*Business questions>>>Other - Business & Finance Questions

First U.K currency was in Penny,Shillings,Crown and Pounds. When it was changed to present Decimal System?

Question:
First U.K currency was in Penny,Shillings,Crown and Pounds. When it was changed to present Decimal System?

Answer:
The first decimal coins, the 5p and 10p came out in 1968 but the official changeover came later...

On the 15th of February 1971, after a great deal of opposition and discussion, the UK changed from 拢 s d (pounds, shillings and pence) to a decimal system.
I remember having some decimal coins, I think it was the 10p piece with 1969 stamped on it so I guess it was a gradual changeover to give people chance to get used to it. However it was phased in for the 15th Feb 71.

The change was quite substantial. For example on the 14th of February 拢1 was equal to 20 shillings which was equivalent to 240 pence.

On the 15th of February 拢1 was equal to 100 new pence. In preparation some coins were removed from circulation and others were introduced. In 1968 the five pence piece was introduced to replace the shilling and the ten pence piece was introduced to replace the florin. The half penny was withdrawn from circulation in 1969. Finally in 1970 the half crown was withdrawn from circulation and a new twenty pound note was issued.

I hope this answers your question...

Graham