All Change!

Fifty years ago today, the UK joined the modern age and adopted the decimal system for our coinage. Out went Pounds, Shillings and Pence, and in came Pounds and "New Pence." Our old system dated back to the 8th century and the time of King Offa of Mercia, the relative monetary values and names go back way further.

It is baffling to younger generations that there were 12 Pence to the Shilling and 20 Shillings made up the Pound (240 Pence). This all seemed quite natural at the time and many I believe were bewildered by the concept of only 100 Pence equaling a Pound. Today the tiny half Pence has gone, having effectively devalued, the 5 and 10 Pence coins have reduced in weight and size. We've also seen the introduction of the 50 Pence, later resized, the 20 Pence and finally the one and two Pounds as general circulation coins.