Old English money, and more recent pre-decimalisation money, with its language and slang, was infinitely more interesting and colourful than anything contributed by modern coinage and banknotes. (Here is a summary of the money changes surrounding and after decimalisation.) So, this section is partly a glossary of British cockney and slang money words and expressions, and also an observation of how language can be affected as systems such as currency and coinage change over time.
Incidentally the term 'Pounds Sterling' - the modern name of the British currency system - can be traced back to the reign of Henry II, ie., the 12th century. The derivation of the Sterling word is almost certainly from the use of 'Easterling Silver' (the metal itself and the techniques for refining it) which took its name from the Easterling area of Germany. The Easterling area was noted for its 92.5% pure, hard and high quality coin-grade silver. It was also noted for its expertise in silver refining, and it was these techniques as well as the silver itself that Henry II imported when he arranged for the production of 'Tealbay Pennies', which formed the basis of the silver coinage quality standard established at the time. The pennies were not known as 'Tealbay' in the 12th century, they subsequently acquired the name because a hoard of the coins was found at Tealby, Lincolnshire in 1807. A contributing theme was the theory that the hallmark for what became known as Sterling Silver featured a starling bird, which many believe became distorted through misinterpretation into 'sterling'.
pounds, shillings and pennies
Prior to decimalisation in 1971, British currency was represented by the old English 'Pounds, Shillings and Pence' or 'LSD'.
The 'L' denoted the £ pound-sign; strangely 'D' or 'd' denoted the pence, and coincidentally 'S' denoted shillings, since shilling was not the origin of the S. The £ and L symbols were derived from Latin 'libra', like the Zodiac sign of the weighing scales, and literally from 'libra' (also shown as 'librae') the Latin word meaning a pound weight, from Middle English (weight, as you will see, related closely to monetary value). The penny 'D' in LSD, and also lower case 'd' more commonly used when pence alone were shown, was from 'Denarius' (also shown as 'denari' or 'denarii'), a small and probably the most common silver Roman coin, which loosely equated to one day's pay for a labourer. S of course was associated with shilling but originally derived from the Roman coin 'Solidus' (prior to 1387 in English translations shown as 'Solidy', and also shown more recently in English as 'Solidi' and 'Solidii', being Latin plural versions). The Solidus was originally an Imperial Roman coin introduced by Constantine (c.274-337AD), so called from the full Latin 'solidus nummus', meaning solid coin. The symbols of the pre-decimal British money therefore had origins dating back almost two thousand years.
The development of coinage and money systems was a very gradual process lasting many hundreds of years. Weights and coinage standards were directly linked because coins were valued according to their metal content. 'Token-based' money - like today's, in which value is not dependent on the metal content - did not begin to appear until the 19th century.
This basic form of pounds shillings pence currency was certainly in use by the 9th century. At that time the minting of coins was not centrally controlled activity. Coins were produced on a local, regional and independent basis, closely linked to the trades and traders who used them. It was to take many hundreds of years before coin production and values were to be unified into a consistent national standard. Moreover, the introduction of the first pound coin - the gold sovereign - was still more than half a century away. Still, the Pounds Shillings Pence structure, ie twelve pennies to a shilling, and twenty shillings to a pound was established by the end of the first millennium.
The word 'Penny' is derived from old Germanic language. The root gave similar 'Penny' names across Europe, originally meaning a coin or money, for example Old High German pfenning (and recently pre-Euro 'pfennig'), and Danish 'penge'. The oldest English forms, pre 725, were penig and pening. Penny is therefore a very old word indeed. By the early 12th century an English Penny was a firmly established solid silver coin worth one-twelfth of a shilling, and incredibly silver pennies continued in production, although sizes and purities changed, until c.1820, when copper pennies superceded them, forming the early beginnings of modern 'token' money (ie., like today's money, in that the value of the coin is not based on the value of the metal content).
The word Shilling has similar origins. In around 900 the word was 'scilling', and coins were close to solid silver. The word is from Old High German 'skilling' which was their equivalent for a higher value coin than the German pfenning. Similar words and meanings again are found all over Europe. The original derivation was either from Proto-Germanic 'skell' meaning to sound or ring, or Indo-European 'skell' split or divide. Some think the root might be from Proto-Germanic 'skeld', meaning shield. Whatever; shilling is another extremely old word.
Pounds value and Pounds weight were closely linked in various forms during the middle ages as weight and monetary systems developed. The use of the word Pound as a unit of English money was first recorded over a thousand years ago - around 975. Then it was most commonly interpreted to weigh twelve ounces, like the earlier Roman version of this weight. It would then have been written as 'punde', changing to 'pound' by around 1280. The word 'pound' is originally derived from the Latin 'pondos' (the word for the Roman twelve ounce weight), which related to the meaning of hanging a weight on scales to weigh or value something, from which root we also have the word 'pendant'. The Roman 'pondos' effectively led to the earliest formally controlled English weight, first called the Saxon Pound, subsequently known as the Tower Pound, so called because the 'control' example (the 'old mint' pound) was kept in the Tower of London. The twelve ounce Tower Pound weighed 5400 grains (1 grain = 0.065 grams) and in the early state controlled minting of money, this weight of silver was coined into 240 pence or 20 shillings. This weight standard also became known as Troy, which system was adopted as the legal standard for gold and silver in 1527. During the 12th century, at the time when the English monetary system was being more unified and centrally controlled, the Troy systems of weight and money were inextricably related: ie., a Troy Pound = 12 Troy ounces = 240 'Pennyweight'. A 'Pennyweight' was the weight of a Sterling Silver penny.
The Troy weight system dated back to the end of the first millennium. The name is from the city of Troyes in France, which was an important trading city in the Middle Ages.
A Troy ounce is about 10% heavier than the more conventional and modern 'Avoirdupois' ounce, ie., 480 grains (31.1g) versus 437.5 grains (28.3g), whereas a Troy pound (12 Troy ounces) is about 17.5% lighter than the Avoirdupois Pound (16 Avoirdupois ounces), ie., 5760 grains (c.373g) versus 7000 grains (c.453.59 g). This explains the trick question: Why does an ounce of gold weigh more than an ounce of feathers, yet a pound of feathers weighs more than a pound of gold?... Troy was the weight and payment system for precious metals and gems, whereas Avoirdupois was used for commodities.
In medieval Europe several different versions of Pounds weights and therefore values were used for different commodities for which they were traded. The Merchants Pound, weighed 6750 grains, and was established by about 1270 for all commodities except gold, silver and medicines, but by about 1330 this was generally superseded by the 16 ounce (7000 grains) pound weight of recent centuries, known as the Avoirdupois Pound. An alternative Merchants Pound was confusingly also in use during this time, introduced from France and Germany, and weighed 7200 grains. The 'control' standard twelve ounce pound Troy, along with the 'control' 36 inch yard, were later held (from c.1758) at the Houses of Parliament until they were lost in the fire of 1834. In 1838 a commission was appointed to consider matters, and following the report in 1841 the 16 ounce Avoirdupois Pound finally replaced the pound Troy as the overall standard. Today a platinum cylinder 'control' version of the 16 ounce Avoirdupois Pound exists at the London Standards Office, in the custody of the Board of Trade. Copies were and presumably still are also held at the Houses of Parliament, the Royal Mint, the Royal Observatory and the Royal Society.
The first and original one pound coin was in fact the gold Sovereign, which came into existence in 1489. The name Sovereign derived from the coin's majestic appearance and design, which showed the King Henry VII seated on a throne, with the Royal coat of arms, shield and Tudor rose on the reverse. It weighed 15.55 grams and comprised 23 carat gold, equal to 95.83% pure. The Pound had been a unit of currency in various forms for centuries but the gold Sovereign was the first coin issued with that value. Not surprisingly the value of Sovereign coins, as circulating currency, and as collector items, increased somewhat over time. Nevertheless, the slang word 'Sovs' meaning pounds is still in use today and derives directly from this very old coin.
The old 'Guinea' was for the last years of its existence equal to twenty-one shillings, but it was originally a gold coin worth twenty shillings, whose value was based on the value of the gold content when it was first issued in 1663, when it effectively replaced the Sovereign. Its value (the shillings and pennies it was worth) changed over time - as did the values of early Sovereigns and Pound coins during the 15-19th centuries. The value of the Guinea actually reached thirty shillings during the 1690s. This seems a strange concept today, but the logic was sensible for the times when the values of coins were based on their precious metal content, which in turn was largely due to people's mistrust of the Government (what's new?...). This basis of valuation, together with the spasmodic approach to the issuing of new weights standards and coins (many decades could pass between changes and coinage issues) - and the effect of the deterioration of the quality (and effective reduction in metal content) of coins in circulation, created completely different effects on coin values compared with the system of fixed values that apply today.
The shifting basis of coin values is how the Guinea came to have a value of twenty-one shillings. And, although the last one was minted in 1813, many traditional auction houses were, up until decimalisation in 1971, still trading in Guineas (notionally that is, since there were no coins or notes worth a Guinea in circulation). This was remarkable loyalty to the Guinea given that essentially it was replaced in the currency by the Sovereign in 1817. Incidentally the Guinea is so-called because it was mostly minted from gold which came from Guinea in Africa.
Using coins whose values were so closely connected to the value of the precious metal content also led to some strange and amusing practices, notably around the 13th and 14th centuries: coins would be 'clipped' by the unscrupulous because the clippings would of course be valuable (which eventually led to coins being designed and minted with rims and milled edges); coins would be transported to Europe, melted and alloyed with other metals, re-made into pennies and shipped back to England; and coins would be cut into halves or quarters to make 'change'.
Coins were the only form of money up until 1633, when the first 'banknote', actually a goldsmith's note, was issued. The earliest known cheque was issued in 1659. In Britain paper money did not effectively supersede metal coins until the early 1900s. The direct cause was that the Royal Mint had to cease production of the gold Sovereign during the 1st World War because Britain needed the gold bullion to finance the war. Soon after, banknotes entered normal circulation, and the gold sovereign ceased to be used.
The language of British money significantly changed when the 'Pounds shilling pence' money gave way to decimalised currency in 1971. Decimalisation gave us 100 'new pence' or 'p' to the pound, which format exists today.
Sadly we lost from our language many of the lovely words below for pre-decimalisation money, and which had been in use for many hundreds of years. Mostly in return we got the 'Pee' (being the official pronunciation of the abbreviation: p for new pence.) Where once there were florins, half-crowns, shillings, pennies, bobs, tanners, thrupenny bits, we now have just 'pee', which is a bit of a shame.
Maybe one day they'll decimalise and rename all the trees and flowers, so we'll not need to remember anything other than all the trees are 'tee' and all the flowers are 'eff'...
A pound comprised twenty Shillings, commonly called 'bob', which was a lovely old slang word. It was 'bob' irrespective of how many shillings there were: no-one ever said 'fifteen bobs' - it would have been said as 'fifteen bob'. The origin of the word 'bob' meaning Shilling is not known for sure, although the usage certainly dates back to the late 1700s. My favourite is suggested in Brewer's 1870 Dictionary of Phrase and Fable in that 'bob' could be derived from 'Bawbee', which was 16-19th century slang for a half-penny, in turn derived from: French 'bas billon', meaning debased copper money (coins were commonly cut to make change); and/or the Laird of Sillabawby, a 16th century mintmaster. Perhaps there is also a connection with the church or bell-ringing since 'bob' meant a set of changes rung on the bells. This would be consistent with one of the possible origins and associations of the root of the word Shilling, (from Proto-Germanic 'skell' meaning to sound or ring). Also perhaps a connection with a plumb-bob; (the association with another heavy piece of metal), made of lead and used to mark a vertical position in certain trades, notably masons. 'Bob a nob', in the early 1800s meant 'a shilling a head', when estimating costs of meals, etc. In the 18th century 'bobstick' was a shillings-worth of gin. In parts of the US 'bob' was slang used for the US dollar coin.
I was reminded incidentally (thanks C Lawrence, Jan 2008) that the word shilling of course survives in Scottish culture within the names of many traditional Scottish bears (ales not lagers); specifically the designations 60/- 70/- 80/- and 90/- (meaning 60 shilling, etc), still used by most brewers in identifying and branding ales of different strengths. These designations, which are included in the names of the ales (for example, Caledonian 80/- or Belhaven 90/-), were based on the different levels of tax incurred by different strengths (alcoholic content) of the brews. The higher the strength of the ale, the higher the shilling rating.
Up until 1961 a Penny could be split into four Farthings (a Farthing equates to one nine-hundred-and-sixtieth of a pound - yes 960 of them to a pound), and, until later in the 1960s, there were also two Halfpennies to a Penny, more commonly pronounced 'hayp'nies', and spelt variously, for example; 'ha'pennies' or 'hayp'neys'. Pennies, Halfpennies and Farthings were copper coins in recent centuries, and so collectively logically they were were known as 'coppers'. For example, 'Lend us a bob for a pint mate'.... 'Sorry all I've got left is a few coppers...' (And yes, comfortably within baby-boomer living memory, it was possible to buy a pint of beer for a shilling...)
The lyrical shortening slang style of 'Ha'penny' extended to expressions of numbers of pennies and half-pennies, for example the delightful 'tuppenny-ha'penny', (in other words, two-pennies and a half-penny). This was pronounced 'tupp'ny-hay'pney' or the true cockney pronunciation with dropped 'h' - 'tup'ney'ayp'ney'. There was no 'tuppenny-ha'penny' coin - it was simply a common expression of value, and also a cliche description for anything that was rather too cheap to be of serviceable quality. Other examples of the lyrical language of small change were: thrup'ny-ha'penny, forp'ny, fivep'ny, (meaning three, four and five penny) and so on. Thrup'ny would also have been pronounced and written 'threp'ny' or 'thre'penny' which was slightly posher. The children's nursery rhyme 'Pop goes the weasel' features the line' 'Half a pound of tuppenny rice, half a pound of treacle...'
I hardly need comment on the relative poetic quality of the new money version: 'Half a pound of two-pee rice...' (And don't ask about the origins of 'Pop goes the weasel', or we'll be here all year..)
On the subject of music I am informed (ack JA) that the song 'Magic Bus' by The Who contains the words '..thruppence and sixpence each day... just to get to my baby...' which provides some indication of the values of those coins, and of bus-fares, in the 1960s.
And I'm also reminded (ack a different JA) that 'keep your hand on yer ha'penny' (or 'keep yer 'and on yer 'apney', when the expression was used in London) was a common warning issued by parents and elders in the mid-1900s to young girls before going out to meet up with boys. According to Cassells, ha'penny in this sense is linked to 'ninepence', being the equivalent slang term from the late 1800s, although there is no clue as to why nine was the magic number.
Prices in pennies were shown with the 'D' or 'd', which changed to 'P' or 'p' with the decimal currency. There was a very popular ice-lolly range (by Walls or Lyons-Maid probably) in the 1960s actually called '3D', because that's exactly what each one cost. Sky-Rays and Zooms - ice-lollies with space rocket designs - were were for the more fashion-conscious and rich kids at around 6d each, but that's another story..
Prices in shillings and pennies were commonly shown as, for example, 12/6d (twelve shillings and sixpence, or spoken as 'twelve and six').
I digress now because this is interesting and incredible: In the early 1960s, children could buy four (very non-pc) 'blackjack' chews, or 'fruit salads', each one individually wrapped and utterly delicious, for a single penny. With a pound you could probably have bought the entire blackjack and fruit salad stock of the shop, since this would have translated into nine-hundred-and-sixty individually wrapped chew sweets. A strange quirk (circa 1962-64) meant that despite the price being four-for-a-penny it was impossible to buy just a single blackjack or fruit salad chew because the farthing coin was withdrawn in 1961.
And digressing further, my Dad remembers circa 1945 being able to buy big sticky currant buns costing one penny each - that's one two-hundred-and-fortieth of a pound each. A pound would have bought 240 sticky currant buns. Cigarettes were one shilling - a bob - for a pack of twenty, in fact the cheaper brands in vending machines had a ha'penny change in each pack because they only cost elevenpence-hayp'ney. So a pound would have bought twenty packets of 20 cigarettes. Of course wages were a lot lower too. At the end of the war, 1945, a national service conscript soldier's pay was around four shillings a day, or twenty-eight bob a week. Around 1950 a bank clerk earned about five pounds a week, so perhaps spending a fifth of your weekly wages on 240 sticky penny buns would not have made particularly good sense..