Can anyone tell me how it worked? I don't understand it at all. I am talking it about in the 60s and 70s. If there is anyone who is clever enough to know the old system can you please enlighten me because I don't have a clue.
The old money system?
The old system used to be something called the "pound", which was split up into smaller units called "pennies". I know, crazy! I'm not sure how people coped.
Hope that helps you David.
The POUND is basically still the same, though in those days it was a POUND NOTE, not a coin. Nowadays the smallest note is £5.
The Pound was divided into 20 SHILLINGS which had a slang name of a BOB, so half a pound was 10 shillings or 10 bob. We used to have a NOTE for 10 Shillings, and there was no specific coin for 10 bob (nowadays a 50p coin).
Each shilling was divided into 12 pennies, which is a convenient number because it can be divided by 3 or by 4 so it is easy to have a third of a shilling (4 old pennies) or a half a shilling (sixpence) or a quarter of a shilling (three old pence). We had coins for an old penny, a threepenny bit (thruppenny bit) and a sixpenny coin (a tanner), and a Shilling coin, (known as a Bob), a two-shilling coin (called a florin) and a two-shillings and sixpence coin (called a half crown) That was convenient as it was an Eighth of a pound. There was also a Quarter of a pound coin (five shillings) called a Crown, but actually these were very rarely seen.
Even an old penny was quite valuable in those days, a 1971 old penny would be the rough equivalent of 9p in 2013 money, so the old penny also had sub divisions, the Half-Penny coin (haypenny, hahpenny) and a quarter penny coin (Farthing).
So 12 old pence to a shilling and 20 shillings to a pound means that there were 240 pennies in a pound.
When the system was decimalized in 1971, it was felt that jumping to just 100 pence in a pound mean that each new penny was worth 2.4 old pennies, so in terms of value, equivalent to about 21p in 2013 money, so to ease the changeover the 'cleanliness' of the new decimal system was polluted by having a half-new-penny coin.
So the smallest available increase in a price in 1971 (a half-new-penny) was the equivalent of about 10.5p nowadays, which shows that it is somewhat pointless having 1p, 2p and 5p coins nowadays; the copper ones (actually steel covered in copper nowadays) certainly might as well be scrapped.
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Prices and especially bets were often quoted as Posh money: Guineas which was 21 shillings, but the actual transactions took place in real money.
A guinea is a very old historical coin made of gold and very valuable in modern money, only sold as collectors coins really and priced over £70 each.
Don't forget the 10 Bob note.
Scrap the 1p coin Bill? But that would end the 99p Store's commercial advantage over Poundland in a stroke! Think about what you are saying!
Quote: billwill @ August 13 2013, 4:08 AM BSTThe POUND is basically still the same, though in those days it was a POUND NOTE, not a coin. Nowadays the smallest note is £5.
The Pound was divided into 20 SHILLINGS which had a slang name of a BOB, so half a pound was 10 shillings or 10 bob. We used to have a NOTE for 10 Shillings, and there was no specific coin for 10 bob (nowadays a 50p coin).
Each shilling was divided into 12 pennies, which is a convenient number because it can be divided by 3 or by 4 so it is easy to have a third of a shilling (4 old pennies) or a half a shilling (sixpence) or a quarter of a shilling (three old pence). We had coins for an old penny, a threepenny bit (thruppenny bit) and a sixpenny coin (a tanner), and a Shilling coin, (known as a Bob), a two-shilling coin (called a florin) and a two-shillings and sixpence coin (called a half crown) That was convenient as it was an Eighth of a pound. There was also a Quarter of a pound coin (five shillings) called a Crown, but actually these were very rarely seen.
Even an old penny was quite valuable in those days, a 1971 old penny would be the rough equivalent of 9p in 2013 money, so the old penny also had sub divisions, the Half-Penny coin (haypenny, hahpenny) and a quarter penny coin (Farthing).
So 12 old pence to a shilling and 20 shillings to a pound means that there were 240 pennies in a pound.
When the system was decimalized in 1971, it was felt that jumping to just 100 pence in a pound mean that each new penny was worth 2.4 old pennies, so in terms of value, equivalent to about 21p in 2013 money, so to ease the changeover the 'cleanliness' of the new decimal system was polluted by having a half-new-penny coin.
So the smallest available increase in a price in 1971 (a half-new-penny) was the equivalent of about 10.5p nowadays, which shows that it is somewhat pointless having 1p, 2p and 5p coins nowadays; the copper ones (actually steel covered in copper nowadays) certainly might as well be scrapped.
~~~~~~~~~~~~~~~~~~~~
Prices and especially bets were often quoted as Posh money: Guineas which was 21 shillings, but the actual transactions took place in real money.
A guinea is a very old historical coin made of gold and very valuable in modern money, only sold as collectors coins really and priced over £70 each.
Does that chat up line ever work?
It all sounds incredibly complicated.
I was working in a bank through this period.
We actually had the coinage in the vaults about two years beforehand. It was delivered by lorry and we had to help unload. We dropped a couple of the boxes which split and 'the new money' was rolling round the street being picked up by old ladies . . 'Look Else, it's the new money!'
On the subject of pounds, shillings and pence, I worked with someone once who could add up a full ledger page by putting his pencil at the bottom of the columns running it up the columns, carrying over as he went. Those of you who remember old money, and understand my attempt at describing it, will realise what a prodigious feat that was !
I don't remember the changeover but the key coins and notes I guess were:
Pennies (12 per Shilling, 240 per Pound)
Shilling (20 per pound)
10 Shilling note (2 per Pound)
I seem to recall that all measurements, whether in size, weight, money etc were deliberately complicated so the poor couldn't work it out. Therefore the toffs got richer.
Stand by your beds! Don't rule out this never happening again 
You don't mean....Oldrocker is the Highlander??!!!??!!
"From the Dawn of Time we came, moving silently down through the centuries, living many secret lives, struggling to reach the Time of the Gathering, when the few who remain will battle to the last. No one has ever known we were among you, until now."
Quote: Tuumble @ August 13 2013, 11:40 AM BSTI
I seem to recall that all measurements, whether in size, weight, money etc were deliberately complicated so the poor couldn't work it out. Therefore the toffs got richer.
You're confusing "poor" with "innumerate".
Quote: Nogget @ August 13 2013, 2:19 PM BSTYou're confusing "poor" with "innumerate".
Fair point. I guess 200+ years ago there was considerable cross over however
Quote: Nogget @ August 13 2013, 8:40 AM BSTDon't forget the 10 Bob note.
I mentioned that in the second paragraph.
Then bought about as much as a 5 quid note nowadays.
Quote: Shandonbelle @ August 13 2013, 10:53 AM BSTDoes that chat up line ever work?
Dunno, I'll try it on you next time we meet.
And of course the 3d piece gave us a wonderful piece of rhyming slang.