What does 5 shillings mean?

Five shillings was a unit of currency used in the United Kingdom and other areas of the British Empire and Commonwealth. A shilling was equal to 12 pence, so 5 shillings would be equivalent to 60 pence. Though no longer used today, understanding the history and value of 5 shillings provides insight into British economic history.

The Origins and History of the Shilling

The shilling has a long history dating back to the early days of English coinage. After the Norman conquest in 1066, a new coinage system was introduced based on the silver penny. A unit of 20 pence was established known as a shilling. The word shilling comes from Old English “scilling”, which was an accounting term used to describe a grouping of coins.

The shilling remained a unit of account through the Middle Ages, though the silver content and weight of pennies and shillings varied. In the 16th century, minted shilling coins became more standard during the reigns of Henry VII and Henry VIII. The shilling was issued as a larger silver coin to supplement the smaller pennies being minted at the time.

The issuance of shilling coins paved the way for the more systematic denominational structure used in British coinage. In the late Tudor period, a denomination system of pounds, shillings, and pence was firmly established, with 12 pence in a shilling and 20 shillings in a pound. This relationship between pounds, shillings, and pence was often written as £sd with the abbreviations “£” for pounds, “s” for shillings, and “d” for pence, with 5 shillings being 5s.

Shilling production continued through the Stuart and Georgian periods in denominations including two shilling, three shilling, and four shilling coins. The shilling remained a core unit of British currency until 1971, when the UK decimalized its currency and replaced the shilling with the 5 pence piece.

The Value of 5 Shillings Over Time

As a stable unit of currency for over 400 years, the amount of goods and services that could be purchased with 5 shillings changed significantly over time as prices fluctuated and the economy evolved. Here is an overview of what the purchasing power of 5 shillings was at different points in British history:

  • Late Middle Ages (1300s – 1500s) – During the late medieval period, 5 shillings could purchase common trade goods like a cow or several yards of woolen cloth.
  • Elizabethan Era (1558 – 1603) – In Elizabethan times, 5 shillings could buy a pair of men’s shoes or a meal for two at an inn.
  • Restoration Period (1660s) – After the restoration of the monarchy, 5 shillings could pay a week’s wages for an ordinary laborer.
  • Georgian Era (1714 – 1830) – By the Georgian period, 5 shillings could purchase a young chicken or a ticket to the theater in London.
  • Victorian Era (1837 – 1901) – In the 19th century, 5 shillings could cover the average cost of an 8 oz steak dinner.
  • Early 20th Century (1901 – 1950) – At the start of the 20th century, 5 shillings could buy a man’s suit or the average weekly grocery bill for a working class family.

As inflation occurred and the economy modernized, 5 shillings gradually became a less significant amount of money in real terms. But for most of British history, possessing 5 shillings would be seen as a notable sum for common working people to hold at one time.

Spending 5 Shillings in the Victorian Era

To understand the relative value and purchasing power of 5 shillings, it can be illustrative to look at prices and expenses in a certain historical period. The Victorian era, from 1837 – 1901, represents an interesting case study in what 5 shillings could buy at that time.

Some typical costs in Victorian England using 5 shillings:

  • Postage – Posting a basic letter within the UK cost 1 penny. So 5 shillings could send 60 letters.
  • Newspaper – The average cost of a newspaper was 1 penny. 5 shillings would buy you a paper nearly every day for two months.
  • Train ticket – A ticket for a 100 mile train journey was around 5 shillings.
  • Groceries – Staple foodstuffs like sugar and tea cost about 5-10 shillings per pound. So 5 shillings would buy several pounds of groceries.
  • Dinner – An average restaurant dinner was 1-2 shillings. So 5 shillings could cover a nice dinner for two.
  • Concert – Tickets to see a concert or opera were often 5 shillings each.
  • Books – Popular fiction novels sold for around 5 shillings apiece in Victorian England.
  • Clothing – Five shillings could buy a woman’s hat or a man’s waistcoat.

As a rule of thumb, common laborers or service workers in Victorian England earned 10-15 shillings in a typical week’s wages. So 5 shillings represented a notable sum, albeit not a huge fortune. For the middle and upper classes, 5 shillings paid for daily expenditures like meals, tickets, books and postage. But for the working poor, 5 shillings could provide a week’s worth of food or other necessities.

Saving 5 Shillings in a Victorian Piggy Bank

Children in Victorian England were encouraged from a young age to save money for the future. A common tradition was giving a child a “piggy bank” – a small ceramic or iron coin bank shaped like a pig – for storing several shillings in savings.

Parents taught kids the importance of thriftiness by gifting them a piggy bank on birthdays or holidays, along with an initial 5 shilling deposit. Children would then add the odd penny, twopence or sixpence to their funds, watching the savings accumulate over weeks and months. When the bank was full, it might hold 10, 20 or even 50 shillings saved up.

For working class Victorians, getting a lump sum of 5 shillings at once could be rare. So saving up 5 shillings in a piggy bank represented financial achievement and learning prudence. Banks were sometimes smashed open to access the cash for a special occasion or treat. But ideally, the savings would build up over time and help establish a habit of thrift into adulthood.

The Design of Five Shilling Coins

From the 16th to 20th centuries, 5 shilling coins were frequently minted and circulated in Britain. Here are some of the notable 5 shilling coins with details about the monarchs and designs featured on them:

Time Period Coin Description
1558 – 1603 Queen Elizabeth I Five Shilling Coins – Dated between 1582-1600. Featured a crowned bust of Elizabeth I on obverse.
1625 – 1649 Charles I Five Shilling – Also called Crown coins. Showed King Charles on horseback on obverse.
1660 – 1685 Charles II Five Shilling – Displayed the monarch’s draped bust facing left on obverse.
1689 – 1694 William & Mary Five Shilling – Joint coin featuring both monarchs. Had intertwined hair and laurels on obverse.
1702 – 1714 Anne Five Shilling – Portrayed Queen Anne on obverse with sailing ship and laurels on reverse.
1729 – 1739 George II Young Head Five Shilling – Earlier coins with young bust of King George.
1746 – 1750 George II Old Head Five Shilling – Later coins with George as monarch featured his aging profile.

The five shilling coins minted under Elizabeth I were some of the earliest crown coins denominated at five shillings. The monarchs that followed all had five shilling coins minted as well, evolving the design over time. Five shilling coins were issued more sporadically in the 18th and 19th centuries as other denominations became more prominent.

Other Forms of 5 Shillings

While metal coins represented the most common physical incarnation of five shillings, there were some other forms that five shillings were issued in historically:

  • Paper money – Rarely, banknotes were issued by private banks or the Bank of England in a five shilling denomination. They were more commonly issued in pounds.
  • Postal orders – British Post Office money orders allowed sending sums like five shillings through the postal system. They were a popular remittance method in the 19th century.
  • Receipts – Printed receipts were given to document payments and deposits of five shillings, acting as IOUs and records of transactions.
  • Gift vouchers – In the Victorian era, gift vouchers promising five shillings’ value at a particular store began entering circulation as gifting options.
  • Bank notes – Personal written bank notes instructing payments of quantities like five shillings served as informal localized currency.

So while metal coins were the most ubiquitous form, five shillings also appeared in paper documents and analog financial instruments as the British economy expanded and diversified. The number five shillings could represent a transaction even without physical coins changing hands.

The Legacy of the Five Shilling Coin

After over 400 years circulating in British commerce and trade, the five shilling coin ceased to be minted or used after 1971 during decimalization. Yet it remains an iconic coin in British numismatic history. Some of the major legacies of the five shilling coin include:

  • Introduced the shilling as a unit of currency.
  • Served as the chief denomination for large silver coins over centuries.
  • Featured evolving portraits of British monarchs on obverse.
  • Became closely associated with wealth and thrift in sayings like “Save your shillings.”
  • Appeared in literature like Shakespeare plays in discussions of money.
  • Used in commemorative crowns celebrating events like Expo ’51 and Churchill’s death.
  • Drove early introductions of vending machines accepting five shilling coins.
  • Survived as a slang term for five pence pounds after decimalization.

Even as financial systems modernized, the legacy of the five shilling coin persists in numismatics, economic history, and British culture. It represents a bygone era of British currency and commerce before banknotes and digital payments became the norm. The five shilling coin’s long run in circulation is a testament to its practicality and the stability it gave to British money over the centuries.

Key Takeaways

In review, some key facts to remember about five shillings in British history:

  • Equal to 5s or 60 pence in the £sd currency system.
  • Served as a convenient middle denomination between pence and pounds.
  • Had significant purchasing power from the Middle Ages until the 20th century.
  • Featured the portraits of monarchs and sailing ships on coin designs.
  • Used in savings by all classes but especially vital for the working poor.
  • Allowed purchases of goods, meals, tickets and services through history.
  • Ceased circulation in 1971 but remains an iconic unit of British money.

Understanding legacy currency like shillings provides insights into economics, trade, and saving habits throughout British history. While no longer used, the five shilling coin represents a critical part of the nation’s monetary past and development.

Leave a Comment