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.
On 15th February 1971, after five years of planning by the Decimal Currency Board, Britain abandoned this medieval currency system and converted to a much simpler decimal system based on pounds and new pence.
This was much simpler because in the years just prior to decimalisation, the circulating British coins were the half crown (2s 6d), two shillings or florin, shilling, known as a bob, sixpence (6d), the tanner, threepence (3d), thruppenny bit and my favourite pre decimal coin, penny (1d) and halfpenny (½d). The farthing (¼d) being practically worthless had been withdrawn as long ago as 1960.
Under the old currency the pound (denoted by the letter l for libra) was made up of 240 pence (denoted by the letter d for Latin denarius and now referred to as “old pence”), with 12 pence in a shilling and 20 shillings (denoted by s for Latin solidus) in a pound.
Amounts of money were written as l s d, for pounds, shillings and pence. 5s was 5 shillings, often just written as 5/-. And 5s 6d was 5 shillings and sixpence – and was often, instead, written as 5/6. In spoken English, the “shilling” word was often missed out – so a shopkeeper might say, “that’ll be 5 and 6, please”, meaning 5 shillings and six pence.
In an era before widespread computer use, monetary calculation, such as adding up sums of money, was more complicated than with a decimal currency. When I was at primary school between 1959 and 1966 I had to learn arithmetic based on this confusing system and in Mrs Bull’s class three it was time for adding up and taking away and we would sit and chant out the times tables over and over again until we knew them off by heart. That was boring but useful because I have never forgotten them. Doing sums was a lot harder then because we were still ten years away from decimalisation and had to add things up in pounds, shillings and pence and that was difficult let me tell you. Try adding this lot together and you will see what I mean:
After decimilisation there was a completely new set of coins to get familiar with. The 50 pence coin had been introduced in 1969 to replace the paper 10 shilling note and in 1971 we had the 10 pence, 5 pence, 2 pence, 1 pence and ½ pence coins. Between 1969 and 1971 we used to take half crowns into the school metal work shop and file down the edges to convert them to 50 pence pieces in a crude attempt to quadruple their value and then try and pass them off in the sweet shop down the road where the shop keeper had poor eyesight.
To commemorate decimilisation the Royal Mint sold souvenir wallets with each of the new coins and a short explanation. Mum and dad bought one for me and my sister but I just popped the coins out from the cardboard holder and spent them and then a few days later I spent my sister’s as well and I feel really bad about that now!
The 20 pence piece was introduced in 1982. The half penny was withdrawn from circulation in 1984. A smaller, lighter 10 pence piece was circulated from 1993 and similar changes were made to the 50 pence in 1998. In June 1998 the £2 coin came into general circulation.
The answer to the sum is seven pounds, eight shillings and fourpence ha’penny. I told you it was hard!