Monetary unit in England now. British Coins: Walker of England, Scotland, Wales and Northern Ireland. See what "Pence" is in other dictionaries
The monetary unit of Great Britain - the pound sterling (from the Latin pondus (weight, weight) - in the past a measure of weight and a monetary unit) has been put into circulation since the time of the Anglo-Saxons. The name of the monetary unit reflects the mass content of the metal used to mint British coins - pence; 240 pence were minted from one pound of silver, which were also called "sterlings", 20 pence were a shilling, respectively, in 1 pound there were 12 shillings. The word "sterling" meant money of standard mass and sample, as large silver pence were called. In the early Middle Ages, the so-called Roman pound, or Libra, was the monetary unit of many Western European countries. Since the mass of 240 pence, or sterling, was equal to the unit of mass - the pound, i.e. Libra, the pound sterling still has the symbol L.
The pound sterling was used long before the emergence of a centralized state - even in the 9th-10th centuries. In the XIV century. in England, gold pounds sterling appear in circulation until the end of the 18th century. operates a bimetallic monetary system. For the first time a coin of 1 pound sterling was minted in 1489 - a gold sovereign (sovereign - monarch). The first sovereign weighed 15.55 g of 994 gold, which corresponded to the value of a pound of silver coins, or 20 shillings. On the obverse, Henry VII was depicted on the throne, on the reverse - a rose with the coat of arms of the state. The name "sovereign" came from the image on the obverse of the coin of a luxuriously dressed king on a throne (Fig. 4.5).
Rice. 4.5. Gold pound sterling (sovereign) sample 1642
At the end of XVIII - early XIX in. England becomes the first country of gold monometallism. Under the law of 1798, the minting of silver was prohibited (the payment power of silver coins was limited to £25 per payment). However, since during this period England was at war with France, the exchange of banknotes for gold (characteristic of gold monometallism) was discontinued, and until 1821 banknotes that could not be exchanged for gold were in circulation.
From 1816 to 1914, the gold coin standard system operated in England. According to the act of R. Peel (1844), the issue of banknotes was almost 100% secured by gold, and the fiduciary issue should not exceed 14 million pounds. Art., which were secured by loans issued by the Bank of England to the state. This law proclaimed the final monopolization of issuing activities by the Bank of England. The Bank of England - one of the oldest banks of issue in Europe - was established in 1694. Issuing activity was monopolized in 1844. Currently, it is included in the system of issue banks of the EU countries.
The issuing banks that existed by that time retained their issuing rights at a certain fixed level, while the newly created banks did not receive such a right.
In 1914, the Bank of England was no longer redeemable for gold, and gold coins were withdrawn from circulation. To cover military spending, the government issues treasury notes. In 1925, the exchange of banknotes for gold was restored, but in a truncated form of the gold bullion standard. Despite a significant decrease in the purchasing power of the pound sterling, England did not go for its devaluation and carried out the restoration of the currency, restoring the pre-war gold content of the monetary unit. 1925 was the beginning of the monetary reform, which ended in 1928 with the withdrawal of Treasury notes from circulation and the granting to the Bank of England of the fiduciary issue of banknotes in the amount of 260 million pounds. Art. An issue in excess of this amount could only be made with the consent of the Treasury, confirmed by Parliament. Until the early 1930s. Great Britain retained the status of the country - the issuer of the reserve currency.
The gold bullion standard existed until 1931. During the global economic crisis, England was forced to abandon the exchange of banknotes for gold. Since that time, a system of fiat credit money has been operating in England. There is a weakening of the position of Great Britain in foreign markets, the gradual loss of the leading positions by the British currency and its transformation into a secondary reserve currency.
The main type of money in the UK, as in other countries, is money in a non-cash form, i.e. funds in bank accounts - deposit money. Cash - banknotes and small change - make up about 32% of the total money supply in circulation.
The main issuer of money is the Bank of England, tokens are issued by the Treasury, non-cash emission is concentrated in commercial banks and other credit institutions.
At present, fractional change coins are in circulation in denominations of 1 pence, 2, 5, 10, 20 and 50 pence (Fig. 4.6), as well as a combined coin in denominations of 2 pounds sterling.
Rice. 4.6. 1998 token coin of 50 pence
The first partially printed banknotes appeared in Great Britain already in 1695 - these were 12 thousand banknotes of six denominations (from 10 to 100 pounds), on which the name of the bearer, the date and the signature of the cashier were entered by hand. Banknotes of this type lasted more than 100 years. In 1809, fully printed banknotes were issued for the first time, only the cashier's signature was affixed by hand. Since 1854, the signature began to be printed in a typographical way. The early banknotes of the Bank of England were larger than modern ones, single-sided and printed in black ink on a white background. Since 1960, portraits of the reigning monarch, Queen Elizabeth II, have become a distinctive feature of English banknotes. Since 1970, historical figures have been depicted on the reverse side of banknotes.
The Bank of England currently issues banknotes in denominations of £5, £10, £20 and £50. The general composition of the front sides of banknotes of all denominations is the same: on the right is a portrait of the queen, in the center in an oval is a watermark also in the form of her portrait, on the left is a seated figure of Britain (different on banknotes of different denominations). Below, to the left of the watermark, there is a large geometric figure (circle, rhombus, square or triangle) to help visually impaired people (Fig. 4.7). On the front side of the banknote in denomination of 50 pounds - a portrait of Queen Elizabeth II, medallion "Britain"; on the reverse side is a portrait of the first president of the Bank of England, Sir John Houblon.
Rice. 4.7. Banknote of 50 pounds, sample 1994
Since 2002, along with pounds sterling, euro banknotes and coins have been in circulation. The evolution of the UK monetary system is shown in fig. 4.8.
Rice. 4.8. Stages of development of the UK monetary system
Money-credit policy
The main goal of the UK monetary policy is to achieve price stability. Monetary policy, along with the Bank of England, is carried out by the Treasury. Unlike other central banks, the Bank of England cannot conduct monetary policy) "regardless of the government, since in 1946 it was nationalized - the share capital was bought out by the British Treasury. Conducting monetary policy is based on two main elements: annual targets set by the government inflation benchmarks and a commitment to an open and predictable decision-making regime In conducting monetary policy, the responsibility of the Bank of England is to set the level of short-term interest rates in line with government targets.
In the VoxBook audio course, which is based on fiction without simplifying the text, you will definitely meet the mention of English money. Monetary unit of England pounds- pound or pounds sterling- pound sterling (from lat. - weight) is abbreviated as £
put into circulation in the IX-X centuries.
Earlier in England, a non-decimal monetary system was used to count money, one pound was equal to 240 pence. In 1971, the British monetary system was reformed into a decimal monetary system, and one pound became equal to 100 pence. At the same time, most of the monetary units of the past have fallen into disuse, but references to them certainly remained in the literature, and, accordingly, they remained in our audio course.
So in the VoxBook audio course in the fairy tale "Mr Vinegar" from the collection English Fairy Tales:
"Here, Jack [here / here, Jack]," said one [said one], "here" s five pounds for you ["there's" five pounds for you]; here, Bill, here's ten pounds for you [here, Bill, here's ten pounds for you]; here, Bob, there's three pounds for you [here, Bob, there's three pounds for you].
Let us examine in more detail the question of the monetary units of Great Britain of the present and the past, and at the same time we will find out why in this passage there are five pounds, three pounds, ten pounds and no one pound.
English money now.
In 1971, the British monetary system was reformed into the usual decimal monetary system. One pound is equal to 100 pennies. In circulation, banknotes in denominations of: 1, 5, 10, 20, 50 pounds, as well as coins of 1 and 2 pounds, and 1, 2, 10, 20, 50 pence, which were named new penny- a new penny.
Currency unit pounds or pounds sterling(plural pounds) - the pound or pound sterling is abbreviated as £
(from the Latin word libra - pound). This sign is placed before the number:
£1 - one pound or one pound sterling(singular number).
£2 - two pounds or two pounds sterling(plural).
£10 - ten pounds or ten pounds sterling(plural).
Currency unit penny penny = 1/100 of a pound (plural pence- pence) - abbreviated p. This sign is placed after the number (with or without a dot):
1p. - one penny (singular number).
2p. - two pennies (plural).
10p. - ten pence (plural).
One pence is denoted 1p, read a penny or one penny.
One pound £1 is read a pound or one pound.
When denoting the number of pence with words, the words are written together: sixpence, fivepence, fourpence, threepence, twopence.
10p - ten pence is often pronounced ten pee (reading the abbreviation p).
If the number of pounds digits is more than three, then every three digits are separated from right to left by a comma, and pence from pounds by a dot:
£1,234,567.00 = £1,234,567
Money amounts consisting of pounds and pence are denoted in one of the following ways:
£265.78, £265-78 and read the same - two hundred and sixty-five pounds and seventy-eight (pence).
If it is necessary to indicate that we are talking specifically about the English currency, then you can specify pound (s) sterling - pound (s) sterling. At the same time, the word sterling is never given the ending -s (since the word sterling is an adjective):
165 pounds sterling; £165= £165.
The word "sterling" is often used when writing a sum of money in cursive:
£1,234.56 - one thousand two hundred and thirty-four pounds sterling and fifty-six (pence).
Monetary units of England of the past.
In the name of the monetary unit of England pound sterling - pound sterling reflects the equivalent value of one pound of silver. From one pound of silver, 240 pence were minted (penny and pence, singular and plural of the same word). The word sterling means pure, of the established standard. The pound was denoted by the sign £ (without dot or Latin letter L), this sign is placed before the number. Pennies were marked with the sign d.(from the word dinar, as opposed to today's designation p.), the shilling was denoted by the sign s or 1/- . The penny and shilling signs were written with or without a dot after the letter.
In England, a non-decimal monetary system was used to count money (rather, it is similar to the duodecimal system of calculation: 1 pound = 240 pence):
- 1 pound pound or pound sterling = 4 crowns or 20 shillings or 240 pence)
- 1 sovereign [ˈsɔvrin] sovereign = 20 shillings is equivalent to 1 pound
- 1 guinea [ˈɡini] guinea = 21 shillings
- 1 crown = 5 shillings
- 1 florin [ˈflɔrin] florin = 2 shillings
- 1 shilling [ˈʃiliŋ] shilling = 12 pennies
- 1 groat [ɡrəut] grout = 4 pennies
- 1 penny [ˈpeni] penny = 4 farthings
- 1 farting [ˈfɑːtiŋ] farthing = 1/4 penny
The smallest coin was the farthing = 1/4d. (1/4penny) = 1/960 pound.
Half farting coins were issued - half a forth = 1/8d., third farting - a third farthing = 1/12d., and quarthing farting - a quarter farthing = 1/16 d).
Penny - short designation d.(from dinar).
Coins were issued halfpenny - 1/2d., twopence - 2d., threepence - 3d., groat - 4d., five pence = 5d., sixpence - 6d.
Schilling - short designation s.= 12d. (12 pence)
Florin = 2s. (2 shillings) = 24d.
Crown = 60d. (60 pence).
Half crown coins were issued - half a crown = 30d.
The Golden Guinea, issued from 1663 to 1814. Guinea is not an official name, which is derived from a gold mining site in Guinea. In 1817, the guinea was replaced by a gold sovereign. Coins issued were 1/3 guinea, 1/2 guinea, 1 guinea, 2 guineas and 5 guineas.
Sovereign = 240d. (240 pence) = 20s. (20 shillings) = £1 (1 pound)
Half sovereign = 120d coins were issued. (120 pence) = 10s. (10 shillings) = £1/2 (1/2 pound).
In the VoxBook audio course in the tale "The Ass, the Table, and the Stick" from the collection English Fairy Tales, which mentions English money of various denominations:
...and he had but to pull Neddy's ears [and "he should have only" = he only had to pull Donkey's ears] to make him begin at once to ee-aw [to get him to start right away (shouting) uh]! And when he brayed [and when he roared] there dropped from his mouth silver sixpences [here silver sixpences fell / fell from his mouth], and half-crowns[and half a crown] , and golden guineas [and golden guineas].(English Fairy Tales - "Mr Vinegar")
There were also coins of other denominations, such as the half-sovereign, half-guinea, half-crown, halfpen, halfgroat, 2d, 3d, 6d sixpence or "tanner" and others.
Some coins were not minted, for example, there are no old coins with a denomination of 1 pound; instead, a coin of 1 sovereign in gold with a denomination of 1 pound was minted. Coins were also minted in denominations of 2 pounds and 5 pounds. Various paper notes were issued, including those in denominations of 3 pounds. This is what is mentioned at the beginning of the article in the example from the audio course.
Names of English money and sums of money in slang
In addition to the official names of monetary units, there were slang expressions denoting certain English money. The following are the most commonly used slang synonyms:
1d = coal
1p = yennep/yenep/yennap/yennep
4d=groat
6d = tanner, bender, sixpence, kick, simon, sprazy/sprazzy, sprat/spratt, tom/tom mix
1s = bob, chip or shilling bit, dinarly/dinarla/dinaly, gen, hog
2s = two bob, bice/byce
5s = caser/case, tosheroon/tusheroon/tosh/tush/tusseroon
10s = ten bob, half, half a bar/half a sheet/half a nicker, knicker, net gen
£1 = bar, jack, nicker, nugget/nuggets, quid, saucepan
£2 = bottle, half a crown
£3 = tray/trey
£5 = fiver, flag paper £5, flim/flimsy, handful, jacks, oxford
£10 = tenner, big ben; £20 = score; £25 = macaroni, pony
£100 = ton; £500 = monkey; £1,000 = grand; £100,000 = plum
1 = guinea job, ned
1 = sovereign strike
a small change coin of some countries of the world at different periods of history, also an old English silver coin, issued by King Offa on the model of denarii, and which became the basis of money circulation throughout England, also has this name
Information about pennies, varieties of pennies, including the British penny, Scottish penny, Irish penny, Australian penny and Finnish penny, the history of coins in different countries, the appearance and modification of the penny over time
Expand content
Collapse content
Penny is, definition
Penny is small change currency, the name of which comes from the old Germanic language. The most famous British penny, first minted in the 8th century and has undergone a number of changes since then. The Scottish and Irish pennies are also known, the Australian, Finnish and Estonian pennies are less famous. Also, "pennies" in the United States are colloquially called one-cent coins.
Penny is monetary unit of many countries and territories, in different time were part of the British Empire, as well as Finland and Estonia. The most famous British penny. In the days of circulation, the farthing was worth a quarter of a penny.
Penny is British coin. The name of the penny (on the old English language- pennige) has a common root with the German word "pfennig".
Penny is English coin, minted from the 11th century. silver, copper, bronze.
Penny 1927
Penny is a modern token coin of Great Britain, which is one hundredth of a pound sterling.
Penny is change coin of Finland" equal to one hundredth of a Finnish mark.
Penny 1916
Penny is British currency, equal to one hundredth of a pound sterling (pound).
Penny is The monetary unit of the Republic of Ireland, equal to one hundredth of the Irish pound (punt).
Penny 1913
Penny is an English silver and eventually copper coin, first issued by King Offa after a Carolingian pattern.
Penny is old English silver coin. From con. 17th century pennies were minted from copper, from 1860 - from bronze.
penny coin
Penny is British coin. 1 penny = 1/100 pounds sterling (until February 1971 1p = 1/240 pounds sterling, or 1/12 shilling).
Penny is a bargaining chip in Finland, equal to 1/100 of the Finnish mark.
Sixpence 1887
Penny (penny) is 1/12 shilling or 1/240 pound. The name "penny" came from the Old German language, in which this word (pfennig, pfennig, penge) meant "coin", "money". For a long time, the silver penny was the most popular currency in England. Subsequently, pennies began to be made from copper and bronze.
British penny - English, later British coin. Until February 1971, the penny was equal to 1⁄12 shillings or 1⁄240 pounds sterling, from 1971 to the present = 1⁄100 pounds sterling.
The appearance of the English penny VIII century
Penny (penny) - an English coin, first minted from silver by King Offa of Mercia (757 - 796) on the model of Carolingian denarii ("d" - the first letter denarius - is the designation of a penny). The obverse of the coin is a bust portrait of the king, the reverse is a cross with decorations. The original diameter was approx. 17 mm, under Kenwulf (796 - 822) - 21 mm.
Offa, king of Mercia (in what is now central England), coined a silver coin called a penny (like the German "pfennig", derived from some ancient root meaning "gift" or "sign"). Subsequently, the penny became the basis of currency throughout England, and King Offa's coin can thus be considered the forerunner of the current British pound.
King Offa's penny weighed 22.5 grains (barleycorn). It was based on the principle previously tested by the King of the Franks Pepin the Short: he put into circulation "new denarii" (named after the Roman silver coin), and decided that 240 coins should be made from one pound of silver. However, the Frankish and English pounds were somewhat different, so the coins were not the same. King Offa's penny was minted with his name.
It was the first silver coin in Britain. It was so convenient that even during the life of Offa, other English kingdoms (East Anglia, Kent, Wessex) followed his example and introduced similar coins.
Subsequently, Offa reformed the money circulation twice more, introducing coins of greater weight. Some of them minted his portrait, and also (probably, under the impression of Byzantine coins with Queen Irina) a portrait of his wife. Offa's gold coins are also known, including copies of Arab coins apparently made for international trade.
Under Edgar (957 - 975), minting of the English penny began at 35 mints; under his successor Ethelred (979 - 1016), 11 types of coins were minted at 80 mints, but all with a bust portrait of the king and attributes of the kingdom on the obverse and with a cross on the reverse. These coins were minted in large quantities and were distributed throughout Europe and even in Russia. The weight of the coin ranged from 1.02 grams to 1.45 grams (20 grains - 22.5 grains). If necessary, the coin was simply cut into pieces, receiving a halfpenny and a quarterpenny. In 1257, the penny was issued from gold.
British penny before the 15th century
Until the conquest of England by the Normans (1066) and the first time after it, the quality of the penny remained almost unchanged. However, over time, the quality of the coins began to deteriorate (due to damage to the coins and non-compliance with the general standard by the coin masters).
A particularly strong deterioration in the quality of the penny occurred during the reign of Henry II and during the time of King Stephen. In 1180 it was necessary to introduce new type pennies (the so-called "short cross penny") with a higher weight and silver content.
British penny
In 1180, under Henry II (1154 - 1189), pennies were minted, called "sterling" and given the name pound sterling at the end of the 14th century. Sterling kept the image (bust portrait of the king with a scepter in his hand and a two-line cross with 4 points in the corners) and a sample until 1248. In 1248, the cross on the reverse was changed: it became longer and had 3 dots in the corners; in 1279, the cross was also changed to a simple wide one. The sterling test remained unchanged (~925th), but the weight was constantly decreasing. Under Henry it was 1.36 g, under Edward III - 1.17 g, under Edward IV - 0.97 - 0.78 g and under Henry VII - 0.548 g.
In 1344 the penny was reduced from over 20 grains to 18 grains, in 1412 to 15 grains, and in 1464 was further reduced to 12 grains.
For a long time, the penny remained the only coin of England. In the 13th century in England, new change coins more and less than a penny were introduced into use: a groat (4 pence), a halfpenny and a farthing (1/4 penny).
By the XIV century, a harmonious monetary system was created in England:
1 pound sterling = 20 shillings (until the 16th century - only a unit of account) = 60 groats (120 half groats) = 240 pence (= 480 halfpenny) = 960 farthings.
English penny in the XV-XVIII centuries
The problems associated with the military spending of England (the Hundred Years War) and the leakage of full-weight English coins to the Continent contributed to the decrease in the weight and quality of pennies and other small change coins.
In 1412, the weight of the penny was reduced; in 1464, Edward IV reduced the silver content of coins by 20%: the weight of the penny decreased from 15 grains (1 g) to 12 grains (0.8 g).
In 1528, Henry VIII introduced a new monetary standard: instead of the purely English Tower pound (about 350 g), the international Troy pound (373.242 g) was introduced. Thus, the nominal weight of a penny (1/240 of a pound) should have been about 1.555 g. However, the quality of the penny, as in other silver coins, continued to decline, and in general, the silver content in the coins of Henry VIII decreased from 925 to 333. th.
Three pence British colonists
Under Edward VI (1547 - 1553) and Mary I, 1 and 1/2 penny coins were issued, called "penny with a rose", since on the reverse of these coins there was a blossoming rose. These coins were of very low quality and were withdrawn from circulation in 1556.
Coins of 1 penny were also issued in small quantities, which led to the emergence of tokens - privately minted coins of English merchants and industrialists, minted from copper or brass.
Queen Elizabeth (1558-1603) was forced to revive the silver denominations. During her reign, the quality of gold and silver coins was greatly improved, in part by the regular capture of Spanish precious metal ships from the Americas. But still, Elizabeth's silver penny remained a very small coin - it weighed about 0.58 g.
The minting of the penny continued throughout the 17th century. In 1664, a penny weighed 0.5 g and had a diameter of 12 mm. The same standard was maintained in the first half of the 18th century.
Under King George II (1728-60) in 1750-58, the silver penny was minted only as part of a set of small silver coins (1d, 2d, 3d and 4d) for the Easter week money distribution ceremony (the so-called Maundy Ceremony).
The tradition of issuing silver coins for distribution during the Easter week is still preserved (coins were not issued in 1800-17; from 1822 to the present, special coins have been issued for this purpose).
The first copper pennies were issued in 1797, and were produced by Matthew Boulton and James Watt, at their Soho mint in Birmingham, on steam coin-operated machines. These coins contained the full value of copper. They were so heavy that they soon became known as "cartwheels".
This coin turned out to be an ounce in weight (28.3 g) and 36 mm in diameter. The reverse featured a seated Britannia. In 1806-08, a copper penny weighing 18.9 g and 34 mm in diameter was produced. The next copper pennies were issued only in 1825, during the reign of George IV. The penny weighed 18.8 g and had a diameter of 34 mm.
The penny was minted for only 3 years (the 1827 issue was intended specifically for Australia). It is noteworthy that in the English colonies in Australia, these coins were sold at a price 2 times higher than their face value.
In the reign of William IV (1830-37), the penny was also minted irregularly, and it was only under Queen Victoria (1837-1901) that regular penny minting began in 1839.
bronze pence
In 1860 pennies were made from bronze. The new coin began to weigh 9.4 g and had 30.8 mm. From 1860 to 1970, the parameters of the coin and the appearance of the reverse remained practically unchanged.
Recent years coinage of silver pennies: 1763, 1765 - 1766, 1770, 1772, 1776, 1799 - 1781, 1784, 1786, 1792, 1795, 1800, 1817, 1818, 1820, subsequently the penny is issued only as maundy money. The weight of the last pennies was 0.5 grams (1817 - 1818, 1820 - 0.471 grams) with a diameter of 11 mm.
I will briefly put here the history of the legendary penny of 1933: several copies of this coin minted in 1933 were immediately placed in the Mint Museum, which is why the debate about the existence of this coin has not subsided to this day, but nevertheless its existence has already been recognized since more willingly than before. This is confirmed by photographs of several of these coins:
On the this moment The Royal Court maintains 6 copies of this coin, but, according to witnesses, there was also a 7th copy, which was lost. The reason for such a small minting of the penny at that time was that the minting of coins in 1919 and in 1921 was so great that the minting of coins in 1923 - 1925 was not needed, the same thing happened with the penny 1933.
However, a much larger number of these coins were originally minted - according to the tradition that exists in the world to this day, in the year of laying a new building, coins of this year of issue are placed in its foundation. Consequently, a set of coins, including 1933 pennies, was sent to Bloomsbury University and also two sets to two churches in the Diocese of Ripon in Yorkshire. The Mint keeps two copies for its own collection, and in addition another penny has been given to the British Museum.
But the 1933 coin set was stolen in most of these cases, but as far as we know the University of London still has the 1933 penny. In 1994, an authentic 1933 penny was sold by the Mint for more than £20,000.
British penny after 1971
After the transition of Great Britain to the decimal monetary system in February 1971, the penny was equated to 1/100 of a pound sterling.
Coins were issued 1/2 (until 1984), 1, 2, 5, 10 and 50 pence; to distinguish them from previous pence, they were written NEW PENNY (NEW PENCE).
british mint
As a commemorative coin, a 25 pence coin was minted (1972, 1977, 1980, 1981). Since 1982, they began to mint a coin of 20 pence.
Since 1982, the denomination has been written on the coin (for example, ONE PENNY, TWO PENCE).
In 1983, as a result of an error, the old inscription NEW PENCE appeared on some 2p coins instead of TWO PENCE. There were very few such “erroneous” coins issued and therefore their collectible value is many times higher than the face value (for example, as of May 28, 2010, a 2 pence coin from 1983 with the inscription NEW PENCE could be bought for 3,000 pounds sterling).
Since 1992, instead of bronze pence (1 and 2), they began to mint pence from steel and covered with copper; to save the weight and diameter of the coins, they were made somewhat thicker.
The design of the new penny was adopted from the old 3 pence coin (due to the proximity of the exchange rate) - Portcullis. Designed by Christopher Ironside.
Penny in the UK monetary system
The monetary unit of Great Britain - the pound sterling (from the Latin pondus (gravity, weight) - in the past a measure of weight and a monetary unit) has been put into circulation since the time of the Anglo-Saxons. The name of the monetary unit reflects the mass content of the metal used to mint British coins - pence; 240 pence were minted from one pound of silver, which were also called "sterlings", 20 pence were a shilling, respectively, in 1 pound there were 12 shillings. The word "sterling" meant money of standard mass and sample, as large silver pence were called. In the early Middle Ages, the so-called Roman pound, or Libra, was the monetary unit of many Western European countries. Since the mass of 240 pence, or sterling, was equal to the unit of mass - the pound, i.e. Libra, the pound sterling still has the symbol L.
The British monetary system until 1971 was one of the most complex in the world. One pound sterling = 4 crowns = 20 shillings = 60 groats = 240 pence.
One crown was equal to 5 shillings, one half-crown - 2.5 shillings.
One florin was equal to 2 shillings.
One shilling = 3 groats, one groat = 4 pence.
One penny = 2 halfpenny = 4 farthings.
In addition, the guinea, equal to 21 shillings or 252 pence, was used as a unit of account.
12 pence was the main unit of account for the population - the shilling. Accordingly, there were coins in half a shilling - 6 pence and a quarter of a shilling - 3 pence. There were also one penny coins. In addition, the penny itself was divided into four farthings (derived from the Old English feorling - a quarter). Accordingly, there were coins of 1 farthing (farthing) and 1/2 penny (one half penny).
Further: two shillings minted in a single body, that is, in the form of one coin, were called florin (florin). Since about the 17th century, the florin is not a monetary unit, unlike the penny or shilling, but the name of the coin. Since 1936, it has not been officially used, but it was minted on a double shilling: two shillings (two shillings).
In parallel with the coins, there were also paper shillings - banknotes of 1,2, 5 and 10 shillings.
Five shillings minted in a single body were called "crown" (crown). In the 20th century, “crown” is also only the name of a coin, and not a monetary unit; since 1947, the word crown has not been used on coins, but “five shillings” is written.
Thus, until 1970, the English monetary system consisted of three monetary units: a penny - a shilling - a pound and three intermediate fractions: a farthing - a florin - a crown.
Such a confusing system made financial calculations difficult, and in February 1971, monetary calculation in the UK was brought to the decimal system.
Scottish penny
Scottish penny (peighinn) - in the Middle Ages, following the example of England and France, it was equal to 1⁄12 Scottish shillings or 1⁄240 Scottish pounds. After the conclusion of the union of England and Scotland (1707), 12 Scottish pounds were equated to 1 English, so that the Scottish shilling (sgillinn) began to correspond to the English penny.
Scotland did not have its own money until the reign of David I (1124-1153), and then only farthings, halfpenny and pennies began to be minted. From the reign of Robert II (1329-1371), gold nobles and silver groats appeared.
Scottish coins are known for their diversity. Robert III added a lyon (a golden crown) and a half lion. James III (1460-1488) added the gold rider and his factions, as well as the gold unicorn, billon plaque, and copper farthing. Subsequently, the use of base metals increased, and gold and silver were often scarce.
The value of Scottish money inevitably fell in relation to sterling, until, in the end, it turned out that the Scottish shilling (12 pence) was worth no more than an English penny.
After the Union of the Crowns (1603), the Mint in Edinburgh continued to mint its own coins, but gradually they were harmonized with English weights and purity of the metal, which explains the appearance of denominations of 12, 30 and 60 shillings (the equivalents of the English shilling, half-crown and crown). The latest Scottish coins were similar to those of England, but they were marked with an E under the bust of Queen Anne. The Edinburgh Mint closed in 1708.
Irish penny - before the transition to the euro = 1⁄100 Irish pounds (in 1928-70 = 1⁄12 Irish shillings = 1⁄240 Irish pounds).
The first coins of Ireland X century
The first Irish coins were minted back in 997 and were equal to the pound sterling. The denomination of the coins and their division were also similar: 1 Irish pound was equal to 20 shillings, and a shilling was 12 pence.
The first Irish coins had a hole in the middle, they minted the name of the king and the name of the capital - Dublin.
Under King John of Ireland, Irish pennies and halfpenny were minted.
The first coinage of local production was the so-called Irish-Norwegian, first started in Dublin around 995. under the leadership of Sihtric III (Silkbeard), the Norwegian king of Dublin.
Early Irish-Norwegian coins were good copies of the English penny of Æthelred II of the period 979-1016 AD. It is worth noting that the copying of Æthelred's coins was not an attempt at counterfeiting - the English ones were widely recognized in NW Europe at the time, and the coiners of Sihtric used their designs to give their coins the same recognition. But the coins were duly signed as having been made in Dublin under the rule of Sihtric. After the Battle of Clontarf in 1014, Ireland became more isolated from its neighbors and the need for money was not as high as under the Norse settlers, who were traders and actively used money. Irish-Norwegian coins quickly degraded into a rough copy of Æthelred's long cross type and by about 1030 they contain a minimal legend of vertical strokes instead of letters.
Over the next 100 years the coins became more and more crude, although for the most part the inherited "long cross" design was still recognizable. By the early 1100s, the coins were double or single-sided bracteates (thin coins where a raised image on one side appears concave on the other). It is difficult to trace how the later Irish-Norwegian coins were actually used as coins, so thin and fragile they were. It is reasonable to assume that the number of coins has greatly decreased due to the deterioration of the quality of minting. Even before the arrival of the Normans in Ireland in 1169-1170. production has stopped.
‘Cross’ issue coins were produced in England between 996 and 1001. The Irish mint began operating during this period - probably in 997. The coins were issued in the name of Sihtric and signed by several Dublin mintmasters. The coins also appear with Æthelred's obverse but Dublin mintmasters on the reverse, and similarly with the English mintmaster's signature on the reverse along with Sihtric's obverse.
A fourth version of the Irish coin, with both sides bearing directly copied "English" signatures, is also possible, but such coins would be difficult to distinguish from "real" English pennies.
After the 'cross' issue of Æthelred, the 'long cross' followed. The Irish mint probably adopted the new design within a few months of its introduction in England. An English edition was issued between 1002 and 1008. - The Irish Mint was most likely in operation during most of this period and produced more coins of this type than in any other Phase.
The final issue of Æthelred's penny had a small cross - in England this type was a return to an earlier type. These coins, which are rarer than the long type of cross, point to the decline of Dublin coinage.
The release of Æthelred's 'helm' followed his 'long cross'. In Dublin these coins were also copied with the name of Sihtric, but the circulation was much smaller, as the coins are comparatively rarer.
Æthelred II died in 1016. and he was replaced on the throne by Knut (son of Sven - King of Denmark). The first issue of the coins featured Knut on both sides. The Dublin Mint still copied the contemporary English style, but imitation coins of this type are even rarer than the 'helmet' type. The subsequent issue of the Knut (Type of helmet) is not represented by any surviving coins, and it is likely that this issue of the Knut is the end of the first phase of Norse-Irish coins, circa 1018.
The long type of cross was originally produced between 1002. and 1008. However, this type was especially popular, and perhaps due to a change in trade priorities after the Battle of Clontarf in 1014. or for other reasons, the mint in Dublin found it more useful to produce coins of this old style than to continue to follow the frequent changes in English coinage.
This second phase of Irish-Norwegian coins and the next one includes coins that are mostly of the long type of cross. Early phase II coins contain a ball in each quarter of the reverse and are well minted with clear legends. The quality of coins gradually deteriorates over time, the legends become less clear and the quality of silver decreases. The final coins of the second phase have legends, which are made up of characters that only look like writing, and often contain extra characters. The symbolic image of a human hand appears on some later coins.
After the end of the minting of coins that completely copied the current English ones, the mint in Dublin returned to minting coins of the long cross type of Æthelred II around 1020.
Approximately in 1035. minting in Dublin deteriorated so much that coins were produced only for internal use within Ireland, as the minting fell below the standards used in any neighboring regions. The coins became smaller, of poor quality silver, the legends consisted of strokes and symbols rather than inscriptions, the symbol of the human hand appears on many coins in one or more (usually two) quarters of the reverse.
The Irish did not have a minting culture and their experience with brief earlier issues was clearly insufficient to enable them to continue minting to a high standard after the transfer of power from the Dublin Vikings to Irish native chiefs and High Kings.
This phase of Norse-Irish coinage continued until about 1060.
The fifth phase of the Irish-Norwegian coins is really something of a glitch. This is the concentration of an extensive series of pennies that vary considerably in design, overall style, workmanship and weight. They were produced over a period of approximately 40 years between 1060 and 1100.
By about 1100 Norse-Irish coinage had become relatively stable, and a significant number of coins of approximately similar design were minted. These coins had an obverse design of a bust of Æthelred in beams, as in the "long cross" editions, with the addition of a staff in front of the face. The reverse shows a pair of scepters in opposite quarters, and the other pair of quarters usually showed a cross or ball, or less often a ringlet.
The Phase VI coins were made from lower quality silver than previous issues and darker. Several hoards of these coins have been found and are considered by many to be less expensive than any other than Phase III coins. The coins are generally unattractive with very poor mint quality and dark surfaces that reduce the market value.
Irish penny before the 20th century
During the reign of Henry VIII, a harp pattern appeared on coins. Coins were minted from copper, silver and gold. As a result of wear and tear, the rate of the Irish pound fell and fluctuated from time to time. So, in 1701, 13 Irish pounds were equal to 12 English pounds, i.e. 1 English silver shilling was equal to 13 Irish pence. Ireland no longer minted its own silver pounds in these years, and since 1823, when coins were minted for King George IV for the last time, the issue of copper pennies also ceased.
After the conclusion of a political union between Ireland and Great Britain, the country's banks issued exclusively paper banknotes. This continued until Ireland gained independence in 1922.
Irish penny in the XX-beginning of the XXI century
After Ireland gained independence from Great Britain, it became necessary to create its own monetary system. The new Irish Free State decided to maintain links with the pound sterling and issued Irish pounds, shillings and pence into circulation and adopted the British system - 12 pence in a shilling, 12 shillings in a pound. The traditional Irish harp was chosen as the symbol for the new coins.
The first revived Irish pounds were issued in 1928, they were also pegged to the British pound sterling and divided into 20 shillings and 240 pence. This was dictated by purely economic considerations - 98% of the country's exports went to the UK.
To create the design of the national currency, a special committee was created by the Irish government.
It was decided that all Irish coins would have a harp on the obverse and the inscriptions ("Saorstát Éireann") in Gaelic script. The first nickel coins were minted at the London Royal Mint.
In 1938, after the adoption of the constitution, the inscription on the obverse of the coins was changed to "Éire" (the name of the country), and the coins began to be minted from a copper-nickel alloy. In 1950, silver coins went out of circulation. In 1966, a 10 shilling coin was issued, on the reverse of which the Irishman Patrick Pierce is depicted.
By the 60s of the last century, a decimal system was introduced, and after extensive discussions (1969), the Irish pound, like other currencies, began to be divided into 100 pence.
The coin was issued on February 15, 1971 after the approval of the second of three sketches of the future coin. The sketch was designed by Irish artist Gabriel Hayes; her design is an adapted image from the Book of Kells, located at Trinity College, Ireland. The coin originally had a diameter of 2.032 centimeters, a mass of 3.564 grams and consisted of an alloy of copper, tin and zinc.
The original official name "new penny" was changed in 1985 to simply "penny". In 1990, the decision was made to produce copper-plated steel coins, as bronze had become relatively expensive.
The coin is 1/100 of the Irish pound and was withdrawn from circulation with the introduction of the euro.
Finnish penny
The Finnish penny was a bargaining chip in Finland before the introduction of the euro, equal to 1⁄100 Finnish marks. Since 1963, the country has minted coins in denominations of 1, 5, 10, 20 and 50 pennies.
Until 1917, when Finland was part of Russian Empire, coins were in circulation in denominations of 1, 5, 10, 25 and 50 pennies. All coins had inscriptions in Finnish on the reverse. Coins of 1, 5 and 10 pence had on the obverse the cyphers of Tsars Alexander II (A II), Alexander III (A III) and Nicholas II (N II), who also ruled the Grand Duchy of Finland. On coins of 25 and 50 pennies, instead of the royal monograms, the coat of arms of the Grand Duchy of Finland was depicted (a Russian eagle with the coat of arms of Finland on the chest).
Finnish penny from the time of Alexander II
By the Manifesto of March 23 (April 4), 1860, “On the Change of the Monetary Unit for the Grand Duchy of Finland”, a Finnish bank was allowed to mint a “special” coin - a mark (MARKKA), divided into 100 pennies (PENNIA). According to the Manifesto: "Each mark corresponds to a quarter of a ruble in the amount of pure silver in four spools and twenty-one parts, which, according to the current laws on coins, is in a silver ruble, and will thus contain one spool of five and a quarter parts of pure silver." (Collection of Decrees of the Grand Duchy of Finland, 1860 No. 7). Copper coins are minted in stacks of 128 marks (32 rubles) from a pood. In calculations, a penny is equal to 1/4 kopeck of the Russian Empire.
From the Finnish side, the “fathers” of the Finnish brand are considered to be the head of the financial expedition of the Finnish Senate, Baron Langelskold, and Johan Snellman, who replaced him in this post, a Finnish senator, publicist, father of Finnish nationalism. The name for the new currency was invented by Elias Lönnrot, the collector of Kalevala. The name "mark" was chosen because it is a well-known name for coins and the word is the oldest Finnish word for money. The word "penny" was already used in Finland in the Middle Ages (in the Swedish form penning) and is consonant with the Finnish word "pieni" (small).
In 1863 trial coins for Finland were minted at the Stockholm Mint in denominations of 1, 5, 10 and 20 pennies. They were larger and had a wide rim. In 1866, trial coins of 2 and 20 pennies were minted. 2 pennies were of two types: with and without a jagged rim. 20p with rim only.
Since 1864, the Helsingfor Mint began minting Russian-Finnish coins: silver (2 and 1 mark 868 silver (2 and 1 mark 868, 50 and 25 pennies 750) and copper (10, 5 and 1 a penny).
About Finnish singing
Coin stamps were made:
From 1864 to 1872 in Stockholm - Leo Ahlborn;
In 1873 in St. Petersburg - Avenir Griliches;
Since 1874, the position of a carver was opened at the Finnish Mint, which was filled by Carl Jahn.
During the reign of Alexander II, the appearance of the coins does not change.
Characteristics of Finnish pennies from 1881 to 1894
After 1885, when the weight, fineness and appearance of the Russian silver coin changed, in Finland the manufacture of silver was preserved according to the same standards and the same design. The gold Russian coin is given in the same pile as the gold Finnish mark, while maintaining the ratio of one to four.
The entire circulation of coins was minted at the Helsingfors mint, which worked during the period when the Grand Duchy of Finland was part of the Russian Empire from 1763 to 1917. He did not put his own designation on the coins.
Finnish penny from the time of Nicholas II
Copper coins after 1894 are minted with the new monogram of Nicholas II, while silver and gold coins retain the appearance of the previous reigns.
Witte's monetary reform of 1897 does not affect the monetary system of Finland. After the reform, gold 20 marks correspond to a semi-imperial of seven and a half rubles. Accordingly, the silver mark, which used to be 1/4 of the ruble, grew one and a half times and began to equal 0.375 of the silver ruble of the Russian Empire. All silver and copper coins have kept their footing. With the outbreak of the First World War, the issue of gold (10 and 20 marks) and high-grade silver (1 and 2 marks) coins was discontinued.
The Helsingfor Mint was the first to respond to the revolutionary events of 1917 in Russia. Less than a month after the abdication of Nicholas II from the throne, the Senate of the Grand Duchy of Finland decided to place on all Russian-Finnish coins, both silver and copper, the coat of arms of the Russian Empire without imperial crowns above the eagle.
The volume of minting in 1917 of silver coins with the royal coat of arms was almost four times the volume of minting of these coins with a changed coat of arms (3,440,000 against 864,000 Finnish marks). This circumstance suggests that the minting of Russian-Finnish coins at the Helsingforg Mint could have completely ended in 1917 even before the official approval of the coat of arms of the Provisional Government, which never appeared on these coins.
On December 4, 1917, the Finnish Senate adopted the Declaration of Independence of Finland. On December 31, 1917, the Soviet government adopted an act recognizing the independence of Finland. Finland secedes from Russia. Coins with imperial symbols and symbols introduced during the period of the Provisional Government continued to circulate on the territory of independent Finland during 1918.
The entire circulation of coins was minted at the Helsingfors mint, which worked during the period when the Grand Duchy of Finland was part of the Russian Empire from 1763 to 1917. He did not put his own designation on the coins.
Finnish penny after 1917
In independent Finland (after 1917), the denominations of the coins remained the same, but the design changed. First of all, the Russian state symbols were changed to the coat of arms of the Finnish state. New coins were put into circulation in the period 1918-1921. The appearance of some coins changed slightly in 1940-1941.
In 1963, not only the appearance, but also the denominations of the coins changed again: coins of 1, 5, 10, 20 and 50 pennies were issued.
In the period 1969-1990, the drawings on the coins changed several times, but the denominations established in 1963 remained unchanged.
Since 1990, the inscriptions on the coins have become bilingual: in Finnish and Swedish.
Estonian penny
The Estonian penny was the monetary unit of Estonia in 1918-28, equal to 1⁄100 Estonian marks.
On February 24, 1919, the Bank of Estonia was founded. On April 30, 1919, the Central Bank of Estonia was given the exclusive right to issue banknotes. On August 12, 1921, the government ordered the Minister of Finance to issue change notes of 10 and 25 marks. Coins appeared a little later, in 1922.
The minting of coins of 1922 was carried out in Germany, the minting of coins of the stamps of 1924, 1925 and 1926 was carried out by the State Printing House in Tallinn. Of the state treasury notes, 5 pennies, 10 pennies, 20 pennies, 50 pennies, 1 mark, 3 marks, 5 marks, 10 marks, 25 marks, 100 marks, 500 marks and 1000 marks were in circulation.
Australian penny
The Australian pound was the currency of Australia from 1910 to 1966. The pound consisted of 20 shillings, each shilling - from 12 pence.
The 1930 Australian penny was minted by the Melbourne Mint. To date, numismatics says that there are only six copies of them. A penny is a silver coin coated with a layer of copper. Numismatists have such a term: “Coin of quality proof (Proof)”. This means that this coin highest quality, which has an ideal mirror surface, which is achieved with the help of a double blow of the stamp when minting a coin.
Interesting fact. In Polynesia, the government of Tuvalu ordered the release of a gift souvenir in honor of the Australian penny. This souvenir is a coin made of silver, covered with copper and it is located in a beautiful wooden box. A gift coin can also serve its intended purpose - be used as a regular coin with a denomination of "1 Australian dollar". Their circulation is 5 thousand, each of them has a numbered certificate.
american penny
One-cent coins are colloquially referred to as "pennies" in the US.
Coins minted at the US Mint have been issued from 1792 to the present.
Fake American "golden penny"
One evening (in 2007), Seattle artist Jack Doz walked up to a kiosk at the Los Angeles airport with a small amount of change, including a fake 18-karat gold 1-cent piece he had made himself. After paying $11.90 in change (including the counterfeit) for a Hustler magazine, he left.
Doz never expected to see his creation again, but it turned out that the counterfeit penny was sold for $1,000 at Greg Kutscher's gallery (the cost of the coin was $100).
Sources and links
Sources of texts, pictures and videos
wikipedia.org - the free encyclopedia Wikipedia
coins-gb.ru - information site Coins of Great Britain
dic.academic.ru - dictionaries and encyclopedias on Academician
tolkslovar.ru - electronic explanatory dictionary
coins.zoxt.net - information site about coins
pro.lenta.ru - special project Lenta.Ru history of money
dengi-info.com - information and analytical newspaper Money
lady.webnice.ru - site Ladies' club
vk.com/irishcoin - Irish coins group social network In contact with
changes.biz - webmoney exchange service
russian-money.ru - site about coins and banknotes
kuremae.com - information and news resource
moneta-info.ru - information site about coins and money
grandars.ru - online economic encyclopedia Grandars
kot-bayun.ru - fairy tales of the peoples of the world
tartan-tale.livejournal.com - blog in LiveJournal
Links to internet services
forexaw.com - information and analytical portal for financial markets
google.ru - the largest search engine in the world
video.google.com - search for videos on the Internet using Google
translate.google.ru - translator from the Google search engine
maps.google.ru - maps from Google to search for places described in the material
yandex.ru - the largest search engine in Russia
wordstat.yandex.ru - a service from Yandex that allows you to analyze search queries
video.yandex.ru - search for videos on the Internet through Yandex
images.yandex.ru - search for images through the Yandex service
maps.yandex.ru - maps from Yandex to search for places described in the material
finance.yahoo.com - data on the financial condition of companies
otvet.mail.ru - service for answering questions
Links to application programs
windows.microsoft.com - the site of Microsoft Corporation, which created the Windows operating system
office.microsoft.com - website of the corporation that created Microsoft Office
chrome.google.ru - a commonly used browser for working with sites
hyperionics.com - site of the creators of the HyperSnap screen capture program
getpaint.net - free software for working with images
etxt.ru - site of the creators of the eTXT program Anti-plagiarism
Article Creator
vk.com/panyt2008 - Vkontakte profile
odnoklassniki.ru/profile513850852201 - Odnoklassniki profile
facebook.com/profile.php?id=1849770813- facebook profile
twitter.com/Kollega7- Twitter profile
plus.google.com/u/0/ - Google+ profile
livejournal.com/profile?userid=72084588&t=I - blog in LiveJournal
GBP is the national currency of the United Kingdom of Great Britain and Northern Ireland. reserve currency. One of the main currencies in the Forex market. Now it is in 4th place in terms of foreign exchange reserves.
Pound symbol and code
UK currency bank code - GBP(abbreviation of the official name - Great Britain Pound).
The pound is denoted by the symbol £(U+20BA) — handwritten capital Latin letter L with 1 or 2 horizontal strokes.
Etymology
Sterling in the 12th century was called English silver coins. 240 sterling weighed just over 373 grams - that was a pound. AT Latin pondus - weight, heaviness. That is, initially the pound sterling really meant "a pound of pure silver."
There is a visible connection with the Old English lexeme steorling - "asterisk". It was the stars that depicted the silver coins produced in Normandy.
Easterling Silver (literally: silver from the eastern lands) - hard-wearing coins made of a durable silver alloy, created in the north of modern Germany - those territories were formerly called Easterling.
A Brief History of the British Pound
Presumably, the pound appeared in 1158 by decree of Henry I. He deprived the jewelers of the right to issue, with whom they often scammed.
Henry I introduced a system of measuring rails. Polished wooden slats served as money. The denomination was indicated by notches. Half of the reiki was in use, the second was kept by the king as proof of authenticity. Such a measuring rod could pay taxes. This monetary system functioned successfully for more than 700 years.
The first coin was issued in England in 1489 - it was a gold sovereign. The last such solvent coin was created in 1982.
Since 1663, the main gold coin in the country is the guinea (21 shillings - 1 pound plus 1 shilling). It was minted until 1813.
Since 1694 they have been printing paper bills(the name has since been established). Elizabeth I established total control over the issue of coins.
For a long time, the pound was freely exchanged for silver or gold, and only in the 20th century was this abandoned.
- by 30% (in 1949) due to an unsuccessful attempt to introduce a peg to other currencies;
- by 20% after the elimination of the gold standard;
- by 14% (in 1966);
- by 25% after another attempt to peg the pound to a foreign currency - this time to deutsche mark(in 1988).
Since 1946, the British pound has been a freely convertible currency (that is, there are no restrictions on foreign exchange transactions). It is also one of the 17 CLS clearing currencies (international settlements are carried out without conversion to other money).
Banknotes and coins
On all British money, the porter of Queen Elizabeth II is placed on the obverse.
Now only 4 banknotes are used: 5, 10, 20, 50 pounds. There are 2 series in progress - E (after revision) and F. The last series retained the size of banknotes and the portrait of the queen, but has a different design and additional measures security: kinegram and luminescent protection.
Since 2016, it is planned to create polymer banknotes: cleaner, safer and more durable. In 2015, these were used in 48 countries.
1 pound sterling - 100 pence.
- 1 penny;
- 2, 5, 10, 20, 50 pence;
- 1.2 lbs.
Pence coins remain solvent only within a clearly defined amount. For example, 50 pence coins can be used to pay for a good or service worth no more than 10 pounds.
1 pound - photo
The £1 coin has been issued since 1983. It differs from coins of lesser value in thickness (3.15 mm), weight (9.5 g) and a characteristic yellow color. Minted from an alloy of copper, nickel and zinc.
On the coins of the last series, the coat of arms of Great Britain is depicted, on the edge is carved: DECUS ET TUTAMEN (“Decoration and Protection”).
In 2017, 1 pound coins will change dramatically for the first time in 30 years. They will have 12 facets, minted from 2 metals using the latest technology. The author of the design, 15-year-old David Pierce, suggested depicting 4 plants on the coins with a face value of 1 pound, each of which symbolizes one part of Great Britain: a rose, a thistle, a shamrock and a leek.
The current version of the 1-pound coin is easy to counterfeit. It is believed that about 3% of the coins of this denomination are fake (approximately 45 million pieces).
What do pounds look like?
The £5 bill features a portrait of the feminist Elizabeth Fry, who became famous for her prison reforms. Former British Prime Minister Winston Churchill is to appear on the new banknotes in 2016.
10 pounds of series E (after revision) contains a portrait of the author of evolutionary theory - Charles Darwin (in the previous version - the writer Charles Dickens).
The old 20-pound note (which depicts the composer Sir Edward Elgar) was retired in 2010. It was replaced by a banknote with a portrait of economist Adam Smith - from the new series F.
In 2014, the 50-pound notes, which depicted Sir John Houblon, the first president of the Bank of England, lost their solvency. On the banknote of the new series - Matthew Bolton (the industrialist who produced steam engines) and James Watt (the Scottish inventor who invented the steam engine).
The ratio of the pound to the dollar is determined on the international currency market and constantly fluctuates. 1 pound in dollars as of May 2019 is approximately 1.25.
At the beginning of the 20th century, 1 pound was equal to 4.9 US dollars. The exchange rate fell to $2.71 in 1966, then to $1.57 in 1976. Historical low - 1.05 US dollars per 1 pound sterling (1985).
If you notice a mistake in the text, please highlight it and press Ctrl+Enter
Pennies, pence, shillings and pounds - how do they relate to each other?
- Pens is the plural of penny. Now £1 = 100 pence. Until 1970-1971, 1 pound = 240 pence, 1 shilling = 12 pence.
- A one pence coin is called a penny. Shillings are long gone. There are 100 pence in one pound. There used to be 20 shillings in the pound and 12 pence in the shilling. But as far as money is concerned, the decimal system has been there for a long time.
- Only not until 1970, but until February 15, 1971. There were 20 shillings in a pound, 12 pence in each shilling, i.e. 1 pound was equal to 240 pence. On February 15, 1971, shillings were abolished, and 1 pound = 100 pence (for ease of counting).
- Penny (eng. Penny, plural pence (pence)) British bargaining chip. The name penny (in old English pennige) has a common root with the German word pfennig.
The old penny was designated d (from the Latin denarius denarius).
The modern penny (after decimalization in 1971) is denoted p.
The penny was first minted in the 8th century by King Gibert of Kent (764) and King Offa of Mercia (757-796) on the model of a silver Frankish denarius (denier) issued ten years earlier. On the obverse of the penny was a bust portrait of the king, on the reverse a cross with decorations.
The weight of a penny was 20-22.5 grains (1.3-1.5 g) of pure silver, the diameter of the coin was about 17 mm, in the 9th century it was about 21 mm.
Under King Edgar of England (957-975), minting of the common English penny began.
Pennies were minted in huge quantities (in particular, because of the need to pay tribute to the Danes), they were widely used right up to Russia. If necessary, the coin was simply cut into pieces, receiving a halfpenny and a quarterpenny.
Until the conquest of England by the Normans and for the first time after it, the quality of the penny almost did not change. However, over time, the quality of the coins began to deteriorate (due to damage to the coins and non-compliance with the general standard by the coin masters).
A particularly strong deterioration in the quality of the penny occurred during the reign of Henry II and during the time of King Stephen. In 1180, a new type of penny (the so-called short cross penny) had to be introduced, with greater weight and silver content.
For a long time, the penny remained the only coin of England. In the XIII century in England, new change coins more and less than a penny were introduced into use: grout (4 pence), halfpenny and farthing (1/4 penny).
By the XIV centuries, a harmonious monetary system was created in England:
1 pound sterling = 20 shillings (until the 16th century only a unit of account) = 60 groats (120 half groats) = 240 pence (= 480 halfpenny) = 960 farthings. - 100 pence = 1 pound
when they say penny they mean 1p - Until 1971, the ratios between monetary units were as follows:
1 pound sterling = 20 shillings
1 half crown = 2.5 shillings
1 florin = 2 shillings
1 shilling = 12 pence
1 groat = 4 pence
1 penny = 4 farthings
