[HPFGU-OTChatter] British Currency

[Neil Ward]

Joy said:

> Forgive me for being a totally uncultured American, but the currency
system
> in England has always confused me, and I'm hoping one of you kind souls
can
> help me out.
>
> I understand that there's 100 pence in a pound, but where do shillings
come
> in?  I looked it up and the UK Embassy site said that there were 20
> shillings in a pound, and 12 pence in a shilling.  But wouldn't that make
> 240 pence in a pound, not 100?
>
> I know my math isn't that bad!  Somebody help?  Thanks!

The reason for your confusion is that the old penny (d) does not have the
same value as the new penny (p).  There were 12 very large old pennies in a
shilling, 20 shillings in a pound and, therefore, 240 pennies in a pound.
Post-decimalisation, in 1971, the shilling became the new 5 pence piece.
This was a direct equivalent, so there were still 20 of those to the pound,
but the old penny was phased out in favour of a much smaller new penny,
worth one hundredth of a pound and one fifth of a (former) shilling.

Under decimal currency, the old penny became worth five twelfths of a new
penny: 0.41667p.  The closest thing to the old penny was the new half-pence
piece, worth (unsurprisingly) 0.5p.  The 'half pee' was so small you could
probably suck up your nostril and not notice it.  It was dropped from
circulation after a few years, when it had ceased to have any real value,
but I can remember buying many things priced at 49.5p and 99.5p when it was
still in circulation.

Neil
________________________________________

Flying Ford Anglia

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a bit bow-legged and its face looked grumpy and oddly
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