Before decimalization in 1971, British currency was considered to be a confusing affair. Like now, the main unit of currency was the pound but as well as pence there were also shillings. One pound was divided into 240 pence and 12 pence was equal to one shilling. Half pennies and farthings (a quarter of a penny) were also minted and distributed earlier on, however these disappeared as inflation rose and the need for such small units of currency disappeared. The £ symbol was adopted because it was the first letter of the Latin word librum; the origin of the word pound. Pennies were shortened to d from the Roman denarius and shillings were s from the Roman solidus. With so many different units of currency and seemingly irrelevant letters used to describe them it can seem very confusing looking back to pre decimalization.
Decimalization
Decimalization occurred in 1971; the pound was unaffected by this change to British money, however, shillings were done away with and instead of being 240 pennies in a pound there were to be only 100. Each of these new coins had the words 'new pence' on them but this term was removed ten years later and the letter d was replaced with p. Some of the coins in existence during pre decimalization were not recalled until many years later.
Materials
Until the 12th Century British money was created mostly from silver, however, silver coins do have their drawbacks. They are easily bumped and scuffed and more than a little general wear and tear could lead to seriously damaged coinage. Also, because of how fragile silver is it was very easy for unscrupulous coin dealers to shave or clip edges off the coins and keep the valuable material for themselves. Sterling silver was introduced that combined 92.5% pure silver with 7.5% copper. By combining these two materials clipping became much more difficult, a practice which was completely done away with when milled borders were introduced.
In 1920 the silver content was further reduced from 92.5% to 50% and in 1947 coins included no silver content whatsoever. Modern British money is made up of copper plated steel for pennies and two pennies, cupro-nickel for 5, 10, 20 and 50 pence pieces, Nickel brass for £1 coins and a combination of cupro-nickel and nickel brass for the two pound coins.
The penny
A large number of British coins have become quite collectible and sought after. These are usually older coins from medieval times and include the guinea, the pound, the shilling, the farthing and possibly most of all the penny. The penny has a long history attached to it beginning in the year 785 with the silver penny. Pennies were the main form of protection money that was paid to the Danegeld not to invade their land and steal their property. This first penny weighed approximately 1.5 grams of silver and this only changed in 1528 when Henry VIII standardized the weight of a penny to be 1.555 grams.
The history of British money
Because British coins have such a long and deep history some of them are considered quite collectible and, therefore, quite valuable however millions were produced even during the early years meaning that unless you can find an ancient penny with little or no damage it is unlikely that it will fetch much in today's money. In numismatic terms they are valuable coins indeed though.
The value of British money
As more and more American coins have been bought and slabbed European coins are becoming increasingly sought after and this is bound to see the value of British coins increase in value over time. By starting or expanding your collection now you can beat the rush and the inevitable rise in prices that will be seen.
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