medieval-atlas/introductory/31

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Appendix: coinage The present metric system of money, consisting of a pound of one hundred pence, was introduced into the United Kingdom on 15 February 1971: it replaced the former system which was partially duodecimal. The unit -the pound -was retained in the new system, but the other units -the shilling of which there were twenty to the pound, and the penny of which there were 12 to the shilling (or 240 to the pound) -were superseded. In Scotland and in England the pound had been units of account and actual denominations. In addition, in both countries there were units of account which had never been coins or had long since ceased to be coins: respective examples of these are the mark which was 2/3 ofa pound (that is 13 shillings and fourpence) and the Decimal ImQerial coinage comage £ £ s d Name 21 guinea 1 =100 20 =240 pound (paper note or gold sovreign) 66.66 13/4 =160 merk (=213 of £1) =120 ten shillings 33.3 6/8 =80 half merk (= 1/3 of £1) =60 crown 22.5 2/6 =30 half (a) crown =24 florin, or two shilling piece =12 shilling guinea which became one pound, one shilling, otherwise 21 shillings. The units of the old currency were known by their Latin names, Libra, solidi and denarii which were universally abbreviated, and written thus "iij li. ix s. vj d." or later "£3 9s. 6d"; sometimes sums were witten as 7/4"2d, the stroke representing a long "s" and being 7 shillings and 4 pence ha'penny; and sometimes "d" was dropped, especially if it was a round number of shillings,such as 7/-. Although the denominations were the same in Scotland and England, the value of the Scottish currency had depreciated greatly against that of England. By the time of the union a pound Scots was worth Is. 8d. sterling (ie 20 old pence or 8 new pence). After the union English sterling applied in Scotland as well as in England. Table (Imperial) 4 farthings = 2 half pence = 1 penny 12 pennies = 1 shilling 20 shillings = 1 pound = 240 pence Decimal Imperial Name 5 12 shilling 2.5 6 sixpence 4 groat 3 threepence 1 penny 1/2 halfpenny 1/4 farthing Imperial and decimal coinage PGBM 31