How many farthings does it take to equal a guinea? Advanced_Stats How many farthings does it take to equal a guinea? Farthings and Guineas were British coins. They were in use a couple of hundred years ago. For bonus points, tell how many farthings equal a shilling, and how many equal a crown. Votes So, the answer is: 4*12*21 = 1008 Some history: Farthings and half-pennies were usually pennies cut into two or four pieces until the coinage of Edward I (1272-1307). Farthing was last made in 1956 In common usage, a guinea is 21 shillings - much used in auctions (the bidder pays in guineas, the vendor gets paid the same number of pounds - the auctioneer gets the rest) and as the prizes (and names) for horse races. The guinea was introduced in 1663, made in gold obtained from Guinea (Ghana) in Africa, its value being fixed at 21s in 1717 (before that date its value depended on the current price of gold).

Coins of 5, 2, 1, ï¿½, one-third and ï¿½ guineas were issued up to George III (most finished in 1813). Enheduanna posted 22-Sep-2003 8:26pm 126? I'm guessing because I have no idea. No idea how many are in a shilling or a crown, either. 1 crown = 240 farthings (5 shillings) 1 guinea = 1008 farthings (21 shillings) (reply to romkey ) posted 22-Sep-2003 10:10pm You are 100% correct sir! (reply to Dino ) posted 22-Sep-2003 10:11pm I guess you're too young for that! (reply to southernyankee ) posted 22-Sep-2003 10:24pm Well, it worked something like this: Four farthings equals one penny. Four pence (pennies) equals a groat. Three groats to the shilling.

Two shillings to the florin. Five shillings to the crown. Four crowns to the pound. Twenty one shillings to the guinea. Can you imagine trying to operate a cash register?!! Irene007 (reply to romkey ) posted 22-Sep-2003 10:26pm You checked the internet!! This is not the type of information on has on the tip of one's tongue or Are you a collector?? If so, I have a few questions about my collection!! romkey (reply to Irene007 ) posted 22-Sep-2003 10:31pm no, I'm not a collector... what I want to know is who came up with the word "groat"!! (reply to romkey ) posted 22-Sep-2003 10:59pm Hmmm....let me check! (reply to romkey ) posted 22-Sep-2003 10:59pm It was Zang - the weird Canuck!

(reply to romkey ) posted 22-Sep-2003 11:00pm Etymology: Middle English groot, from Middle Dutch Date: 14th century : an old British coin worth four pennies (reply to southernyankee ) posted 23-Sep-2003 11:21pm Yeah, the US seems to be the last hold out for the old system there. Irene007 (reply to romkey ) posted 24-Sep-2003 7:57am I hear ya! There are some really strange sounding words in our language. Maybe I should post a survey where people could submit a word that sounds ridiculous to them like; mukluk! Biggles posted 24-Sep-2003 1:39pm I have absolutely no idea. I'm new wave - metric all the way! Boo-hiss to the metric martyrs and all that.... I think that there were 12 pennies in a shilling. Um, a farthing was 0.25 of a penny? Sp that would be 48 farthings in a shilling? Ummmm.

I don't have a clue how many shillings there were in a crown or guinea though. (reply to romkey ) posted 24-Sep-2003 1:41pm Hey, she said it came from the Dutch! Don't blame the Brits for coming up with "groat"! southernyankee (reply to Zang ) posted 24-Sep-2003 3:44pm yeah, its pretty funny. we still measure our energy in BTU's and have the nerve to call our measuring system the bristish standard, even though britain itself converted to metric years ago. msgman posted 26-Sep-2003 6:16pm A farthing is a quarter of a penny. There are 12 pence to a shilling, and 21 shillings to a guinea. Therefore, there are 1008 farthings in a guinea. Understanding old British money - pounds, shillings and pence Before decimalization on 15 February 1971, there were twenty (20) shillings per pound.

The shilling was subdivided into twelve (12) pennies. The penny was further sub-divided into two halfpennies or four farthings (quarter pennies). 2 farthings = 1 halfpenny 2 halfpence = 1 penny (1d) 3 pence = 1 thruppence (3d) 6 pence = 1 sixpence (a 'tanner') (6d) 12 pence = 1 shilling (a bob) (1s) 2 shillings = 1 florin ( a 'two bob bit') (2s) 2 shillings and 6 pence = 1 half crown (2s 6d) 5 shillings = 1 Crown (5s) Did you know The pre-decimalisation British system of coinage was introduced by King Henry II. It was based on the troy system of weighing precious metals. The penny was literally one pennyweight of silver. A pound sterling thus weighed 240 pennyweights, or a pound of sterling silver.

Symbols The symbols 's' for shilling and 'd' for pence derive from the Latin solidus and denarius used in the Middle Ages. The '£' sign developed from the 'l' for libra. £ or l in some documents = pound A £1 coin was called a Sovereign and was made of gold. A paper pound often was called a quid. More than a pound (£) 1 guinea and a £5.0.0 note 1 guinea = £1-1s-0d ( £1/1/- ) = one pound and one shilling = 21 shillings or 21/- (which is £1.05 in todays money) 1 guinea could be written as '1g' or '1gn'. A guinea was considered a more gentlemanly amount than £1. You paid tradesmen, such as a carpenter, in pounds but gentlemen, such as an artist, in guineas. A third of a guinea equalled exactly seven shillings. Why guinea? Because the Guinea coast was fabled for its gold, and its name became attached to other things like guinea fowl, and New Guinea.

"A Guinea coin was available as legal tender and they were minted from gold. Therefore ceased to be used as such as they became collectors items, for the gold presumably. I was given 4 gold guinea coins when I was 13." Manuel, Wilmslow, Cheshire "I remember the £5.0.0 note. It was larger than other notes, stiff and very white with black lettering. It had to be folded to fit into a wallet and I never possessed more than one at a time and then infrequently. It did not appear to last very long because, I have been given to understand, it was easily forged." Edwin J Cato "Bob" is slang for shilling (which is 5p in todays money) 1 shilling equalled twelve pence (12d). £1 (one pound) equalled 20 shillings (20s or 20/-) 240 pennies ( 240d ) = £1 There were 240 pennies to a pound because originally 240 silver penny coins weighed 1 pound (1lb).

A sum of £3 12s 6d was normally written as £3-12-6, but a sum of 12s 6d was normally recorded as 12/6. Amounts less than a pound were also written as: 12/6 meaning 12s-6d 10/- meaning ten shillings. An amount such as 12/6 would be pronounced 'twelve and six' as a more casual form of 'twelve shillings and sixpence'. More than a Shilling (s. or /- ) Coins of more than one shilling ( 1/- ) but less than £1 in value were: a florin (a two shillings or 2 bob or 2 bob bit) 10 x 2/- = £1 a penny (copper) often called a 'copper' 12 x 1d = 1/- The word threepence would often be pronounced as though there was only a single middle "e", therefore "thre-pence". The slang name for the coin was Joey.

Penny coins were referred to as 'coppers' We also used the words couple of coppers, tanner, bob, half-a-dollar, dollar, quid to mean the value or amount of the money needed, e.g. can you lend me ten bob please? It didn't really matter if in was made up of shillings and pennies, or any other coins. John Curd Less than a penny (d) Pennies were broken down into other coins: a farthing 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: Pounds, Shillings, and Pence | EE Times Pounds, Shillings, and Pence Tweet I was just reflecting on the fact that things are so much easier these days now that there are only 100 pennies in the English pound. I was just reflecting on the fact that things are so much easier these days now that there are only 100 pennies in the English pound.

The reason for my ruminations is that, when I was a young lad, I used to read an electronics hobbyist magazine called Practical Electronics. One of the articles was called "Take 20" because of these projects required 20 or fewer components and cost 20 shillings or less. Now, when I'm explaining things to my American friends (or to younger folks from England), this is the point where things start to become a little confusing, because someone will invariably ask "What's a shilling?" This opens the door to a mind-boggling discussion on one of the currencies of yesteryear. Prior to 1971, the British used a currency system based on ï¿½pounds, shillings, and pence.ï¿½ This was also written as LSD, where the ï¿½Lï¿½ comes from the Latin word libra and the D comes from the Latin word denarius, which was a type of coin in Roman times. The way in which this worked was that there were 12 pennies in a shilling and 20 shillings (240 pennies) in a pound.

This system was actually instigated as far back as the 8th century by the first Holy Roman Emperor, Charlemagne. The advantage of such a system was its use in mental arithmetic, as it afforded many factors and hence fractions of a pound such as tenths, eighths, sixths and even sevenths if the guinea of 21 shillings was used (see below). When dealing with items in dozens (which was very common in those days ï¿½ in fact, we still purchase eggs by the dozen to this day), multiplication and division are straightforward; for example, if a dozen of something cost four shillings, then the individual items would each cost four pennies. Of course, itï¿½s also easy to see the problems involved with such a scheme; for example, letï¿½s assume that, when I was a young lad, something in a shop was priced at 1 pound, 8 shillings, and 9 pence... how much would it cost for three of the little rascals? And, in fact, things were a tad more complicated than the brief overview above might lead you to believe, because there were a variety of other coins.

For example, there was a farthing (a quarter of a penny) and a half-penny that was known as a ha-penny [prior to the reign of Edward 1 (1272-1307), half-pennies and farthings were made by cutting a real penny into two or four pieces, respectively.] There was also a two-penny piece (although admittedly this was only made in 1797) and a three-penny piece that was known as a threpney bit (this was made in silver until 1945 at which point the government started making them in brass). Then there was the groat, which was worth four pennies and was made from 1836 to 1888. Also the sixpence (worth six pennies), which was known as a tanner, and the shilling (worth twelve pennies), which was known as the bob. But wait, thereï¿½s more! There was also the florin, half-crown, double-florin, crown, half-sovereign, sovereign, and guinea.

These coins are discussed in more detail in The History of Calculators, Computers, and Other Stuff document provided on the CD-ROM accompanying one the book How Computers Do Math . Suffice it to say for the moment that, in February 1971, Great Britain retired the concept of pounds, shillings, and pence and officially adopted a decimal system in which a pound equaled 100 pennies (they were called ï¿½new penniesï¿½ at the time), much like the American dollar equals 100 cents. Strange as it may seem, however, the majority of British citizens fought this move toward decimalization tooth-and-nail claiming that the new scheme was far too complicated and would never catch on! Long after the transition had taken place, I remember little old ladies standing in shops muttering to each other as to how complex the new currency was and how we should have stuck with good old pounds, shillings, and pence because that was so much simpler!

If you found this article to be of interest, visit Programmable Logic Designline where ï¿½ in addition to my Max's Cool Beans blogs ï¿½ you will find the latest and greatest design, technology, product, and news articles with regard to programmable logic devices of every flavor and size (FPGAs, CPLDs, CSSPs, PSoCs...). Also, you can obtain a highlights update delivered directly to your inbox by signing up for my weekly newsletter ï¿½ just Click Here to request this newsletter using the Manage Newsletters tab (if you aren't already a member you'll be asked to register, but it's free and painless so don't let that stop you [grin]). Coins of the UK - One Pound/Guinea Pictures of Guineas and Sovereigns Sovereign The sovereign, valued at twenty shillings, was first issued by Henry VII in 1489, and was so called because the obverse shows the King enthroned in splendour. Fluctuations in value took place at times. During the reign of Henry VIII between 1526 and 1544 the sovereign was valued at 22 shillings.

In 1544 the weight was reduced, and the value reverted to 20 shillings. At the same time the reverse was changed, from the Royal Arms over a Tudor Rose to the Royal Arms with lion and dragon supporters and a crown above. This coin was minted until 1553, during the reign of Edward VI. Gold Pound Between 1592 and 1602 during the reign of Queen Elizabeth I, a gold pound was minted to circulate alongside the scarcer Fine Sovereign. The latter was valued at thirty shillings at the time. Sovereign (again) James I minted the sovereign again at twenty shillings between 1603 and 1604, when it was superseded by the Unite. Unite This is really the sovereign under a different name. It was so called because the reverse legend, FACIAM EOS IN GENTAM UNAM (I will make them one nation) referred to King James' intention to unite England and Scotland. Jean Elsen & ses Fils S.A.

have kindly loaned an image of a James I Unite In 1612 the coin was revalued at twenty two shillings, and new issues were at that value until 1619. Laurel In 1619 a lighter version of the Unite was produced with the King depicted with a laurel wreath, so the coin, now valued at twenty shillings again, became known as the laurel . Unite (again) Throughout the reign of Charles I a large number of gold unites were minted at the Tower Mint. They were also produced at some of the provincial mints during the Civil War. Those of Oxford are very rare, while those of Shrewsbury, Worcester, Truro, Bristol and Chester are extremely rare with some being unique. An extremely rare unite was produced at Pontefract while under siege between 1648 and 1649. The unite continued to be issued by the Commonwealth and was last minted during the reign of Charles II. Silver Pound Between 1642 and 1644 Shrewsbury and Oxford Mints produced large silver pound coins.

These are the largest silver coins produced in the United Kingdom, having a diameter of about 48-52 mm. The Oxford pound of 1644 is particularly attractive. Broad The term broad was actually applied after the introduction of the guinea in 1663 to describe the earlier gold coins of the same value which were broader and thinner than the guinea. These coins, from the reign of James I onwards, were still in circulation at that time. Nowadays in numismatic circles the designation is only given to a milled coin that was struck by Thomas Simon in 1656, depicting The Lord Protector , Oliver Cromwell. There is some reason to believe that it may have only been a pattern rather than a circulation issue. Guinea This is a long and complicated series. It has been dealt with here as the term guinea originally referred to the place in Africa from which much of the metal was obtained, rather than as a denomination. Its value fluctuated from the original 20 shillings, and it was not fixed at 21 shillings until late in 1717.

The following coins are scarce (unmarked, on the basis of a value in Fine of between 500 and 999 UK pounds according to Coincraft), or rare (marked (r) and valued at over 1000 UK pounds in Fine) Charles II : 1663 plain, 1664 elephant (r), 1668 elephant, 1674 elephant & castle, 1677 elephant, 1678 elephant William & Mary : 1693 elephant, 1693 elephant & castle William III : 1696 elephant & castle, 1699 elephant & castle, 1701 elephant & castle (r) Anne : 1703 VIGO (very rare), 1707 elephant & castle, 1707 later obverse, 1708 As between 1717 and the final minting of the guinea in 1813 its value was fixed at 21 shillings, it is recorded separately here from the earlier issues which were technically 20 shillings, even though the value fluctuated, reaching as as high as

 30 shillings.

After the issue of the sovereign in 1817, the guinea was retained as 'money of account' until very recent times. In other words the term was used without a coin being in circulation, principally in Auction Rooms and in Horse Racing. The issues of the three Georges were extensive. Taking each reign in turn: George I Issued continuously from 1714 to 1727. Coins with the elephant and castle were issued in 1721, 1722 and 1726. They are all more scarce than the normal plain issues of those dates. A very rare 1716 guinea has recently been discovered with the reverse shields rotated so that the date is at the Hanoverian Shield instead of the Anglo-Scottish shield. There are several types of the obverse in this series. George II There were several design changes. The coin was issued from 1727 to 1741, in 1743, from 1745 to 1753, in 1755 & 1756 and from 1758 to 1760.

Some of those dated 1745 have LIMA below the head to indicate that they were part of the treasure captured by Admiral Anson, and a few years have EIC for East India Company under the bust. The guineas of 1741 and 1743 are rare, while the LIMA coin is scarce. George III All George III guineas weigh 8.4 grams and have a diameter of 24 mm. There are three main designs. The first was issued from 1761 to 1786, omitting only 1762 and 1780. The shield on the reverse was ornate. The obverse portrait changed a couple of times in this period. The second , with a rather ugly design, became known as the spade guinea because of the spade-like shape of the shield, and it is now the cheapest of all the guineas. It was issued from 1787 to 1799. Minting stopped because the war with France had forced the price of gold up. Many brass imitations of this coin were used for gaming. They are easily distinguished as the legends are incorrect.

The correct wording on the reverse of the guinea is M B F ET H REX F D B ET L D S R I A T ET E (date) The final version , minted in 1813, was very different in design. It was issued to supply Wellington with gold to pay for supplies in the Peninsular War. Sovereign A new coin valued at 20 shillings, weighing 8.0 grams, 22 mm in diameter and called the Sovereign was issued initially in 1817 as part of the Great Recoinage. It took a little while to become popular, and the issue of 1819 is very rare. Despite Royal Mint records indicating that 3574 sovereigns dated 1819 were struck, only five specimens are known at present. Once the new denominations had been put into circulation, a set of coin weights including those for guineas and sovereigns was minted by the Royal Mint in brass in 1821. The coin was issued virtually every year from 1817 until 1917, when they were more or less replaced by banknotes.

The coin was so popular that it has been extensively forged. There are two designs for George IV. The first , issued from 1821 to 1825, has a large laureate head of the King on the obverse, and St.George and the Dragon on the reverse. The second , issued from 1825 to 1830, has a smaller head and a shield reverse. The 1828 sovereign is rare. Plain edge proofs were produced for sets in 1831 at the start of the reign of William IV. The Victorian series is enormous. Not only are there die numbers for many years, but the coin was produced with both shield and George & dragon reverses at not only the Royal Mint but also at Melbourne and Sydney Mints in Australia (plus Perth later), also with both reverses! Coincraft lists no less than 228 different Victorian sovereigns including proofs but not including the different die numbers. The location of the mintmark on sovereigns of all reigns with the St.George and Dragon reverse is shown on this illustration . In 1887 the obverse was changed to the Jubilee design , and the only reverse used was that of St.

George. However, there are several varieties. Not only are there versions minted in Australia at Melbourne and Sydney, but also there are two main obverse types (colon far from crown and colon close) and in addition there are variations in the designer's initials on the truncation of the head. Furthermore, the reverse changed in 1891 with the horse getting a longer tail. An article by David Iverson in the March 2014 issue of Coin News gives full details of these variations. In the reign of Edward VII the Ottawa Mint added its contribution as well. The 1908C satin Proof is a rare coin, while two other Canadian issues of this reign are scarce. The 1908S proof is particularly rare. Click here for a picture of an Edward VII sovereign. The sovereign was minted every year between 1911 and 1932 somewhere in the Commonwealth. The last regular issue of the Royal Mint of 1917 was mainly melted down. However, the issue dated 1925 continued to be minted for many years.

India minted sovereigns at the Bombay Mint in 1918, and Pretoria (mint mark SA) between 1923 and 1932. Canada stopped minting them in 1919. The coin was replaced by paper money. Click here for a picture of a George V sovereign. Please note that the Values page does now give information for coins from the Commonwealth mints. George VI only issued proof sovereigns in 1937. These have a plain edge instead of the usual milled edge. The Elizabeth II proofs of 1953 were not released to the public and are extremely rare. Because of extensive forging of sovereigns in the Middle East, minting of sovereigns for bullion purposes restarted in 1957, and continued until 1982. Some of the forgeries are of good quality, and care must be taken when purchasing this denomination for numismatic purposes. From 1983 until recently, the only sovereigns minted were proofs for collectors, but bullion versions are now minted once again. In the Gold Bullion Marketplace the sovereign has been replaced by 'coins' weighing one Troy ounce or fractions thereof.

This nickel-brass piece is dealt with along with the other decimal coins. A Quid The slang term for a pound was (and still is) a 'quid'. The origin of this term is unknown for certain - the Latin word 'quiddam' means 'something', and 'quid' can mean 'anything'. Acknowledgements See my Main Coins Index page for acknowledgements Links Obverse design: A portrait of George III Reverse design: An embellished and crowned shield of the Royal Arms George III Guinea Spade Shield George III came to the throne in 1760 and reigned until his death on 29 January 1820. During his long reign, numerous coin portraits were used. The effigy on the spade guinea shows the King laureated in the classic fashion and was created by Lewis Pingo, Chief Engraver of the Royal Mint from 1779 to 1815. The King's early guineas had borne on the reverse a garnished shield of the Royal Arms but from 1787 a simple crowned shield was adopted which, from its resemblance to the old style long-handled spades, earned the coin its famous nickname - 'spade guinea'.

The coin comes in a handsome display case complete with informative Certificate of Authenticity guaranteeing its provenance. Denomination: Guinea (twenty-one shillings) Alloy: 22 carat yellow gold Weight: 8.35g Obverse design: A portrait of George III Reverse design: Crowned Shield of the Royal Arms George III Half-Guinea Garter Shield The guinea was an extremely popular coin whereas the half-guinea, although struck regularly throughout the reign, was not issued in such great quantities. Initially, the value of both coins varied widely depending on the price of gold at any given time, but in 1717 the guinea became fixed in value at 21 shillings and the half-guinea at 10s 6d. This half-guinea was struck from 1801 until 1803 and, on the obverse, a portrait of the king by Lewis Pingo and based on a model by Nathaniel Marchant. The reverse of the coin shows a shield of the Royal Arms within a Garter bearing the motto ‘honi soit qui mal y pense’ (evil to him who evil thinks).

The coin comes in a handsome display case complete with informative Certificate of Authenticity guaranteeing its provenance. Denomination: Half-Guinea – issued 1801-1803 Obverse Design: A portrait of George III Reverse Design: A crowned shield of the Royal Arms George III Spade Half-Guinea This half-guinea was struck from 1787 until 1800 and the designs followed that of the guinea. The obverse by Lewis Pingo, shows the king in profile and laureated in the classic fashion. The reverse of the coin shows a crowned shield of the Royal Arms which, from its resemblance to the old style long-handled spades, earned the coins the nickname ‘spade’ guinea and half-guinea. The coin comes in a handsome display case complete with informative Certificate of Authenticity guaranteeing its provenance.

Denomination: Half-Guinea – issued 1787-1800 Obverse Design: A portrait of George III Reverse Design: A crowned shield of the Royal Arms George III Half-Guinea Military Portrait This half-guinea was struck from 1804 until 1813 (not 1807 or 1812) and, on the obverse, shows the king in profile and laureated in the classic fashion. It was a portrait subsequently used on the guinea struck in 1813 to pay Wellington’s troops in Europe and which was henceforth dubbed the ‘military’ guinea. The reverse of the coin shows a shield of the Royal Arms within a Garter bearing the famous motto ‘honi soit qui mal y pense’ (evil to him who evil thinks). The coin comes in a handsome display case complete with informative Certificate of Authenticity guaranteeing its provenance.

Denomination: Half-guinea – issued 1804-1813 Alloy: 22 carat yellow gold Weight: 4.2g Obverse Design: A portrait of George III Reverse Design: A crowned shield of the Royal Arms George III Third-Guinea - The First Portrait 1797-1800 This particular third-guinea was struck between 1797 and 1800 and bears a royal portrait created by the engraver Lewis Pingo. Pingo was also responsible for the reverse which shows a royal crown. The original inscription, MAG BRI FR ET HIB REX with the date, was changed following the Union of Great Britain and Ireland and from1801, the inscription read BRITANNIARUM REX FIDEI DEFENSOR with the date of the coin beneath. The coin comes in a handsome display case complete with informative Certificate of Authenticity guaranteeing its provenance.

Denomination: Third-Guinea Obverse Design: A portrait of George III Reverse Design: A royal crown George III Third-Guinea - The First Portrait 1801-1803 This particular third-guinea was struck between 1797 and 1800 and bears a royal portrait created by the engraver Lewis Pingo. Pingo was also responsible for the reverse which shows a royal crown. The original inscription, MAG BRI FR ET HIB REX with the date, was changed following the Union of Great Britain and Ireland and from1801, the inscription read BRITANNIARUM REX FIDEI DEFENSOR with the date of the coin beneath. The coin comes in a handsome display case complete with informative Certificate of Authenticity guaranteeing its provenance. Denomination: Third-Guinea Obverse Design: A portrait of George III Reverse Design: A royal crown George III Third-Guinea Military Portrait The third-guinea, or seven shilling piece as it was more commonly known at the time, is something of a curiosity.

Introduced in 1797 as part of the Government’s response to the dramatic currency crisis of that year, it survived for only a handful of years, the final pieces being struck in 1813. This particular third-guinea was struck between 1804 and 1813 and bears a royal portrait created by Lewis Pingo and based on a model prepared by the gem engraver Nathaniel Marchant. The reverse continued to show the royal crown created for earlier third-guineas. The coin comes in a handsome display case complete with informative Certificate of Authenticity guaranteeing its provenance. Denomination: Third Guinea Obverse Design: A portrait of George III Reverse Design: A royal crown Period of Issue: 1804-1813 George I Quarter-Guinea First date of issue When a quarter-guinea was issued in 1718, its denominational value was set at 5s 3d. It was a more convenient value for everyday use and an alternative for the 5s silver crown which, due to a steep rise in the price of silver, was in short supply.

Its small size, however, was far from convenient and, being easily lost, it did not endear itself to the public. Less than 40,000 quarter-guineas were struck in 1718 and the coin was not struck again during this reign or the next. The coin bears a portrait of King George I by John Croker on the obverse while the reverse shows a cruciform arrangement of the Royal Arms. The coin comes in a handsome display case complete with informative Certificate of Authenticity guaranteeing its provenance. Denomination: Quarter-Guinea – issued 1718 only Alloy: 22 carat gold Obverse Design: A portrait of George I Reverse Design: A cruciform arrangement of the Royal Arms George III 1762 Quarter-Guinea First date of issue When a quarter-guinea was issued in 1762, its denominational value was set at 5s 3d, a more convenient value for everyday use it was thought. Being directly proportionate to the guinea and half-guinea, however, its small size meant it was never popular.

Only 1,135,000 quarter-guineas were struck in 1762 and the coin was never struck again. This quarter-guinea was struck in 1762 and bears a portrait of King George III by Richard Yeo and, on the reverse, a crowned and elaborately garnished shield of the Royal Arms. The coin comes in a handsome display case complete with informative Certificate of Authenticity guaranteeing its provenance. Denomination: Quarter-guinea – issued 1762 only Alloy: 22 carat gold The value of money in colonial America - North Carolina Digital History North Carolina Digital History Daily life and work Important Message about LEARN NC LEARN NC is evaluating its role in the current online education environment as it relates directly to the mission of UNC-Chapel Hill School of Education (UNC-CH SOE). We plan to look at our ability to facilitate the transmission of the best research coming out of UNC-CH SOE and other campus partners to support classroom teachers across North Carolina. We will begin by evaluating our existing faculty and student involvement with various NC public schools to determine what might be useful to share with you. Donât worry!

The lesson plans, articles, and textbooks you use and love arenât going away. They are simply being moved into the new LEARN NC Digital Archive. While we are moving away from a focus on publishing, we know itâs important that educators have access to these kinds of resources. These resources will be preserved on our website for the foreseeable future. That said, weâre directing our resources into our newest efforts, so we wonât be adding to the archive or updating its contents. This means that as the North Carolina Standard Course of Study changes in the future, we wonât be re-aligning resources. Our full-text and tag searches should make it possible for you to find exactly what you need, regardless of standards alignment. 6.5 The value of money in colonial America By David Walbert When you examine records of daily life in the colonies, you will frequently see references to money — the value of goods in a will or probate inventory, prices of goods for sale, or rewards for the return of runaway slaves or servants. That isn’t surprising — consider how often money comes up in casual conversation, emails, newspapers, and television today.

(”You paid how much for that?”) But reading eighteenth-century references to money can be like reading a foreign language. We have one unit of currency (dollars) and a neat decimal system, but colonists used several overlapping currencies, all linked to the English monetary system — which itself had three different units and countless colloquial demoninations. (Shilling? Half a crown? Tuppence?) And even if you can translate all the terms into raw numbers, it’s hard to know what those numbers meant to people. How much was a pound worth? What could it buy? This primer will help you understand the value of money in colonial America — what kinds of money were used, how people accounted for it, how they got it, and what it could buy. Kinds of money Pounds, shillings, and pence [Pullout: This system is certainly more complicated than dollars and cents, but it has its own logic. Because a pound was worth 12×20 pennies, it could be divided evenly by 2, 3, 4, 5, 6, 10, 12, 15, and 20.

(By contrast, you can’t evenly divide a U.S. dollar three ways — let alone 6, 12, or 15.) In a time when few people used formal accounting and most arithmetic was mental, it was convenient to have currency that could be evenly divided in many ways. ] Colonists counted their money by the English system of pounds, shillings, and pence — twelve pence (pennies) per shilling, and twenty shillings per pound. As you might guess, when this system of money developed in the Middle Ages, it was tied up with measures of weight. Formally, pounds were referred to as pounds sterling , because a monetary pound was originally worth one pound of sterling silver. The symbol for the pound is Â£, based on the letter L for libra, which was the basic Roman unit of weight just as the pound is the basic English unit of weight. Shillings were abbreviated s , which didn’t stand for shillings but for solidus, a Roman coin. Pence were abbreviated d , which stands for denarius, a smaller Roman coin. (Sometimes p was used to stand for pounds, as well.) Â£12 10s.

6d., then, was twelve pounds, ten shillings and sixpence. Often, values were written in a shorthand that looks like decimal numbers — for example, Â£3.10.06 is three pounds, ten shillings, and sixpence. Sometimes colons were used instead of periods (Â£3:10:06). Here are some examples of the abbreviations you might find in eighteenth-century documents: Â£2.10.06 Â£10 5s 4d 10 pounds, 5 shillings, 4 pence The United Kingdom converted to a decimal system of money in 1971, so today a pound is worth 100 pence. (To complicate the work of a student historian, the abbreviation p now stands for pence, so “50p” is 50 pence, or half a pound.) There is no longer a shilling, which makes accounting far simpler but makes British money considerably less interesting to foreigners!

Other coins and terms Just as we use quarters , nickels, and dimes, the English had (and still have) other kinds of coins besides pennies and shillings, and some of those coins had colorful names. Here are some of those coins and their denominations (values): Farthing 1 pound (gold coin) Guinea 21 shillings (1 pound + 1 shilling). Used in auctions; the bid was placed in guineas, the seller received that number of pounds, and the auctioneer or merchant received that number of shillings. The coin was called a guinea because it was made of gold from Guinea (Ghana, in West Africa) and was perhaps most famously used in trading slaves. There were also coins worth 5 guineas, 2 guineas, 1/2 guinea, 1/3 guinea, and 1/4 guinea. Money shortage The English pound was the standard, but it wasn’t the only kind of money in circulation. Mercantilism , the prevailing economic philosophy of the 1700s, held that a nation should accumulate as much gold and silver — hard currency — as possible, by exporting more goods than it imported.

England saw its colonies as a great market for finished goods, while it permitted colonists to export only raw materials. As a result, there was always a shortage of money in the colonies. The idea of a money shortage may be hard to understand today. We’ve all been short on cash, but in colonial America, nobody had enough cash. There wasn’t enough cash to go around — not enough to cover the value of all the goods and services that were available to be bought and sold. Today, in the United States, the Federal Reserve manages the money supply so that there is always enough money available and the economy can continue to grow. In the 1700s, not only was there no Federal Reserve, but the policies of the English Parliament and Crown actually restricted the amount of money available in the colonies — and made commerce difficult, as a result. Proclamation money Spanish dollars were silver coins sometimes called “pieces of eight” because they were worth eight reales (royals).

Lacking the smaller coins, Americans often cut the coins into eight smaller pieces or “bits.” Spanish dollars remained legal tender in the United States until 1857, but Americans often referred to a quarter as “two bits” well into the twentieth century, and the New York Stock Exchange counted stock values in eighths of a dollar until the 1990s. That’s also where the cheers come from — “Two bits, four bits, six bits, a dollar, All for [school] stand up and holler!” Image source . About the photograph To get around the shortage of money, colonial governments printed paper money, and colonists used whatever foreign currency they could get their hands on — Spanish dollars, for example. Today, global trading in currency sets exchange rates, but there were no international banks to set exchange rates in the 1700s. Instead, each colony set an official value in pounds, shillings, and pence on paper money and foreign coin. Because their value was set by proclamation, these currencies were called proclamation money People could also simply barter or trade goods back and forth.

But someone who wanted to buy a bushel of corn, for example, might not have anything the seller wanted in trade. To get around this problem, certain commodities like tobacco were used as a kind of currency. Everyone would take tobacco in exchange for other goods, because it could be easily sold again. Barter made accounting difficult, though. To manage a plantation or business, people needed to keep track of their sales, purchases, and debts. To make accounting possible, proclamation money also set a value on “rated commodities” that were commonly used as currency. These official prices meant that exchanges conducted in tobacco could be accounted in pounds, shillings, and pence. Turning commodities into “proclamation money” also enabled cash-poor colonists to pay their taxes in goods they had available to them. Borrowing and lending The colonies had no banks. Like a money shortage, this may be hard to imagine today, but there were no formal financial institutions anywhere in the American colonies! Without banks, there were no savings accounts, mortgage loans, credit cards, or any of the other means we now have of borrowing and lending money. But of course people frequently needed to borrow money — especially in a society as cash-poor as the American colonies.

To meet that need, informal systems of credit developed. If a poor or middling farmer needed, say, a bushel of corn or a barrel of flour, he could borrow it directly from a wealthier neighbor. He might (as you could today) borrow a small quantity of something without keeping track of the debt, but if he needed enough corn to feed his livestock through the rest of the winter or cloth for a new coat — let alone enough money to buy a new piece of land — his lender would want to keep track of what he owed him. As with proclamation money, the value of the debt was noted in pounds, shillings, and pence. Wealthy planters, too, bought goods on credit, especially luxury goods shipped from England. Because of England’s mercantilist policies, American colonists were not allowed to manufacture and sell fancy finished goods — fine clothing and linens, glassware, or china, for example — and wealthier Americans also wanted goods like wine that had to be imported in any case. British merchants were happy to sell goods to reliable colonists in anticipation of next year’s tobacco crop, just as credit card companies today will lend people money to buy things they want.

As with today’s credit cards, colonial planters couldn’t really afford a lot of the things they bought, and wound up in debt to the merchants who handled their trade. Webs of influence The chronic money shortage and the desire for luxury goods thus meant that colonists both rich and poor were bound up in webs of debt. Poorer colonists borrowed from wealthier colonists; the wealthy borrowed from British merchants and from one another. As a result, wealthy planters who had cash could accumulate a great deal of power and influence by lending money — or threatening not to. Unlike today’s banks, wealthy planters could discriminate any way they pleased, and they could use a debt as leverage over someone. All of this business might be conducted very politely, but even so, someone who lent his friends and neighbors money could easily call in favors — for example, when he stood for election as a judge or representative in a legislature. There were no secret ballots in the 1700s — voting was conducted by voice — and everyone knew who his supporters were. At the same time, someone holding public office could easily borrow money from his constituents when he needed it.

Today, we’d call this corruption and bribery, but in the 1700s it was perfectly common to use public office for personal gain, and vice-versa. If someone died without paying his debts, his goods would be listed in a probate inventory, valued in pounds, and, if necessary, sold at public auction to pay his creditors. This happened before his family could inherit his property, and the process of sorting out who owed whom money could be lengthy and complicated. The written record of a debt might be only a note on a piece of paper, and debts were often disputed. Often, lawsuits resulted over debts. Even then, visitors from England noted how inclined Americans were to sue one another! Not all of this behavior can be traced to mercantilism and the money shortage, but in the absence of established financial institutions and sufficient cash to conduct a growing economy, political power in the colonies came to be made up of these complex, personal networks based in part on borrowing and lending money. Money by today’s standards It’s fairly easy to compare prices from the last fifty years or so because we have detailed economic data and because the nature of the U.S. economy hasn’t changed drastically in that period.

We have information about inflation rates — the change in time of the value of money. A newspaper could report (for example) that gasoline in 1981 cost $2.80 in “today’s dollars,” and we would have a means of comparing gas prices today with what people paid a quarter-century ago. [Pullout: Economic History Services offers online calculators that let you compare the value of money in different times and places — and show you just how complicated and possibly inaccurate such calculations are. ] The value of money can be measured in a variety of ways, though — as a percentage of the gross domestic product (the total value of goods and services produced in an economy), by how much of a fixed bundle of consumer goods it could buy, or by how it relates to wages for unskilled labor. Suppose your grandfather tells you that he used to pay only a nickel for a Coke, and you want to tell him what that nickel is worth in “today’s dollars.” Depending on how you calculate it, that nickel might be worth anywhere from thirty cents to two dollars! It would be nice if we had a simple exchange rate to compare colonial pounds, shillings, and pence with today’s dollars and cents.

But we don’t. Economists and economic historians have tried to make these kinds of calculations, but they disagree — often wildly. Prices and goods available varied widely from colony to colony, and the relative prices of goods were very different from what they are today. For example, because of England’s economic policies, all but the coarsest cloth — what could be made at home — had to be imported from England. As a result, bedsheets were very expensive, and if you examine colonial probate inventories, you’ll find that relatively few people could afford them. Land, by comparison, was cheap — more people could more easily afford land than they can today. It was also cheaper to build a house than it is today, since someone could simply cut down trees on his property or on unclaimed land, fashion lumber from them, and build a crude cabin with the help of a few neighbors. Compare Valentine Bird’s bedroom suite with what you could buy from, say, Pottery Barn. This “farmhouse canopy bed” may be much like Bird’s bed, and costs $1500. The fanciest set of sheets for it, though, costs less than $200 — and that includes pillowcases!

The best way to evaluate what various goods were worth in “today’s money” is to examine probate inventories and bills of sale and use your own judgment. Compare the listed values of household goods, tools, slaves, and land; look at what everyone owned as opposed to what very few people owned. For example, in Valentine Bird’s probate inventory from 1680, we can see that “fine Holland sheets” were worth 50 shillings (Â£2:10:00) a pair — a pair being the top and bottom sheet; pillowcases were extra. A bed stead, meanwhile — the frame of the bed itself — cost only 8 shillings (Â£0:08:00)! Wood could be cut and and made into a bed in North Carolina, but fine sheets had to be imported at great expense — more than six times the cost of a bed. Using that kind of information, you can try to determine what was a necessity and what was a luxury, what the relative values of various goods might have been, and how people’s standard of living compared to ours today.

It’s not as simple as a set of numbers or a calculator, but this method gives a far more complex and accurate picture of life in the eighteenth century. Previous: Naval stores and the longleaf pine Learn more How Much Is That in Todayâs Money? An article from Colonial Williamsburg explains why this question is almost impossible to answer. Related topics Search LEARN NC for more resources on barter , colonial , economic history , economics , exchange rates , inflation , mercantilism , money , probate inventories , and tobacco . A “digital textbook” LEARN NC’s digital textbook for North Carolina History uses primary sources and multimedia to tell many stories about the past, not just one. Part two explores the political, social, and cultural history of the state from the first successful English colonies in the 1600s to the eve of the Revolution in 1763. Definitions

Question: How many shillings were there in a Guinea?
Answer: Twenty-One