Today (15th Feb) marks the 50th anniversary of D-Day. Well Decimalisation Day that is.
Back in 1971, on this day, the UK changed it’s currency system from the old “pound, shilling, and pence” system to the one it uses today. The old system, although often associated with the UK due to it being the last user of the system within Europe, was first standardised and introduced by Charlemagne in the mid-8th century. Charlemagne would popularise the system across much of Europe due to the expanse of the Carolingian Empire. King Offa of Mercia would be the first king in the British Isles to adopt the system in the late 8th century.
The names of the coins were based on Roman coins, those of the ‘librae’, ‘solidi’, and ‘denarii’. Which led to the well known abbreviations L, s, d. With a stylised ‘L’ forming the symbol for the British currency to this day (£).
The way the system worked was that there were 12 pennies to one shilling. 20 shillings to a pound, which meant that there were 240 pennies to one pound. With a pound also corresponding to the actual weight in silver of 240 pennies. Although of course, due to debasement and re-striking of coins, this would not last throughout much of the lifespan of the system.
Despite it’s name, there were also a multitude of other coins used which enabled easier transactions to be done throughout the period of use. Farthings made up one quarter of a penny, and this coin would be discontinued in 1960. Whereas the halfpenny would last a little longer, being demonetised in 1969. Other coins such as guinea was produced, and originally was minted to correspond to be worth exactly one pound (20 shillings) monetary value in gold. However, due to the fluctuations in the price of gold, it’s value varied wildly until it was fixed at the value of 21 shillings. The first guinea was produced in 1663, and would last until it’s demonetisation in 1814.
With the spread of colonialism, the system also made it’s way to other countries around the world. Many of these countries would quickly abandon the system after independence, with the USA quickly adopting a decimal system in 1792. Others would continue to use it a while longer, with Australia changing to a decimal system in 1966, 65 years years after gaining independence. Nigeria was the last country in the world to use the pre-decimal system, finally abandoning the Nigerian pound in 1973.
There were also similar systems based on Roman coinage such as the ‘livres tournois’ system in France which was adopted during the Middle Ages, and the system in Spain which used 20 maravedis to 1 real, and 20 reals to 1 duro (5 pesetas).
Numismatic Exploits 