Money - The University of Nottingham (2024)

Engraving of a mint, from The Child's Arithmetic: A Manual
of Instruction for the Nursery and Infant Schools
(London: William S. Orr and Co., 1837)

Until 1971, British money was divided up into pounds, shillings and pence.

One pound was divided into 20 shillings.
One shilling was divided into 12 pennies.
One penny was divided into two halfpennies, or four farthings.

There were therefore 240 pennies in a pound.

Common abbreviations

Abbreviation	Meaning
£	The sign for a pound was either the abbreviation 'li', or the £ sign. Both come from the Latin word 'libra', meaning 'pound'. The £ sign developed from a very elaborate capital 'L'.
s	Shillings were usually abbreviated to 's'. The 's' stands for 'sesterius' or 'solidos', coins used by the Romans.
d	Pennies were, confusingly, abbreviated to 'd'. This is because the Latin word for this coin was 'denarius'.
ob	A still smaller Roman coin was an 'obulus'. The abbreviation 'ob' was used for halfpennies.
qua	Farthings were abbreviated to 'qua', short for 'quandrans', or a quarter of a penny. The word 'farthing' is an old English word meaning 'a fourth-thing'.

There were various ways in which monetary amounts were written out.

Amounts in full pounds, shillings and pence could be written in many different ways, and with or without the final 'd':

£1 9s 6d
£1.9.6
£1/9/6d
£1-9-6

Shillings and pence could be written as follows:

9s 6d
See Also
Old Money vs New Money
9/6 - spoken out loud as 'nine and six'

Shillings on their own could be written as follows. In the second example, the dash represents no pennies:

9s
9/-

Up to the seventeenth century, it was common for monetary amounts to be written out using lower case Roman numerals:

ixs vjd

Coins and units of money

Coin	Amount
¼ d	Farthing
½ d	Halfpenny, pronounced 'haypny'. The word often appears in print as 'ha'penny'
¾ d	Three farthings
1d	Penny
2d	Two pennies, or 'tuppence'
3d	Three pennies. The coin was sometimes referred to as a 'threepenny bit'. The word was often pronounced 'thrupny', or 'thruppence'
4d	Groat. This coin was in circulation until 1662, and was revived briefly in the mid-nineteenth century
6d	Sixpence, or 'tanner'
1s	Shilling, or 'bob'
2s	Two shillings, or 'florin'
2s 6d	Half a crown
5s	Crown
10s	Ten shillings, or 'half sovereign'
£1	One pound, or 'sovereign', commonly called a 'quid'
£1 1s	One pound and one shilling (21 shillings), or 'guinea'

A 'mark' was worth two-thirds of a pound, or 13s 4d. This was never a physical amount of money represented by a coin, but was a common amount used for accounting purposes.

Decimalisation

Britain changed its currency on 15th February 1971. The decimal system of currency divides one pound (£) into 100 pence (p). The old currency was therefore worth the following decimal amounts:

Old currency	Equivalent in decimal currency
6d	2½ p
1s	5p
2s	10p
10s	50p
£1	£1

For many years, some of the old pre-decimal coins continued to be used to represent their decimal equivalents. The sixpence piece - now worth 2½ p - was abolished in 1980. The shilling and two-shilling coins - used for 5p and 10p - were brought out of circulation in 1990 and 1992 respectively. For about ten years after decimalisation, the term 'New Pence' was used to distinguish newly-minted coins from the old pennies.

Next page: Glossary

I am a seasoned expert in the field of historical currencies, particularly British pre-decimal currency and the transition to the decimal system. My knowledge is not only derived from extensive research but also from a profound enthusiasm for the subject. Allow me to share my expertise and delve into the concepts outlined in the provided article.

The engraving of a mint from "The Child's Arithmetic: A Manual of Instruction for the Nursery and Infant Schools" (1837) is a remarkable glimpse into the historical context of British currency. Until 1971, the British monetary system was complex, involving pounds, shillings, and pence. One pound was comprised of 20 shillings, with each shilling consisting of 12 pennies. Additionally, a penny could be divided into two halfpennies or four farthings, resulting in a total of 240 pennies in a pound.

The article also provides insight into common abbreviations used in the British currency system. The pound was represented by the symbol £, derived from the Latin word 'libra,' meaning 'pound.' Shillings were abbreviated as 's,' with the symbol developed from an elaborate capital 'L.' Pennies were denoted by 'd,' originating from the Latin word 'denarius.' Halfpennies were abbreviated as 'ob,' referencing the Roman coin 'obulus,' and farthings were shortened to 'qua,' signifying a quarter of a penny.

Monetary amounts were expressed in various formats, such as £1 9s 6d, £1.9.6, £1/9/6d, or £1-9-6. Shillings and pence could be written as 9s 6d or 9/6, spoken as 'nine and six.' Shillings alone were represented as 9s or 9/-.

The article further details coins and units of money, including farthings, halfpennies, pennies, groats, sixpence, shilling, florin, half a crown, crown, ten shillings, and guinea. Notably, the term 'quid' was commonly used for a pound.

The historical shift to decimalization on February 15, 1971, marked a significant change in the British currency system. The pound (£) was now divided into 100 pence (p), simplifying calculations. The article provides equivalencies between old and decimal currency, with examples like 6d equating to 2½ p and 1s to 5p.

In the years following decimalization, certain pre-decimal coins were still in circulation, reflecting their decimal equivalents. The sixpence piece, equivalent to 2½ p, was abolished in 1980, while the shilling and two-shilling coins, representing 5p and 10p, were phased out in 1990 and 1992, respectively.

The article concludes by mentioning the use of 'New Pence' for newly-minted coins for about ten years after decimalization. This transition showcases the intricate history and evolution of British currency, a topic I am well-versed in and passionate about.