consult public opinion. Many people were worried that going decimal would allow stores secretly to put their prices up. Almost certainly this was an urban myth, for with inflation already at a staggering 9.4 per cent, prices were soaring anyway. Yet it is not hard to see why so many were upset. The ­elderly remained highly suspicious of the new money.

Many even insisted on carrying ‘Decimal Adders’ around the shops to work out the ­difference between old and new, although by the standards of modern calculators these were laughably clunky and cumbersome. Yet for millions of people in the early Seventies, decimalisation was merely another symptom of a world that seemed to have cast out all tradition, all familiarity, all reassurance, all order: a frightening world beset by inflation, ­terrorism, crime and delinquency. The truth was that Orwell’s ‘distinctive and recognisable’ England was disappearing. A year later, Heath’s government ripped up the map of the British Isles, abolishing historic counties such as Rutland and inventing new, entirely artificial entities like Avon and Cleveland. And on New Year’s Day 1973 came one of the biggest changes in our entire history, as Britain joined its decimalised partners in the European Community. Outside its Brussels headquarters, the Union Jack flew for the first time — appropriately enough, upside down. Just as its opponents had ­predicted, decimalisation was an expensive business, costing an estimated £120 million (roughly £4 billion today). And just as they had predicted, it proved merely the thin end of the wedge.

Bit by bit, the distinctive ­traditions that had marked British life during Orwell’s lifetime began to disappear. Under European law, metrication soon followed decimalisation, with kilograms and metres slowly ousting pounds and feet. Today, most of us simply take our decimal currency for granted. Nobody born after the late Sixties can remember the old coins so familiar to previous generations. And few recall that for hundreds of years there were 240 pence in the pound, not 100. It might seem a trivial change. Yet as the debacle of the euro has proved only too well in recent months in Greece and Portugal, a nation’s currency is its very life-blood. Just like the planners who were flattening our historic city centres at that very moment, sacrificing tradition on the altar of modernity, the men behind Decimal Day were indifferent both to public opinion and to the great weight of history. Decimalisation not only drove a wedge between the generations, giving millions of older people the sense they had been transported into a foreign land. In a deeper, symbolic way, it helped to cut us off from our history.

Of course we will never go back to the old currency — not least because, as even traditionalists would have to admit, the decimal system is a lot easier to grasp. For good or ill, we have become a much more European country — a land of duvets and wine bars, ­pavement cafes and continental breakfasts, foreign holidays and Italian restaurants. But change never comes without a cost. And in the disappearance of George Orwell’s Britain, the land where the coins were always heavier than anywhere else, there was surely much to mourn. On that grey, drizzly day 40 years ago, we might have gained a shiny new streamlined currency. But we also lost something rather more profound: a little bit of our national soul. The British Monetary System before Decimalization The British Monetary System before Decimalization G. Vinton Palazzolo asked a question on the Calendar Mailing List about the practicality of the mixed-radix calendar calculation system of the Classic Maya.

I responded by saying, “Don’t forget the British Monetary System before decimalization, which is the classic example of a complex mixed-radix counting system in constant, daily use for hundreds of years.” Naturally, she asked me to explain this monetary system, and when it was decimalized. Since I use this as an example all the time, I thought I had better do some research, find out, and write it up. I wish to acknowledge the assistance of Alan McLaren, who grew up in Australia before the switch to dollars, and was able to fill in some gaps for me. Also, thanks to Jeremy Smith, who so kindly allowed me to use parts of his dictionary Definitions The following excerpts from the British->American Dictionary page are used with the permission of Jeremy Smith, ~jeremy/dictionary/lexe-a.html . £ (a Latin L): pound, symbol for pounds sterling. 1971 was the year of decimalization of the British currency when a pound became 100 new pennies. Prior to that a pound was 20 shillings, a shilling twelve pence (pennies) and the smallest division of a penny was a farthing.

It is written £/s/d and £/s/- for even shillings. From 1776 till WWII £1 fluctuated between $3-$5 (1864 peak of $12). Since WWII it has fluctuated around $2 when 1d was 1¢ (low of $1.04 in 1985). Hence, the slang ‘dollar’ for 5/- and ‘half a dollar’ was accurate until the early 70s. £sd /el es dee/ n: ‘pounds, shillings, and pence’, money in general, and the British monetary system in particular prior to decimalization (4 farthings = 1 penny, 12 pence = 1 shilling, 2 shillings = 1 florin, 5 shillings = 1 crown, 20 shillings = 1 pound (sovereign), 21 shillings = 1 guinea).

decimalization n: the changeover from £sd to decimal currency (100 new pence = £1), initiated in 1968 with introduction of 5p and 10p coins and completed by 1971 with the ½p, 1p, 2p, 20p and 50p, where 100p = £1. The official start of the new currency was February 15th, 1971. The old currency stopped being used about 6 months later, although the changeover period was originally scheduled to last a year. The 5p and 10p coins were the same size as the old 1/- and 2/- coins, and no attempt was made to withdraw these old coins from circulation, to the confusion of the visitor. However, in 1990 and 1992 new, smaller, coins for 5p and 10p were introduced, and the old ones withdrawn a year or so later. The only pre-decimalisation coins still being minted are the crowns (5/-) occasionally minted to mark special occasions.

dollar sl n: 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 Did You Know? - Pre-Decimal Coins Did You Know? - Pre-Decimal Coins Pre-Decimal Crown Twelve pennies in a shilling and twenty shillings in a pound.... It's now over 40 years since the £ s d currency which had been used in the UK and Scotland was swept away and 240 pence to the pound were replaced by 100 new pence to the pound. Decimal Day (15 February 1971) was when the changeover took place. You'll note that in the collection of pre-decimal coins below, there is not a pound coin, far less one for two pounds as we have today. That was because in 1971 there were paper pound notes in circulation and the pound coin was not introduced until 1983 to replace the Bank of England one pound note; the Scottish banks (who are permitted to issue banknots but not coins) continued to issue one pound notes - the Royal Bank of Scotland in particular kept them going, sometimes as special commemorative issues. See Scottish Banknotes .

Farthing The word farthing is derived from the Anglo-Saxon feorthing, or fourth part An English penny. The farthing was first minted in silver in the 13th century and then after the Union of the Scottish and English Parliaments in 1707, a British farthing, made of base metal, was minted in 1714. It continued to be used until 31 December 1960, when they ceased to be legal tender and so were no longer in use by Decimal Day in 1971. Half Penny This coin began its 700 year history made from silver but as the value of silver increased, the coin was made from base metals. "Halfpenny", was pronounced HAY-pe-nee. It was long considered that the first halfpenny coins were produced in the reign of King Edward I (1272�1307), with earlier requirements for small change being provided by "cut coinage" - pennies cut into halves or quarters.

However, in recent years metal detectorists have discovered a few halfpennies of Kings Henry I (1100�1135) and Henry III (1216�1272). The halfpenny ceased to be minted in 1969 prior to decimalisation. Penny The "penny" originated as far back as the 8th century when a silver coin was minted (in England) which was one 240th part of a pound weight of silver. There were thus "240 pennies to a pound (of silver)". Pennies made of silver were minted until about 1750, then occasionally until about 1820; thereafter, they were only minted for Maundy money (when the British Monarch ceremonially distributes small silver coins known as "Maundy money" as symbolic alms to elderly recipients. From 1797, pennies for general circulation were minted in copper. Twelve pence made one shilling and so 240 pennies made a pound. To express an amount, penny was usually abbreviated to "d", e.g. 1d, from the Roman denarius.

The penny introduced at decimalisation (with 100 pennies to the pound) was a much smaller coin and was initially called a "new penny" to distinguish it from its predecessor. The original reverse of the new coin initially had "NEW PENNY" in the design but this changed to just "ONE PENNY" in 1982. "Silver" Threepence The silver three pence coin (expressed in writing as "3d") first appeared in England during the reign of King Edward VI (1547�1553). But it was unpopular as many preferred the four pence piece (known as a "groat") and there were times when it was not minted. During the reign of king George V (1910�1936) the silver content was reduced from sterling silver to a mixture of silver (50%),copper, and nickel and the design was completely changed in 1927 to three oak sprigs with three acorns and a "G" in the centre. By the end of George V's reign the threepence had become somewhat unpopular in England because of its small size, but it remained popular in Scotland.

It may be that the custom of putting threepence coins (wrapped in greaseproof paper) into Christmas cakes may have contributed to its continued popularity! A nickel-brass threepence took over the bulk of the production of the denomination, being produced in all years between 1937 and 1952 except 1947. Only small numbers were produced. Brass Threepence A new, larger, nickel-brass (79% copper, 20% zinc, 1% nickel) twelve-sided threepence coin was introduced at the time of the short reign of King Edward VIII and took over the bulk of the production of the denomination, being produced in all years between 1937 and 1952 except 1947. Initially the design incorporated a representation of the thrift plant but in the reign of Queen Elizabeth II the design became a Tudor portcullis with chains and a coronet. Following decimalisation, the brass threepence ceased to be legal tender after 31 August 1971. Sixpence The sixpence, worth six pre-decimal pennies, was known colloquially as a "tanner".

In England, the first sixpences were struck in the reign of Edward VI in 1551 and continued until they were rendered obsolete by decimalisation in 1971.The last general issue sixpence was issued in 1967 but sixpences continued to be legal tender at a value of 2� new pence until 30 June 1980. The coins were made of sterling silver until 1920, when they were reduced to 50 percent silver until 1946, after which they were changed to cupro-nickel from 1947 onwards. As the supply of silver threepence coins slowly disappeared, sixpences replaced them as the coins put into Christmas puddings. The traditional song "I've Got Sixpence" runs: "I've got sixpence. Jolly, jolly sixpence. I've got sixpence to last me all my life.

I've got twopence to spend and twopence to lend And twopence to send home to my wife." Shilling The word shilling comes from scilling, an accounting term that dates back to Anglo-Saxon times where it was deemed to be the value of a cow in Kent or a sheep elsewhere. The abbreviation for shilling is the letter "s", from the Latin solidus, the name of a Roman coin. In England, a shilling coin was used from the reign of Henry II (or Edward VI ca 1550) until the Acts of Union ended the Kingdom of England (when, in the terms of Article 16 of the Articles of Union created by the Acts of Union of 1707, a common currency for the new United Kingdom was created). Because the shilling had the king's head on it, when a man agreed "to take the King's shilling" (or the Queen's shilling as the case may be) it meant that he agreed to serve as a soldier or sailor. Following decimalisation the British shilling was superseded by the five-pence piece with a comparable value, size and weight.

The pre-decimal shilling was withdrawn from circulation in 1990, when a five pence piece of reduced size was introduced. Two Shillings (Florin) The British two shilling coin, also known as the florin or "two bob bit" was issued from 1849 until 1967. It was worth one tenth of a pound, or twenty-four old pence. In 1847 a motion had been introduced in Parliament calling for the introduction of a decimal currency and the issue of coins of one-tenth and one-hundredth of a pound. The motion was subsequently withdrawn on the understanding that a one-tenth pound coin would be produced to test public opinion. There was considerable discussion about what the coin should be called, with centum, decade, and dime being among the suggestions. Eventually, florin was eventually settled upon, partly because of its connection with old English coinage, and partly because other European countries also had coins of approximately the same size and weight called florins.

In the reign of Queen Victoria a new design for the florin is said to have shock, including (allegedly) to Queen Victoria herself, was the omission of D G � Dei Gratia ("by the grace of God") � from the coin's inscription, which resulted in it being popularly known as the godless florin. The two shilling pieces produced in the reign of Queen Elizabeth II had the reverse showing a Tudor rose in the centre surrounded by thistles, shamrocks, and leeks, symbols for Scotland, Ireland and Wales. Half Crown This oddity, as the name suggests, was worth half of a crown, or equivalent to two and a half shillings (30 pennies). It has a long history, having been issued (in silver) as early as 1549, in the reign of Edward VI. The half crown was demonetised (ahead of other pre-decimal coins) on 1 January 1970, the year before the United Kingdom adopted decimal currency on Decimal Day.

In the reign of George VI (1937�1952), half crowns were 50% silver until 1946 when the metal was changed to cupro-nickel. Crown Although issued in England prior to the unification of Scotland and England, the British crown came into being with the Union of the Parliaments of England and Scotland in 1707. As with the English coin, its value was five shillings, which was a quarter of one pound. During the 19th and 20th centuries the Crown declined from being a real means of exchange to being a coin rarely spent but minted for commemorative purposes only. In that format it has continued to be minted into the 21st century, even following decimalization of the British currency in 1971. However, as the result of inflation the value of such crowns has been revised upwards to five pounds. The picture here is of the crown issued in 1953 and 1960 in Queen Elizabeth II's reign.

Decimalisation When computers came in the scene in the late 1950s and 1960s, they had to be programmed to deal with pounds, shillings and pence. Most systems converted values to pennies for internal working and converted them back to £,s,d when printed out or displayed on a computer screen. This was before pocket calculators had come on the scene - they would have struggled with £ s d.. But gradually, a decimal currency was seen to be more efficient. Of course, there was an emotional resistance from some to the loss of the traditional monetary system. Computer systems, banks and retailers had to prepare for the conversion well in advance of the cutover in 1971, not just for new and updated programs but also to train their staff in the new coins. As with the run-up to the Millennium, nearly 30 years later, all the hard work and preparations paid off and the changeover took place smoothly.

Banks were closed from 3:30pm on Wednesday, 10 February 1971 until 10:00am on Monday 15 February, to enable all outstanding cheques and credits in the clearing system to be processed and customers' account balances to be converted to decimal. New pennies and half penny coins were introduced but the old coins were temporarily assigned new values - the florin became 10 new pence, the shilling became 5 new pence and the old sixpenny coin filled a role as 2.5 new pence for a short while. To avoid confusion with the old currency, the term "New Pence" was brought into use with the letter "p" instead of the previous "d". Fairly rapidly, the general public dropped the word "new" and prices became what sounded like, for example "99 pee". Decimal Day itself went smoothly and after February 15, shops continued to accept payment in old coins, but always issued change in new coins. Use the "Back" button on your browser or click here to return to the Index of "Did You Know?" Where else would you like to go in Scotland? Links Pages

Question: During which month of 1971 did Britain change its currency to decimal?
Answer: February