Last updated on May 2nd, 2024 at 03:31 pm
Last Updated on May 2, 2024 Posted by Colonial Acres Coins
British coin history is a wild ride, even if you aren’t a rare coin collector. Once subjugated by the Romans, only to become a massive colonizing force, Great Britain has come into contact with a wide variety of cultures, all of which have left their mark. You can see the impact of the different coinages used over the centuries, making Britain’s historical coinage unique and endlessly fascinating.
You won’t believe the kind of denominations that existed over the years, ranging from a farthing to a gold sovereign. At Colonial, we’ve got a wealth of these remarkable coins in our collection from the 1800s (Queen Victoria’s reign) to the early 1950s (the era of George VI, just before Queen Elizabeth II ascended the throne).
Get ready for an exciting trip into the past as we unravel the mystery of these intriguing denominations and the old-fashioned pounds-shillings-pence system once employed in Britain.
Taking a Look Back at British Coins
Over the course of history, the British have seen at least 56 different denominations. As a result, explaining British coinage can get complicated. The first thing to keep in mind is that Great Britain is home to several countries:
- England
- Scotland
- Wales
While England, Scotland and Wales are now part of a united government, it wasn’t always so. Various tribes lived on the island, warring and trading with each other. Add in the raids from the Nordic Vikings and rival Celtic tribes living in what is now France, and you have a complex ethnic and cultural history, which undoubtedly affected the monetary system.
Have you ever thought about why British coins have such peculiar names as farthing and guinea? While those might seem random, they all used to play a critical part in the British monetary system. Here’s a look at some of the most common denominations:
Farthing: Imagine a coin so small that it was easy to lose but played a huge role in daily transactions. Well, that’s what a farthing was! Minted from copper until 1860 and bronze afterwards, the farthing was worth a quarter of a penny (the name came from an Old English word for a fourth). It was such a significant part of British life that it frequently appeared in popular literature of the day. Queen Victoria’s farthings, in particular, are genuine pieces of British history you can hold in your hands!
Half Penny: Often referred to colloquially as a ‘ha’penny,’ this was a coin worth half a penny. Yes, it’s that straightforward. However, don’t let its humble denomination throw you off. Half pennies have a rich history and hold a special charm, especially those from the reign of George VI, which are both beautiful and historically significant.
Guinea: This is a historic coin that was in use from 1663 to 1813. The British guinea was a gold coin that weighed about one-quarter of an ounce and was worth one pound and one shilling at the time. The name was a reference to the Guinea region in Africa, where gold was mined.
Penny: The penny needs no introduction, but its heritage is often overlooked. Worth 1/240th of a pound under the old system, it played a crucial role in British economic life for centuries and has seen many significant changes over the years. The Victorian-era pennies are exquisite examples of coinage of the period and are in high demand amongst collectors and history enthusiasts alike.
Shilling: The shilling was an essential part of British currency until decimalization in 1971. Prior to this change, there were 20 shillings in a pound, and each shilling was worth 12 pennies. Shilling comes from an ancient Germanic word for splitting. Shilling coins from the Victorian era through to the reign of George VI are remarkable artifacts of British history that are as fascinating as they are timeless.
Gold Sovereign: Perhaps no coin holds as much allure as the gold sovereign. Worth a pound, the gold sovereign was the cornerstone of Britain’s pre-decimal financial system. Since then, their intrinsic value as gold has skyrocketed, while their value as historical keepsakes has only grown, with the early 1900s collections being particularly prized.
Brief Explanation of the Pounds System
The pound has a long presence in British coin history, dating back to 775. Back then, the coins were actually made of precious metals, primarily silver. Pennies were the most common denominations, and to reach 1 pound of silver took 240 pieces. Since the formal name for these pennies was “sterling,” it made sense to call a group of 240 a “pound sterling.”
The Transition to Decimal: How British Coinage Evolved
There was a time in history when a pound didn’t comprise 100 pennies. This was the intriguing reality of the traditional British monetary system, where decimalization was not yet the norm. The historical pounds, shillings, and pence system, often represented as £.s.d, traces its roots back to Roman times. Let’s look a little further into this monetary system.
- 1 pound (£1) contained 20 shillings.
- 1 shilling (1s) equated to 12 pence.
So, in essence, your pound would pack 240 pence, not 100 as we’re used to today.
Why the shift, you might ask? Well, it was all about simplification. Picture yourself having to do math with 12s and 20s all the time: not exactly a commercial utopia, eh?
This big change happened on ‘Decimal Day,’ February 15, 1971. It was then that the British currency officially became decimal, making it much easier to understand and use.
Interesting Great Britain Coins for Collectors
Eventually, the wide variety of coinage became more of a hindrance than a help, and the British government took the least useful out of circulation. However, you can still find gems of British coin history from reputable sellers.
One of the most interesting is the gold sovereign, worth 1 pound sterling. First issued in 1489, these coins bore the visage of the ruling monarch, making them a show of political strength. They fell out of favour in 1603 but returned to circulation in 1817, during George III’s reign. This version of the coin has a close association with St. George, a legendary dragon slayer, as the reverse side of the coin bore an illustration of him for several iterations.
Own a Piece of British Coin History
British coinage, with its rich history and distinctive denominations, offers more than just monetary value. Collecting these artifacts, particularly those circulated between the 1800s and 1950s, provides a unique window into British culture, history, and artistry. From the reign of Queen Victoria to the early reign of George VI, British coins provide an authentic piece of history you can hold in your hand.
Here at Colonial, we have an impressive and diverse stock of British coins from this distinctive period. The denominations we have range from the delightful Farthing to the regal Gold Sovereign, each with its own story to tell. To see what’s available, visit the Colonial Acres Coins website. If you have questions, don’t hesitate to give us a call.
