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The value of some coins fluctuated, particularly in the reigns of James I and Charles I. The value of a guinea fluctuated between 20 and 30 shillings before being fixed at 21 shillings in December 1717. These are denominations of British, or earlier English, coins – Scottish coins had different values.
The Currency and Bank Notes Act 1954 defined Bank of England notes of less than £5 in value as legal tender in Scotland. [38] Since the English £1 note was removed from circulation in 1988, this leaves a legal curiosity in Scots law whereby there is no paper legal tender in Scotland.
But there were disadvantages to minting currency of fine silver, notably the level of wear it suffered, and the ease with which coins could be "clipped", or trimmed. In 1158 a new standard for English coinage was established by Henry II with the "Tealby Penny" – the sterling silver standard of 92.5% silver and 7.5% copper. This was a harder ...
I wrote a story for WalletPop last week on how to prepare your child for an allowance. For those who prefer video to reading, here's a TV interview I did the next day on "The View from the Bay," a ...
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. It circulated until 1990.
In the 1600s and 1700s, chaplains were employed in English Navy ships of war by the captain, and paid out of a groat per month deducted from the wages of the seamen. The Navy's wages did not rise between 1653 and 1797 (see Spithead and Nore mutinies ), during which time the ordinary seaman was paid 19 shillings , as was the chaplain.
Before Decimal Day in 1971, sterling used the Carolingian monetary system , under which the largest unit was a pound (£), divisible into 20 shillings (s), each worth 12 pence (d), the value of two pre-decimal sixpence coins. Following decimalisation, the old sixpence had a value of 2 + 1 ⁄ 2 new pence (£0.025).
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