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A 1933 UK shilling 1956 Elizabeth II UK shilling showing English and Scottish reverses. The shilling is a historical coin, and the name of a unit of modern currencies formerly used in the United Kingdom, Australia, New Zealand, other British Commonwealth countries and Ireland, where they were generally equivalent to 12 pence or one-twentieth of a pound before being phased out during the 1960s ...
The British shilling, abbreviated "1s" or "1/-", was a unit of currency and a denomination of sterling coinage worth 1 ⁄ 20 of one pound, or twelve pence. It was first minted in the reign of Henry VII as the testoon , and became known as the shilling, from the Old English scilling , [ 1 ] sometime in the mid-16th century.
The schilling was the name of a coin in various historical European states and which gave its name to the English shilling. The schilling was a former currency in many of the German-speaking states of the Holy Roman Empire , including the Hanseatic city states of Hamburg and Lübeck , the March of Brandenburg , and the Duchies of Bavaria ...
Decimal Day (Irish: Lá Deachúil) [1] in the United Kingdom and in Ireland was Monday 15 February 1971, the day on which each country decimalised its respective £sd currency of pounds, shillings, and pence. Before this date, the British pound sterling (symbol "£") was subdivided into 20 shillings, each of 12 (old) pence, a total of 240 pence ...
Prior to decimalisation in 1971, there were 12 pence (written as 12d) in a shilling (written as 1s or 1/-) and 20 shillings in a pound, written as £1 (occasionally "L" was used instead of the pound sign, £). There were therefore 240 pence in a pound. For example, 2 pounds 14 shillings and 5 pence could have been written as £2 14s 5d or £2/14/5
This reform did not affect coins. The currency stabilised in the 1950s, with the schilling being tied to the U.S. dollar at a rate of $1 = 26 schilling. Following the breakdown of the Bretton Woods system in 1971, the schilling was initially tied to a basket of currencies until July 1976, when it was coupled to the German mark .
While there have been signs, recently, that the crisis in Europe may be stabilizing, Economist Gary Shilling, president of A. Gary Shilling & Co. says that is anything but sure. Shilling says that ...
Some countries have adopted alternative approaches, such as Ghana, which created a new base unit equal to 100 old pence (not equal to the U.S. dollar), with a fractional unit equal to one old penny, Bahamas, which adopted a new base unit equal to seven shillings, with a fractional unit equal to 0.84 old pence, and The Gambia, which created a ...