A Pence and a Pound

The history of the money system used in England can be divided into two periods; before and after Decimal Day (1971).  Each period’s currency was accepted as a means for trade, durable, and portable.  The main difference between them was in the divisibility of the money.

Before Decimal Day in 1971, the British Pound originated from the value of one pound of sterling silver.  The silver penny, or pence, was also set so that the weight of 240 pence is one sterling pound.  There were 20 shillings to a pound, and 12 pence to a shilling.  Here is some common slang used to describe currency before Decimal Day (http://www.learnenglish.de/culture/britishmoney.htm):

Farthing = copper coin value 1/4 penny
Ha'penny = copper coin value 1/2 penny
Penny = copper coin, one of the basic units = 1d
Thrupenny bit = brass coloured twelve sided coin value three pence = 3d (thrupence) 
Sixpence (tanner) = silver coin value six pence = 6d
Shilling (bob) = silver coin second basic unit, value 12 pence =1/- 
Florin (two bob) = silver coin value two shillings = 2/-
Half-crown (half a dollar) = silver coin value two shillings and six pence = 2/6d
Ten shillings (ten bob) = banknote value 10 shillings = 10/-
Pound (quid) = third basic unit, banknote value 20 shillings or 240 pence = £1
Five pounds (fiver) = banknote value five pounds = £5

After Decimal day, the value of the penny was set to be 100 pence to a pound (similar to the penny used in American currency).  This effectively increased the value of a penny and made the pound divisible in a more standard way for global trade.  Coins now are available in 1 pence, 2 pence, 5 Pence, 10 Pence, 20 Pence, 50 Pence, One Pound (Quid) and Two pounds (two quid).  Paper money (notes) is issued in denominations of 5, 10, 20 and 50.  At this time, England does not have a 100 note.  Here is some common slang used to describe currency after Decimal Day – you may notice a lot of it is similar to pre-Decimal day (http://www.learnenglish.de/culture/britishmoney.htm)

Nicker or quid=	£1
Lady=	£5 (fiver).
Tenner=	£10
Score=	£20
Pony=	£25
Ton=	£100
Monkey=	£500
Grand=	£1000

Word Count: 226

Works Referenced:

http://www.learnenglish.de/culture/britishmoney.htm

http://www.lonympics.co.uk/new/1009.htm

http://en.wikipedia.org/wiki/Pound_sterling