It does not refer to tax or VAT and is not related to pounds, shillings and pence. Publishers fixed the price and retailers had to sell the book for that price. Even after reading all on this page, I am still unsure as to what this would be equivalent to.

More than a Shilling (s. or /- )

Worth – as you might expect – three pennies, the threepence is more often referred to as a thrupence or a thrupny bit. Also like the farthing, the half-penny still shows up now and then in our idioms, sayings and rhymes. Take, for example, the saying ‘don’t spoil the ship for a halfpennyworth of tar’, which advises against ruining something by scrimping on the smaller details. This little coin famously features in the nursery rhyme, Oranges and Lemons, sang in playgrounds across the country.

The Penny

Yet, sometimes it’s nice to take a walk down memory lane and marvel at just how much of our old currency remains in our everyday language. Worth two shillings, it was brought into circulation as an answer to the need for decimalisation. Climbing up the pre-decimal denominations, we have the shilling.

In this section, we will explore some of the most commonly used slang and informal terms for British money, shedding light on their origins and usage. The shilling was a fundamental unit of currency in the pre-decimalization era, representing one-twentieth of a pound. It was often colloquially referred to as a “bob” and had a distinct value in various contexts. From purchasing a pint of ale to paying for public transportation, the shilling was the go-to coin for many everyday transactions.

For 1970 prices, think of one shilling as 50p, how much is a bob in english money two shillings as £1 and half a crown as £1.25. You still got bills in guineas from solicitors, accountants and other professionals. If you went on holiday you might have to settle your hotel bill in guineas.

Scottish banknotes are generally accepted throughout the UK, but there are definitely some exceptions – especially with the older notes. Bank of England notes cease to be legal tender after a given date, but the Scottish banknotes are just slowly withdrawn from circulation as they come through the bank. The banks will honour them indefinitely, but retailers can choose not to.

Is there a 1 pound banknote?

1. For example, a public toilet might require 30p for access.
2. The symbol for the (old) penny, “d”, was replaced by “p” (or initially sometimes “np”, for new pence).
3. If you have old banknotes, your local Post Office will often accept them.
4. British money has a lengthy history, so it’s not surprising that it’s evolved and changed over the years.

Since decimalisation on “Decimal Day”, 15 February 1971, the pound has been divided into 100 pence. Originally the term “new pence” was used; the word “new” was dropped from the coinage in 1983. The old shilling equated to five (new) pence, and, for example, £2 10s 6d became £2.52⁠+1/2⁠.

The penny is the smallest denomination in British currency and has been in circulation since the 8th century. Over the years, the design and composition of the penny have evolved. Currently, the penny is made of copper-plated steel and features Queen Elizabeth II on the obverse side. Despite its low value, the penny remains an essential coin for everyday transactions, particularly in vending machines and public transportation. Overall, the decimalization of British currency marked a significant milestone in the country’s financial history.

At decimalisation in 1971, the shilling coin was superseded by the new five-pence piece, which initially was of identical size and weight and had the same value. Shillings remained in circulation until the five pence coin was reduced in size in 1991. The two shilling piece or florin was first struck in 1849 in Queen Victoria’s reign as a small step towards decimal currency. The florin was Britain’s first decimal coin and Britain’s last pre-decimal coin. There were other coins with different values in pence and shillings. Before 1960, all these coins were legal tender in the UK.

This example highlights the importance of comparing options to maximize the value of exchanged currency. The origins of the term “bob” can be traced back to the 17th century, when it was used to refer to a cut-off piece of money, often a shilling. Over time, the term “bob” became a colloquialism for a shilling, and eventually, it was widely used in informal transactions, especially in markets and street trade. Most people visiting the UK will deal primarily in the first three.

The subdivision of the shilling into twelve pence provided greater flexibility in pricing, allowing for more precise transactions. Additionally, the use of shillings and pence as distinct denominations fostered a stronger sense of value and a deeper connection to the currency. While decimalization has its merits, it is essential to appreciate the unique qualities of the pre-decimalization era. When it comes to British money, coins play a crucial role in everyday transactions. From small denominations like the penny to the more valuable sovereign, each coin has a unique history and significance.