Coinage of great britain5/5/2023 ![]() Booklets containing samples of the new coins as well as information on their values were also widely distributed. The following year, the 10 Shilling note was pulled from circulation. ![]() In 1968, the 5 and 10 Pence coins were introduced, while a 50 Pence coin came along in 1969. The Farthing, worth a quarter of a Penny, had already been discontinued in 1956 and demonetized in 1961 due to the unrelated issue of inflation. By this time, Britons had already introduced to several elements of the new monetary system. While the Pound stayed on with its name and value intact, several other denominations long culturally associated with Britain would see curtains in the years ahead as the nation’s new monetary system came into use.Īfter years of anticipation, Decimal Day arrived in Great Britain on February 15, 1971. And while many considerations for new currency names were bandied about, the iconic “Pound” was retained as the basis of the new decimal system. The Decimal Currency Act was finally approved by 1969, by which time the decimal transition was well underway. After a few years of research and debate, the Decimal Currency Board was created in 1966, which helped facilitate the necessary preparations to convert the British monetary system to a decimal basis. Citing the success of decimalized currency in South Africa, the findings compelled the British government to establish the Committee of the Inquiry on Decimal Currency the following year. In Europe, decimal systems were established as early as 1704 with Russia’s use of the Ruble, and in China the decimal system stretches back some two millennia.īack in Britain, the move to decimalized money was launched with a 1960 report by the British Association for the Advancement of Science and the Association of the British Chambers of Commerce. ![]() Canada, meanwhile, which still is subject to the British monarchy, has been using a similar Dollar-based decimal system since 1858. Many of the former British colonies converted from the £sd basis soon after gaining independence the United States, formerly a British realm, adopted its decimal monetary system of 100 Cents equaling one dollar in 1792. The topic had been considered from time to time by British Parliament since the 1800s, but it wasn’t until after World War II in the mid-20th century when the movement gathered steam. But it worked – for about 1,000 years! However, monetary decimalization in Great Britain, made official in 1971, was hardly a lightning bolt from the blue. In retrospect, one could say pre-decimal British currency required some extra memorization to get down pat: 12 Pence equal a Shilling, and 20 Shillings (or 240 Pence) was the unitary denomination of a Pound. So, imagine how Britons felt decades ago when, after hundreds of years of the £sd system – that is, “Pounds, Shillings, and Pence” system. It’s nearly as if many among the public believe that the Dollar bill and “penny” are somehow eternally written in the stars of the United States monetary system, never to be eliminated. When the United States government has attempted replacing the Dollar bill with a Dollar coin or hinted at removing the One Cent coin due to its greatly diminished value due to inflation, hysteria invariably ensues. Image is courtesy of Heritage Auctions, Click image to enlarge. ![]() ![]() An assortment of the last British decimal coins issued in 1970. ![]()
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