£sd
Encyclopedia
£sd was the popular name for the pre-decimal currencies
(sterling
) used in the Kingdom of England
, later the United Kingdom
, and ultimately in much of the British Empire
. This abbreviation meant "pounds
, shilling
s, and pence", and was usually pronounced that way, having originated from the Latin
words "librae, solidi
, denarii
". Under this system, there were 12 pence in a shilling and 20 shillings, or 240 pence, in a pound. A penny
was, until 1960, further subdivided into four farthings
.
The advantage of such a system was its use in mental arithmetic
, as it afforded many factors and hence fractions of a pound such as tenths, eighths, sixths and even sevenths if the guinea
of 21 shillings was used. When dealing with items in dozens, multiplication and division are straightforward; for example, if a dozen eggs cost four shillings, then each egg was four pence.
As countries became independent from the UK, some (like the United States
) abandoned the £sd system quickly, while others (like Australia
) retained it almost as long as Britain itself. Still others, notably Ireland
, decimalised
only when Britain did. Britain abandoned the old penny on Decimal Day
, 15 February 1971, when one pound sterling became divided into 100 new pence. The shilling
was replaced by a 5 pence coin worth one twentieth of a pound.
For much of the 20th century, £sd was the monetary system of most of the Commonwealth
countries, the major exception being Canada
. Historically, similar systems based on Roman coinage were used elsewhere; e.g. the division of the livre tournois
in France
and other pre decimal currencies
such as Spain
, which had 20 maravedis to 1 real
and 20 reals to 1 duro or 5 pesetas
.
decreed that the money
of the Holy Roman Empire
should be the silver
denarius
, containing 1.7 grams of pure silver and weighing about 1.9 grams (the exact weights are disputed). The advantage was that any quantity of money could then be determined by counting (telling
) coins rather than by weighing silver or gold.
Thus a system of counting money emerged from two different sources: In the Roman Empire
12 denarii
were rated equal to 1 gold solidus
– a 4th century Roman coin that was rare but which still circulated; and, since 240 denarii were cut from one Roman libra of silver valued at 1 gold solidus, 240 denarii therefore equalled one pound in Britain (also livre in France, peso in Spain etc.) The English name pound is a Germanic
adaptation of the Latin phrase libra pondo 'a pound weight'.
Different monetary systems based on units in ratio 240:12:1 (L:S:D) were widely used in Europe in medieval times.
£2.3s.6d. (two pounds, three shillings and sixpence)
Unless there was cause to be punctilious, spoken: "two pound(s), three and six". Whether "pound" or "pounds" was used depended upon the speaker, varying with class, region and context.
1/- (one shilling, colloquially 'a bob' – the slash sign derives from an elongated s
for 'solidus', which is also one name for the sign itself)
11d. (elevenpence)
1½d (a penny halfpenny, three halfpence – note that the lf in halfpenny and halfpence was always silent - they were pronounced 'hayp'ny' ˈheɪpni and 'haypence' ˈheɪpəns – hence the occasional spellings ha'penny and ha'pence)
2/- (two shillings, or one florin, colloquially 'two-bob bit')
2/6 (two shillings and six pence, usually said as "two and six" or "half a crown")
4/3 ("four and threepence", the latter word pronounced 'thruppence' ˈθrʌpəns, 'threppence' ˈθrɛpəns or 'throopence', -oo- as in 'foot' ˈθrʊpəns or "four-and-three")
5/- (five shillings, one crown, five bob, a dollar)
£1.10s.- (one pound, ten shillings; one pound ten, thirty bob)
£1/19/11¾d. (one pound, nineteen shillings and elevenpence three farthings: a psychological price
, one farthing under £2)
£14.8s.2d (fourteen pounds, eight shillings and twopence – pronounced 'tuppence' ˈtʌpəns – in columns of figures. Commonly pronounced as "fourteen pound(s) eight and two")
Halfpennies and farthings (quarter of a penny) were represented by the appropriate symbol after the whole pence.
A convention frequently used in retail pricing was to list prices over one pound all in shillings, rather than in pounds and shillings; for example, £4-18-0 would be written as 98/- (£4.90 in decimal currency). This is still seen in Shilling categories of Scottish beer, such as 90/- beer.
Sometimes prices of luxury goods and furniture were expressed by merchants in guineas
, even though the guinea coin had not been struck since 1799. A guinea was twenty-one shillings (£1.05 in decimal currency). Traditionally, certain professionals like lawyers and art dealers quoted prices in guineas. Historically at some auctions the purchaser would bid and pay in guineas but the seller would receive in pounds. The commission was then the same number of shillings. The word "guineas" is still found in the names of some British horse races, even though their prize funds are now fixed in pounds – such as the 1,000 Guineas and 2,000 Guineas at Newmarket Racecourse
.
Fourpence was often known as a 'groat' although the coin of that name was withdrawn in the 19th century.
It is unclear why a sixpenny bit was a 'tanner', one shilling was a 'bob' and a pound
a 'nicker'. A ten-shilling note was sometimes known as 'half a bar'.
It is believed the term quid for a pound originates from the Latin
phrase quid pro quo
.
There also existed a two-shilling piece known as a florin (an early attempt at decimalisation, being ) and a two-shillings-and-sixpence piece known as a half-crown
. Crown coins were latterly issued only as commemorative pieces.
is a parody of the L.S.D system, as is the currency in the "wizarding world" of Harry Potter
.
Lysergic acid diethylamide
was sometimes called “pounds, shillings and pence” during the 1960s, because of the abbreviation LSD. The English rock group The Pretty Things
released a 1966 single entitled "£.s.d." that highlighted the double entendre
.
The Chemical Defence Experimental Establishment called the first field trial with LSD as a chemical weapon “Moneybags” as a pun.
The score of 26 at darts
(one dart in each of the top three spaces) was sometimes called "half-a-crown" as late as the 1990s, though this did start to confuse the younger players.
Currency
In economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...
(sterling
Pound sterling
The pound sterling , commonly called the pound, is the official currency of the United Kingdom, its Crown Dependencies and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence...
) used in the Kingdom of England
Kingdom of England
The Kingdom of England was, from 927 to 1707, a sovereign state to the northwest of continental Europe. At its height, the Kingdom of England spanned the southern two-thirds of the island of Great Britain and several smaller outlying islands; what today comprises the legal jurisdiction of England...
, later the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
, and ultimately in much of the British Empire
British Empire
The British Empire comprised the dominions, colonies, protectorates, mandates and other territories ruled or administered by the United Kingdom. It originated with the overseas colonies and trading posts established by England in the late 16th and early 17th centuries. At its height, it was the...
. This abbreviation meant "pounds
Pound sterling
The pound sterling , commonly called the pound, is the official currency of the United Kingdom, its Crown Dependencies and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence...
, shilling
Shilling
The shilling is a unit of currency used in some current and former British Commonwealth countries. The word shilling comes from scilling, an accounting term that dates back to Anglo-Saxon times where it was deemed to be the value of a cow in Kent or a sheep elsewhere. The word is thought to derive...
s, and pence", and was usually pronounced that way, having originated from the Latin
Latin
Latin is an Italic language originally spoken in Latium and Ancient Rome. It, along with most European languages, is a descendant of the ancient Proto-Indo-European language. Although it is considered a dead language, a number of scholars and members of the Christian clergy speak it fluently, and...
words "librae, solidi
Solidus (coin)
The solidus was originally a gold coin issued by the Romans, and a weight measure for gold more generally, corresponding to 4.5 grams.-Roman and Byzantine coinage:...
, denarii
Denarius
In the Roman currency system, the denarius was a small silver coin first minted in 211 BC. It was the most common coin produced for circulation but was slowly debased until its replacement by the antoninianus...
". Under this system, there were 12 pence in a shilling and 20 shillings, or 240 pence, in a pound. A penny
Penny (British pre-decimal coin)
The penny of the Kingdom of Great Britain and later of the United Kingdom, was in circulation from the early 18th century until February 1971, Decimal Day....
was, until 1960, further subdivided into four farthings
British Farthing coin
A farthing was a coin of England, Great Britain, and finally of the United Kingdom, worth one quarter of a penny, 1/960th of a pound sterling...
.
The advantage of such a system was its use in mental arithmetic
Mental calculation
Mental calculation comprises arithmetical calculations using only the human brain, with no help from calculators, computers, or pen and paper. People use mental calculation when computing tools are not available, when it is faster than other means of calculation , or in a competition context...
, as it afforded many factors and hence fractions of a pound such as tenths, eighths, sixths and even sevenths if the guinea
Guinea (British coin)
The guinea is a coin that was minted in the Kingdom of England and later in the Kingdom of Great Britain and the United Kingdom between 1663 and 1813...
of 21 shillings was used. When dealing with items in dozens, multiplication and division are straightforward; for example, if a dozen eggs cost four shillings, then each egg was four pence.
As countries became independent from the UK, some (like the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
) abandoned the £sd system quickly, while others (like Australia
Australian pound
The pound was the currency of Australia from 1910 until 13 February 1966, when it was replaced by the Australian dollar. It was subdivided into 20 shillings, each of 12 pence.- Earlier Australian currencies :...
) retained it almost as long as Britain itself. Still others, notably Ireland
Republic of Ireland
Ireland , described as the Republic of Ireland , is a sovereign state in Europe occupying approximately five-sixths of the island of the same name. Its capital is Dublin. Ireland, which had a population of 4.58 million in 2011, is a constitutional republic governed as a parliamentary democracy,...
, decimalised
Decimalisation
Decimal currency is the term used to describe any currency that is based on one basic unit of currency and a sub-unit which is a power of 10, most commonly 100....
only when Britain did. Britain abandoned the old penny on Decimal Day
Decimal Day
Decimal Day was the day the United Kingdom and Ireland decimalised their currencies.-Old system:Under the old currency of pounds, shillings and pence, the pound was made up of 240 pence , with 12 pence in a shilling and 20 shillings in a...
, 15 February 1971, when one pound sterling became divided into 100 new pence. The shilling
Shilling (United Kingdom)
The British shilling is an historic British coin from the eras of the Kingdom of Great Britain and the later United Kingdom; also adopted as a Scot denomination upon the 1707 Treaty of Union....
was replaced by a 5 pence coin worth one twentieth of a pound.
For much of the 20th century, £sd was the monetary system of most of the Commonwealth
Commonwealth of Nations
The Commonwealth of Nations, normally referred to as the Commonwealth and formerly known as the British Commonwealth, is an intergovernmental organisation of fifty-four independent member states...
countries, the major exception being Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
. Historically, similar systems based on Roman coinage were used elsewhere; e.g. the division of the livre tournois
Livre tournois
The livre tournois |pound]]) was:#one of numerous currencies used in France in the Middle Ages; and#a unit of account used in France in the Middle Ages and the early modern period.-Circulating currency:...
in France
France
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
and other pre decimal currencies
Pre-decimal currency
A pre-decimal currency is a currency in use before decimalisation of 100 units to 1 unit of currency. The peculiarities of the British £sd system were not unique.The information in the table below is taken from an arithmetic text book of 1874....
such as Spain
Spain
Spain , officially the Kingdom of Spain languages]] under the European Charter for Regional or Minority Languages. In each of these, Spain's official name is as follows:;;;;;;), is a country and member state of the European Union located in southwestern Europe on the Iberian Peninsula...
, which had 20 maravedis to 1 real
Spanish real
The real was a unit of currency in Spain for several centuries after the mid-14th century, but changed in value relative to other units introduced...
and 20 reals to 1 duro or 5 pesetas
Spanish peseta
The peseta was the currency of Spain between 1869 and 2002. Along with the French franc, it was also a de facto currency used in Andorra .- Etymology :...
.
Origins
In the 8th century CharlemagneCharlemagne
Charlemagne was King of the Franks from 768 and Emperor of the Romans from 800 to his death in 814. He expanded the Frankish kingdom into an empire that incorporated much of Western and Central Europe. During his reign, he conquered Italy and was crowned by Pope Leo III on 25 December 800...
decreed that the money
Commodity money
Commodity money is money whose value comes from a commodity out of which it is made. It is objects that have value in themselves as well as for use as money....
of the Holy Roman Empire
Holy Roman Empire
The Holy Roman Empire was a realm that existed from 962 to 1806 in Central Europe.It was ruled by the Holy Roman Emperor. Its character changed during the Middle Ages and the Early Modern period, when the power of the emperor gradually weakened in favour of the princes...
should be the silver
Silver
Silver is a metallic chemical element with the chemical symbol Ag and atomic number 47. A soft, white, lustrous transition metal, it has the highest electrical conductivity of any element and the highest thermal conductivity of any metal...
denarius
Denarius
In the Roman currency system, the denarius was a small silver coin first minted in 211 BC. It was the most common coin produced for circulation but was slowly debased until its replacement by the antoninianus...
, containing 1.7 grams of pure silver and weighing about 1.9 grams (the exact weights are disputed). The advantage was that any quantity of money could then be determined by counting (telling
Bank teller
A teller is an employee of a bank who deals directly with most customers. In some places, this employee is known as a cashier. Most teller jobs require cash handling experience and a high school diploma. Most banks provide on the job training....
) coins rather than by weighing silver or gold.
Thus a system of counting money emerged from two different sources: In the Roman Empire
Roman Empire
The Roman Empire was the post-Republican period of the ancient Roman civilization, characterised by an autocratic form of government and large territorial holdings in Europe and around the Mediterranean....
12 denarii
Denarius
In the Roman currency system, the denarius was a small silver coin first minted in 211 BC. It was the most common coin produced for circulation but was slowly debased until its replacement by the antoninianus...
were rated equal to 1 gold solidus
Solidus (coin)
The solidus was originally a gold coin issued by the Romans, and a weight measure for gold more generally, corresponding to 4.5 grams.-Roman and Byzantine coinage:...
– a 4th century Roman coin that was rare but which still circulated; and, since 240 denarii were cut from one Roman libra of silver valued at 1 gold solidus, 240 denarii therefore equalled one pound in Britain (also livre in France, peso in Spain etc.) The English name pound is a Germanic
Germanic languages
The Germanic languages constitute a sub-branch of the Indo-European language family. The common ancestor of all of the languages in this branch is called Proto-Germanic , which was spoken in approximately the mid-1st millennium BC in Iron Age northern Europe...
adaptation of the Latin phrase libra pondo 'a pound weight'.
Different monetary systems based on units in ratio 240:12:1 (L:S:D) were widely used in Europe in medieval times.
Writing conventions
In writing, there were several conventions for representing amounts of money in pounds, shillings and pence:£2.3s.6d. (two pounds, three shillings and sixpence)
Unless there was cause to be punctilious, spoken: "two pound(s), three and six". Whether "pound" or "pounds" was used depended upon the speaker, varying with class, region and context.
1/- (one shilling, colloquially 'a bob' – the slash sign derives from an elongated s
Long s
The long, medial or descending s is a form of the minuscule letter s formerly used where s occurred in the middle or at the beginning of a word, for example "ſinfulneſs" . The modern letterform was called the terminal, round, or short s.-History:The long s is derived from the old Roman cursive...
for 'solidus', which is also one name for the sign itself)
11d. (elevenpence)
1½d (a penny halfpenny, three halfpence – note that the lf in halfpenny and halfpence was always silent - they were pronounced 'hayp'ny' ˈheɪpni and 'haypence' ˈheɪpəns – hence the occasional spellings ha'penny and ha'pence)
2/- (two shillings, or one florin, colloquially 'two-bob bit')
2/6 (two shillings and six pence, usually said as "two and six" or "half a crown")
4/3 ("four and threepence", the latter word pronounced 'thruppence' ˈθrʌpəns, 'threppence' ˈθrɛpəns or 'throopence', -oo- as in 'foot' ˈθrʊpəns or "four-and-three")
5/- (five shillings, one crown, five bob, a dollar)
£1.10s.- (one pound, ten shillings; one pound ten, thirty bob)
£1/19/11¾d. (one pound, nineteen shillings and elevenpence three farthings: a psychological price
Psychological pricing
Psychological pricing or price ending is a marketing practice based on the theory that certain prices have a psychological impact. The retail prices are often expressed as "odd prices": a little less than a round number, e.g. $19.99 or £2.98. The theory is this drives demand greater than would be...
, one farthing under £2)
£14.8s.2d (fourteen pounds, eight shillings and twopence – pronounced 'tuppence' ˈtʌpəns – in columns of figures. Commonly pronounced as "fourteen pound(s) eight and two")
Halfpennies and farthings (quarter of a penny) were represented by the appropriate symbol after the whole pence.
A convention frequently used in retail pricing was to list prices over one pound all in shillings, rather than in pounds and shillings; for example, £4-18-0 would be written as 98/- (£4.90 in decimal currency). This is still seen in Shilling categories of Scottish beer, such as 90/- beer.
Sometimes prices of luxury goods and furniture were expressed by merchants in guineas
Guinea (British coin)
The guinea is a coin that was minted in the Kingdom of England and later in the Kingdom of Great Britain and the United Kingdom between 1663 and 1813...
, even though the guinea coin had not been struck since 1799. A guinea was twenty-one shillings (£1.05 in decimal currency). Traditionally, certain professionals like lawyers and art dealers quoted prices in guineas. Historically at some auctions the purchaser would bid and pay in guineas but the seller would receive in pounds. The commission was then the same number of shillings. The word "guineas" is still found in the names of some British horse races, even though their prize funds are now fixed in pounds – such as the 1,000 Guineas and 2,000 Guineas at Newmarket Racecourse
Newmarket Racecourse
The town of Newmarket, in Suffolk, England, is the headquarters of British horseracing, home to the largest cluster of training yards in the country and many key horse racing organisations. Newmarket Racecourse has two courses - the Rowley Mile Course and the July Course. Both are wide, galloping...
.
Colloquialisms
During the latter half of the 20th century a half-penny was pronounced 'ha'pny', two-pence was 'tuppence' and a three-penny bit was 'thruppence', the origins of which are obvious.Fourpence was often known as a 'groat' although the coin of that name was withdrawn in the 19th century.
It is unclear why a sixpenny bit was a 'tanner', one shilling was a 'bob' and a pound
Pound sterling
The pound sterling , commonly called the pound, is the official currency of the United Kingdom, its Crown Dependencies and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence...
a 'nicker'. A ten-shilling note was sometimes known as 'half a bar'.
It is believed the term quid for a pound originates from the Latin
Latin
Latin is an Italic language originally spoken in Latium and Ancient Rome. It, along with most European languages, is a descendant of the ancient Proto-Indo-European language. Although it is considered a dead language, a number of scholars and members of the Christian clergy speak it fluently, and...
phrase quid pro quo
Quid pro quo
Quid pro quo most often means a more-or-less equal exchange or substitution of goods or services. English speakers often use the term to mean "a favour for a favour" and the phrases with almost identical meaning include: "give and take", "tit for tat", "this for that", and "you scratch my back,...
.
There also existed a two-shilling piece known as a florin (an early attempt at decimalisation, being ) and a two-shillings-and-sixpence piece known as a half-crown
Half crown (British coin)
The half crown was a denomination of British money worth half of a crown, equivalent to two and a half shillings , or one-eighth of a pound. The half crown was first issued in 1549, in the reign of Edward VI...
. Crown coins were latterly issued only as commemorative pieces.
In popular culture
The currency of Lancre, a kingdom in the fictional world of DiscworldDiscworld
Discworld is a comic fantasy book series by English author Sir Terry Pratchett, set on the Discworld, a flat world balanced on the backs of four elephants which, in turn, stand on the back of a giant turtle, Great A'Tuin. The books frequently parody, or at least take inspiration from, J. R. R....
is a parody of the L.S.D system, as is the currency in the "wizarding world" of Harry Potter
Harry Potter
Harry Potter is a series of seven fantasy novels written by the British author J. K. Rowling. The books chronicle the adventures of the adolescent wizard Harry Potter and his best friends Ron Weasley and Hermione Granger, all of whom are students at Hogwarts School of Witchcraft and Wizardry...
.
Lysergic acid diethylamide
LSD
Lysergic acid diethylamide, abbreviated LSD or LSD-25, also known as lysergide and colloquially as acid, is a semisynthetic psychedelic drug of the ergoline family, well known for its psychological effects which can include altered thinking processes, closed and open eye visuals, synaesthesia, an...
was sometimes called “pounds, shillings and pence” during the 1960s, because of the abbreviation LSD. The English rock group The Pretty Things
The Pretty Things
The Pretty Things are an English rock and roll band from London, who originally formed in 1963. They took their name from Bo Diddley's 1955 song "Pretty Thing" and, in their early days, were dubbed by the British press the "uglier cousins of the Rolling Stones". Their most commercially successful...
released a 1966 single entitled "£.s.d." that highlighted the double entendre
Double entendre
A double entendre or adianoeta is a figure of speech in which a spoken phrase is devised to be understood in either of two ways. Often the first meaning is straightforward, while the second meaning is less so: often risqué or ironic....
.
The Chemical Defence Experimental Establishment called the first field trial with LSD as a chemical weapon “Moneybags” as a pun.
The score of 26 at darts
Darts
Darts is a form of throwing game where darts are thrown at a circular target fixed to a wall. Though various boards and games have been used in the past, the term "darts" usually now refers to a standardised game involving a specific board design and set of rules...
(one dart in each of the top three spaces) was sometimes called "half-a-crown" as late as the 1990s, though this did start to confuse the younger players.
See also
- Pre-decimal British coinage
- Irish pre-decimal system
- Decimal DayDecimal DayDecimal Day was the day the United Kingdom and Ireland decimalised their currencies.-Old system:Under the old currency of pounds, shillings and pence, the pound was made up of 240 pence , with 12 pence in a shilling and 20 shillings in a...
for decimalisation in the UK and Ireland - DecimalisationDecimalisationDecimal currency is the term used to describe any currency that is based on one basic unit of currency and a sub-unit which is a power of 10, most commonly 100....
, for international decimalisation information - Non-decimal currenciesNon-decimal currenciesA non-decimal currency is a currency which has sub-units that are a non-decimal fraction of the main unit, i.e. the number of sub-units in a main unit is not a power of 10.- Contemporary non-decimal currencies :...