The transition to decimal currency brought about a change in the value and perception of the shilling, marking a new era in the UK’s monetary system. The British shilling, abbreviated “1s” or “1/-“, was a unit of currency and a denomination of sterling coinage worth 1⁄20 of one pound, or twelve pre-decimal pence. It was first minted in the reign of Henry VII as the testoon, and became known as the shilling, from the Old English scilling,1 sometime in the mid-16th century. It was commonly known as a bob, as in “ten-bob note”, also the Scout Association’s Bob a Job Week.
- If you have old banknotes, your local Post Office will often accept them.
- The slang uses substitute words for numbers, magnifying glasses for money, and other terms specifically derived from money.
- The “bob,” a historical term for one shilling, offers a fascinating glimpse into the evolution of English money and its cultural legacy.
- The letter d is an abbreviation of the Roman word ‘denarius’, which translates to the word ‘penny’.
- These cultural remnants highlight the enduring impact of the bob on British identity and history.
Understanding how currencies are phased out or replaced can help Forex traders anticipate market impacts during similar transitions. A Guinea was worth a pound , which at the time was the equivalent of 20 Shillings. In many ways it was the precursor to the Sovereign, and holds a key place in British coinage history. After the Norman Conquest in 1066, the pound was divided into twenty shillings or 240 pennies. It remained so until decimalization on 15 February 1971, when the pound was divided up as it is still done today. Two shillings and sixpence was half a crown or half a dollar.
How much is half a crown?
The dollar had an average inflation rate of 2.63% per year between 1920 and today, producing a cumulative price increase of 1,271.55%. The transition from the old currency to the decimal currency was a significant change for the UK. It was a move towards a more streamlined and efficient system, making calculations and transactions easier for the general public.
Why is money called a bob?
The old ‘ten bob note’ (10 shillings) was the equivalent of 5 Florins, or 4 Half Crowns, or 2 Crowns. Today, since the UK moved to decimal currency, shillings and “bob” as a currency unit do not exist and the term “10 bob” is no longer in use. A half crown was two shillings and sixpence, 2s 6d or 2/6.
A bob is an old-fashioned British slang term for one shilling, which is worth 5 pence in modern terms. A quid, on the other hand, is slang for one pound, which is equal to 100 pence in modern terms. At the time of writing, an English bob is equal to approximately 1. In addition to these nicknames, shillings were also sometimes used as slang for other, unrelated things.
10 bob is a slang term that is often used to mean 10 shillings. In certain parts of the UK, the term “bob” is used to refer to a shilling, with “ten bob” meaning 10 shillings. This term is no longer used in circulation due to the UK having moved away from the pre-decimal currency system. A bob was an informal term for a shilling, which was worth 12 pennies. A shilling was a unit of currency that was worth one twentieth of a pound sterling and was the equivalent of five pence in today’s money.
What’s half a crown worth now?
Prior to the introduction of decimalisation, two bob (2/-) was an informal term used to refer to two shillings. This was the equivalent of 24 pence or two-twelfths of a pound. As mentioned how much is a bob in english money earlier, 1 shilling is equivalent to 5 pence in today’s currency. Until 1971, British money was divided up into pounds, shillings and pence. From early Anglo-Saxon times the shilling was a unit of account, that is to say, a value used in calculations which had no corresponding coin.
Responses to So, How much is a Quid, a Bob, and a Crown, Really?
These coins were made legal tender for amounts of up to one shilling by a proclamation of 26 July 1797. Historically bob was slang for a British shilling (Twelve old pence, pre-decimalisation – and twenty shillings to a pound). No plural version; it was ‘thirty bob’ not ‘thirty bobs’. Prior to 1971 bob was one of the most commonly used English slang words.
Bob, the noun meaning short hair, dates back to the late 17th century, though it was used much earlier (mid-16th century) with the sense ‘a horse’s tail cut short. These cultural remnants highlight the enduring impact of the bob on British identity and history. The term “tanner” has continued to be used to refer to people who work with leather. Despite the evolution of technology and the availability of fabrics such as nylon and polyester, leather remains a popular choice due to its long-lasting nature, style, and comfort. Tanners had to treat the hides of animals with a process called tanning.
A bob is an old British slang and is generally used to describe an amount of one shilling, which would be equivalent to five pence. On the other hand, a quid is a slang term used to describe an amount of one pound sterling. When someone mentions “15 bob” in English money, they are referring to a historical British currency known as the shilling. Bob was a common slang term used to describe a shilling, which was equivalent to 12 pennies. In the past, the British currency system used a ‘bob’ as slang for a shilling, which was worth 12 old pence, or 5 new pence.
Today, we rarely give much thought to the ‘old money’ of our country. But, as with many things, it’s taken roots and made its undying mark on the English language, perhaps even more so than our current denominations of pounds and pence. In other parts of the world, the term “bob” is not commonly used, and its value may be different or unknown. It was replaced by decimal currency in British pricing in 1971. During the 19th century, prices of goods and services were quoted in bobs, such as 1 bob for a haircut or 2 bobs for a pint of beer.
- In more informal conversations, it can also mean a small amount of money such as “a few bob” or “fifty bob” meaning fifty pounds.
- In his Slang Dictionary in 1864, John Camden Hotten says that the colloquial term “Bob” comes from bobstick and suggested a link to Sir Robert Walpole.
- A “quid”- slang for a pound; a “guinea” was 21 shillings; a “sovereign” – don’t remember; and a “farthing” was a quarter of a penny, there were 12 pennies in a shilling.
- In a 1970 comic, Scrooge says that he would be broke in 600 years if he lost 1 billion dollars a minute, putting his total estimated net worth at $315,360,000,000,000,000.
- The shilling has a long history in British currency, dating back to Anglo-Saxon times.
A two bob watch is a cheap and crappy watch, literally, one that only cost two bob. This phrase comes from the time when hat-makers worked with mercury, mercury poisoning causing brain disorders. Leather was easy and relatively cheap to make and provided a reasonable level of protection and warmth. In early times, the tanner would not just make the leather, they were skilled artisans who could cut the leather and construct items from it. The Bank of England issued British Pound banknotes in 20 different denominations, including this 2 British Pounds banknote (white note) .
The shilling was a key part of the British monetary system until 1971, when the United Kingdom decimalized its currency. In British slang, a “bob” is a slang term for money, usually one shilling or twelve pence. It is derived from the old British coin the “bob” which was worth one shilling or twelve pence, and came into usage in the early 19th century.
Alternatively, the Bank of England has its own procedure for exchanging old banknotes. Coins are somewhat more challenging as banks, postoffices, the Bank of England and The Royal Mint are under no legal obligation to exchange them. We are happy to purchase unwanted coins of any quantity.
” In this system, a ten bob note was equivalent to 50 pence. In today’s decimal currency, a shilling or “bob” is worth 5 pence. This means that if you were to convert a shilling from the old currency into today’s decimal currency, it would be equivalent to 5 pence.