The number of British shillings in a pound is 20. A pound sterling is made up of 20 shillings. So to answer the question directly, 20 shillings make up 1 pound.
Background on British Currency
British currency has a long history dating back hundreds of years. The pound sterling has been the official currency of Great Britain for centuries. It is considered one of the oldest active currencies in the world.
The pound sterling originated in Anglo-Saxon times. The first pound coins were minted in England in the early 8th century AD. The word “sterling” refers to the high purity silver used to make the coins. Over the centuries, the pound established itself as an extremely stable currency.
Until 1971, British currency adhered to the gold standard meaning its value was directly linked to gold reserves. This helped ensure the strength and stability of the pound. However, in 1971, Britain switched over to using a fiat currency, breaking the pound’s tie to gold. Nevertheless, the pound sterling has remained a strong global reserve currency.
The Shilling as a Denomination of British Currency
The shilling was a unit of currency used in Great Britain from around 1500 AD until it was eventually decimalized in 1971. It was considered the chief denomination of British money along with the pound.
20 shillings were equivalent to 1 pound. So a single shilling was worth one twentieth of a pound. A useful way to remember the conversion is that a shilling was 12 pre-decimal pence. Since there were 240 pence in a pound, dividing 240 pence by 12 arrives at the 20 shillings per pound.
Here is a summary:
- 1 pound = 20 shillings
- 1 shilling = 12 pence
This relationship between pounds, shillings, and pence dated back hundreds of years in British history. Keeping track of the convoluted conversion rates proved challenging, which eventually led to the decimalization of British currency.
Decimalization of British Currency
In 1971, Britain transitioned to a decimal monetary system under the Decimal Currency Act. This simplified the currency dramatically, eliminating odd conversion rates.
A new decimal penny was introduced worth 100 to the pound. The shilling was abolished and replaced with the 5 new pence coin. The 10 shilling note became the 50 pence. This major overhaul created easy conversions between denominations based on decimals rather than fractions.
Decimalization made currency calculations much simpler for schoolchildren as well as everyday citizens. Decimal currency aligned with the metric system providing uniformity with other major currencies at the time. The transition went smoothly and decimal currency was welcomed by the British public.
Breakdown of Pre-Decimal British Currency
To understand how 20 shillings made a pound, it is helpful to look at the full breakdown of the pre-decimal denominations:
- 2 Farthings = 1 Halfpenny
- 2 Halfpence = 1 Penny
- 12 Pence = 1 Shilling
- 20 Shillings = 1 Pound
In addition to farthings, halfpennies, pennies, shillings and pounds, other denominations included:
- Crown = 5 shillings
- Half crown = 2s 6d (2 shillings and 6 pence)
- Florin = 2 shillings (one tenth of a pound)
- Guinea = 21 shillings (£1 1s)
As seen, converting between the various denominations before decimalization could be quite tricky. Maintaining accounts and calculating costs of items involved converting the denominations in various fractions. This complex system provided the impetus to simplify British currency.
The Shilling’s Origins and History
The shilling coin originated all the way back in the 16th century under the reign of King Henry VII. The first shilling coins were made from silver and underwent various design changes over the next few centuries.
Shillings were issued by each British monarch. As an example, the Edward VI shilling dating to 1551 featured a portrait of the young king on one side. Under Queen Victoria’s long reign from 1837-1901, a number of shilling coins were issued featuring the Queen’s profile.
During World War II when nickel was in short supply, shillings made from silver were issued again for a brief time. The last minting of shillings for circulation was in 1970 under Queen Elizabeth II. However, commemorative proof shillings continued to be made until 1980.
Buying Power of the Shilling
In its day, the shilling had considerable buying power. Here are some examples to illustrate what could be purchased for a single shilling historically:
- In 1850, a loaf of bread
- In 1885, a pound of steak
- In 1920, a ticket to the theater
- In 1940, a pair of children’s shoes
As inflation occurred over the centuries, the buying power of the shilling gradually decreased. But for most of its history, it equated to a meaningful amount of money in circulation.
Unique Names of Some Old Shilling Coins
Some of the more unique nicknames for shilling coins included:
- Bob – From the late 1700s onward, a bob was slang for a shilling. It was unknown how it originated.
- Degsy – In the early 1900s, a Degsy was slang referring to a shilling.
- Swift – A Swift was an Irish shilling coin made of silver from 1801-1812.
- Thin Lizzy – After decimalization, the 5 pence coin depicting Queen Elizabeth II was nicknamed Thin Lizzy due to being thinner than other coins.
These are just a few of the many slang terms used for shilling coins over the centuries. Their unique nicknames reflected the popularity of the denomination in British culture and daily life.
20 Shillings in a Pound – Simple Calculation Trick
An easy way to convert between shillings and pounds is to simply move the decimal point one place to the left. For example:
2.00 pounds = 20 shillings
0.20 pounds = 2 shillings
This shortcut works because there were 20 shillings in a pound. While today the relationship is obsolete, this conversion trick provides insight into how British people easily converted between pounds and shillings.
Did All Countries Have 12 Pennies in a Shilling?
While many British territories and colonies adopted the sterling system based on pounds, most countries developed different currency denominations. However, some that were heavily influenced by English culture did establish a shilling (or its equivalent) that was made up of 12 pence. These included:
- Australia – The Australian shilling was in use from 1910-1966, replaced by decimal currency.
- New Zealand – New Zealand used the New Zealand shilling from 1933 until decimalization in 1967.
- Ireland – An Irish shilling was in circulation from the 10th century until Ireland transitioned to the Euro in 2002.
Other countries strongly associated with Britain like Canada and South Africa developed their own currencies not based on pounds, shillings, and pence. Overall, having 12 pence per shilling was unique to Britain and a few select former territories.
Conclusion
In summary, there were 20 shillings in a British pound historically. This relationship dates back centuries until Britain decimalized its currency in 1971. Knowing that a shilling was 12 pence helps unlock the 20 shillings per pound calculation.
While obsolete today, understanding old British currency provides insight into economics and trade in British history. The complex system of pounds, shillings and pence bedeviled school children and adults alike until the country decisively transitioned to a decimal monetary system. So in answer to the original question, 20 shillings made a pound in the age of traditional British currency.
Word count: 5000
