A farthing was a coin used in the United Kingdom starting in the 13th century. It was worth one quarter of a penny. But what would a farthing be worth today in British currency?
The Origins and History of the Farthing
The farthing coin originated during the reign of King Henry III between 1216 and 1272. It was a silver coin weighing about 1.3 grams and was worth one quarter of a penny (there were 960 farthings to a pound sterling). The name “farthing” comes from the Old English word “feorthing” meaning “fourth part.”
The original farthing coins depicted a portrait of the ruling monarch on one side. The reverse side often showed a Christian cross design. Over the centuries, the farthing was made out of various metals including silver and copper.
By the 17th century, the farthing had become a copper coin. During the reign of King Charles II between 1660 and 1685, a new standardized farthing weighing 5.2 grams was issued. These copper farthings featured Britannia on one side and a seated Britannia on the reverse.
The production of farthings continued all the way until 1956. Over 700 years, there were many different farthing designs and variations commemorating monarchs and historical events.
Some notable farthing designs include:
- 1625-1649: Farthing depicting King Charles I and crown on reverse
- 1672-1675: Farthing with seated Britannia by famed engraver John Roettier
- 1717-1724: “Dump” farthing showing King George I
- 1806-1807: Farthing struck for use in Malta featuring a Maltese cross
- 1831-1837: Farthing of King William IV with Britannia on reverse
- 1860-1895: Britannia farthings of Queen Victoria weighing 5.7 grams
Over 700 years, the farthing went from a small silver coin to a large copper one. But by the 20th century, inflation had taken its toll and the farthing steadily declined in purchasing power.
The Farthing’s Purchasing Power Over Time
In its early days, the silver farthing had significant worth. When first introduced, it could buy a chicken or a dozen eggs based on historical records. A single farthing could also purchase basic foodstuffs like cheese, flour or vegetables.
But by the Tudor era in the 1500s, the value had decreased. In this period, one farthing might only buy an ounce of candle wax or a pint of milk.
In the Victorian period of the 19th century, the farthing was almost worthless. Prices from 1853 show some of what a single farthing could buy:
- 1 ounce of salt
- 1 lemon
- 2 cabbage leaves
- 1 candle
And by the early 20th century, the farthing truly had minimal purchasing power in Britain. According to a 1917 price guide, one farthing could only purchase:
- 1 ounce of baking powder
- 2 cloves
- 1 onion
- 1 stick of licorice
So over the centuries, rampant inflation in Britain slowly eroded the value of the farthing. What once could buy a full chicken would eventually only fetch one onion.
The Farthing’s Decline and Demise
By the early 20th century, the farthing was clearly not a very useful coin. Retail prices no longer matched up well with such a small denomination. And the Royal Mint spent almost as much money producing farthings as the coins were actually worth.
The first proposal to eliminate the farthing came in 1927 from a parliamentary committee. They argued the coin was obsolete and “more of a nuisance than a convenience.” But there was some public attachment to farthings, so elimination plans were put on hold.
During World War II, rising prices and shortages finally killed off the farthing. The last minting of farthing coins was in 1943 during King George VI’s reign. After the war, farthings remained in circulation but were not produced.
In 1956, the farthing ceased to be legal tender in Britain though some continued to be used informally for a few more years. The 1970s decimalization of British currency sealed the fate of the farthing for good.
Today, early farthing coins from the Middle Ages are prized by collectors. Queen Anne farthings from the early 1700s can fetch over £1,000 at auction if in good condition.
But later mass-produced Victorian and 20th century farthings have minimal collector value, often selling for just a few pence (their original worth).
What is a Farthing Worth Today?
So what would a farthing be worth today if it was still in circulation? There are a few ways we can calculate a modern value:
Converting Old British Money
We know that there were 960 farthings in a pound. Using historical currency conversions:
- 1 British pound in 1950 = approx £35 today
- 960 farthings = 1 pound
- So each farthing = £35 / 960 = about 4 pence today
By this straight currency conversion, a farthing would have the rough purchasing power of 4 pence today.
Inflation Adjustments
Another way to calculate the value is by adjusting for inflation. In 1956 when the farthing was last minted, 4 farthings equaled 1 old penny.
- 1 old penny in 1956 = 1 new penny today
- So 4 farthings would equal 1 new penny
- That means 1 farthing today would be worth about 0.25 pence
Adjusting solely for inflation gives us a value of just 0.25 pence per farthing!
Purchasing Power Equivalents
Finally, we can try to find modern items that would have the same purchasing power as a farthing did historically. Some equivalent values:
- 1850s – A farthing then bought 1 match. 1 match today is about 0.5 pence.
- 1920s – A farthing then bought 1 small mint. 1 mint today is around 2 pence.
- 1950s – A farthing then bought 1 small piece of candy. 1 similar candy today is around 5 pence.
So a farthing might be equivalent to anywhere from 0.5 to 5 pence today, depending on the time period we use for comparison.
Conclusion
The tiny farthing coin once had real purchasing power. But rampant inflation over the centuries gradually erased its value. By the 1950s when it was eliminated, the farthing had declined to almost a useless denomination.
Today, a farthing would be worth anywhere from 0.25 to 5 pence based on different valuation methods. Not much purchasing power! But the farthing remains an important relic of British numismatic history.