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A British gold sovereign with a face value of £1. Prior to decimalisation on 15 February 1971, £1 was made up of 240 pence.. A non-decimal currency is a currency that has sub-units that are a non-decimal fraction of the main unit, i.e. the number of sub-units in a main unit is not a power of 10.
Decimalisation or decimalization (see spelling differences) is the conversion of a system of currency or of weights and measures to units related by powers of 10.. Most countries have decimalised their currencies, converting them from non-decimal sub-units to a decimal system, with one basic currency unit and sub-units that are valued relative to the basic unit by a power of 10, most commonly ...
The last major countries to use non-decimal currencies in practice were the United Kingdom (until 1971), Ireland (1971), Malta (1972) and Nigeria (1973). The "optimal denomination problem" [ 2 ] is a problem for people who design entirely new currencies: What denominations should be chosen for the coins to minimize the average effort required ...
European Currency Unit and 22 national currencies which were replaced by the euro: ... (British pre-decimal coin) – Great Britain; ... a non-profit organization.
1551–1970; circulated from 1971 to 1980 with a value of two and a half decimal pence. Also called "tanner", sometimes "tilbury", [5] or "joey" after the groat was no longer in circulation. [citation needed] Sevenpence: 7d: £0.0292: Late 1640's Minted under Charles I during the civil war briefly. Eightpence: 8d: £0.0334: Late 1640's
It is notionally subdivided into 5 iraimbilanja and is one of only two non-decimal currencies currently circulating (the other is the Mauritanian ouguiya). The names ariary and iraimbilanja derive from the pre-colonial currency, with ariary (from the Spanish word "real") being the name for a silver dollar.
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All countries that previously had currencies based on pounds-shillings-pence system (£1 = 20 shillings = 240 pence) have now adopted decimal currencies (currencies related by powers of 10), with several changing the name of the main currency unit at the same time.