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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 ...
Before Decimal Day in 1971, sterling used the Carolingian monetary system ("£sd"), under which the largest unit was a pound (£) divided into 20 shillings (s), each of 12 pence (d). Although the coin was not minted until the 16th century, the value of a shilling had been used for accounting purposes since the early medieval period.
Commodity money was used when cash (coins and paper money) were scarce. Commodities such as tobacco, beaver skins, and wampum, served as money at various times in many locations. [3] Cash in the colonies was denominated in pounds, shillings, and pence. [3]
The shilling was no exception with the date being removed from the design. (However, mint-marks can be used to reveal the date.) No shillings were produced between 1562 and 1582, but the next issue was also very large and a good number have survived for collectors. Mint-marks: Hammered issue (all coins were produced in the Tower) Lis (1559–1560)
The use of florins and shillings as legal tender in this way ended in 1991 and 1993 when the 5p and 10p coins were replaced with smaller versions. Indeed, while pre-decimalisation shillings were used as 5p coins, for a while after decimalisation many people continued to call the new 5p coin a shilling, since it remained 1 ⁄ 20 of a pound, but ...
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
[citation needed] However, some slang terms, such as "quid" and "bob", previously used for pounds and shillings respectively, survived from predecimal times. Amounts denominated in guineas (21s or £1.05) were reserved still for specialist transactions, and continued to be used in the sale of horses and at some auctions, amongst others.
During the early days of the colonies that formed Australia, foreign as well as British currency was used, but in 1910, a decade after federation, Australian coins were introduced. Australia used pounds, shillings and pence until 1966, when it adopted the decimal system with the Australian dollar divided into 100 cents.