How Much Is a Shilling Worth Today?

A shilling converts to 5p in today's money. It was twelve old pence, and twenty shillings made a pound — so at decimalisation in 1971 it became five new pence.

That's the arithmetic. What it actually bought is a different story: a shilling once covered a loaf of bread and change, which is why the 5p figure feels so wrong to anyone who remembers them.

Here's the conversion, what a shilling was really worth, and whether the one in your drawer is worth more than 5p.

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The two answers, and why they differ

There are two honest answers to "how much is a shilling worth today", and mixing them up is what makes the 5p figure feel so wrong.

The face value is 5p. That is fixed arithmetic. Twenty shillings made a pound, so one shilling is a twentieth of a pound — five new pence when the currency changed on 15 February 1971. It has not moved since and never will.

The spending power is a different number entirely, and it depends on which year you are asking about. Using the Office for National Statistics long-run price index:

• A shilling in 1900 had the spending power of roughly £8.60 today.
• A shilling in 1950 was worth around £2.40 in today's money.
• A shilling in 1970 — the last full year before decimalisation — was worth about £1.10.

That last figure is the striking one. When the shilling was retired and became a 5p piece, it was really carrying about a pound of spending power. Prices have risen roughly twentyfold since, which is why the coin in the drawer feels like it ought to be worth more than 5p. It was.

How much were 5 or 10 shillings worth?

Because face value is straight arithmetic, multiples are easy: five shillings is 25p, ten shillings is 50p, and twenty shillings is a pound.

Spending power scales the same way, so ten shillings — the old ten bob note — was worth around £24 in today's money in 1950, and about £11 by 1970. Set the year in the converter above to check any amount, in any year back to 1800.

What could you actually buy with a shilling?

Anchoring the number to real prices helps more than the arithmetic does. Around the 1950s a shilling was roughly the price of a loaf of bread with change left over, or a cinema ticket for a child. That fits the £2.40-ish figure above — comparable to what a loaf costs now.

Two cautions worth keeping in mind. A price index tracks a broad basket of goods, so it describes general spending power rather than the price of any single item; some things (bread, clothing) have risen far less than the average, while others (housing, services) have risen far more. And wages rose over the same period too, so a shilling was not necessarily as hard to earn as the modern equivalent suggests.

The Evolution of British Currency

The British currency system before decimalisation was based on the £sd system, which stood for pounds, shillings, and pence. This system was in use until 1971 when it was replaced by the decimal system.

The shilling sat right in the middle of everyday money. Worth a twentieth of a pound, it broke down into smaller change — sixpences, threepenny bits and pennies — while notes were reserved for larger sums. For most households the coins in the pocket, not the notes in the wallet, were the money that mattered.

Why old British currency was so complicated

The awkwardness was structural. Decimal systems divide by ten; the £sd system divided by twelve and twenty. Twelve pence made a shilling, twenty shillings made a pound, and so a pound was 240 pence. Every sum involved two different bases at once.

That had one genuine advantage — 240 divides neatly by 2, 3, 4, 5, 6, 8, 10 and 12, which made splitting a bill or pricing by the dozen straightforward without fractions. It also made arithmetic in school a serious undertaking, and it is the reason decimalisation happened at all.

Here is how the denominations stacked up:

Above the pound:

• Guinea: Named after the Guinea coast, a guinea was equivalent to one pound and one shilling.
• Five-pound note: This large, stiff piece of pure white paper was worth five pounds.

The pound itself:

• Pound coin (Sovereign): Made of gold, this coin represented a single pound.
• Paper form: The pound was commonly referred to as a quid (see why is it called a quid?).

Below the pound:

• Shillings and pennies: There were various coins combining these two denominations.
• The shilling held a significant position in the old British currency system.

Decimalisation eventually simplified this intricate system, and on February 15, 1971, the UK and Ireland officially adopted decimal currency

The Shilling: A Closer Look

The shilling, derived from the Old German coin 'scilling' or 'scylling,' held an important place in the old British currency. One pound was equivalent to twenty shillings, and each shilling was worth twelve pennies.

In today's decimal currency system, a shilling from Churchill's England would be worth five pence.

To provide further insight into the sub-divisions of the pound, here are some notable denominations:

• Half-sovereign: Equivalent to 10 shillings.
• Crown: Valued at five shillings.
• Florin: Worth two shillings.
• Sixpence: Valued at six pennies.
• Groat: Worth four pennies.
• Penny: Also known as a copper, as it was made of the metal itself. It could be divided into a farthing (a quarter of a penny) and a halfpenny.

The old British coins often contained precious metals or traces of them, reflecting their ancient origins.

This complex system of currency may seem daunting, but the British people used it for centuries without difficulty.

The Purchasing Power of a Shilling

To truly understand the value of a shilling, we must examine its purchasing power in different eras.

Let's step back in time to the 1940s and discover what you could buy with a shilling:

1940s: A Time of Hardships

During World War II, Britain faced significant economic challenges. The cost of living increased, and rationing efforts were implemented to ensure fair distribution of essential goods. With this backdrop, a shilling could buy you basic household items, such as:

• A quarter pound of cocoa.
• A bar of soap.
• A packet of pudding.
• A packet of gum.

However, it's important to note that prices varied throughout the war. For example, the price of milk skyrocketed from 3 pennies per quart in 1939 to 9 pennies per quart by 1944.

These price increases were particularly impactful given the limited incomes of many during the war.

1960s: A Time of Transition

Moving forward to the 1960s, the purchasing power of a shilling remained modest. With a shilling, you could still manage to buy a loaf of bread or pay for a haircut.

Additionally, a shilling could provide you with just under 1 litre of petrol, even though fuel was sold in gallons at the time.

1970s: The Dawn of Decimalisation

In the 1970s, decimalisation brought about significant changes to the British currency. The shilling was abolished, and new coins were introduced.

However, during this transitional period, a shilling could still afford you essential items like a 3-minute phone call, a pint of milk, bread, or newspapers.

The Legacy of Old British Coins

Today, old British coins hold value mainly for collectors and antiquarians. Museums occasionally display collections of these coins, with the shilling often taking pride of place.

If the history of coinage interests you, our guide on what makes coins valuable is a good next read. However, as a means of everyday transaction, the old British coins are no longer used.

The shilling's worth extends beyond its monetary value. It serves as a connection to the past, allowing us to explore history and gain wisdom from the challenges faced by previous generations.

The shilling represents resilience and the ability to adapt to changing times.

Conclusion

The worth of a shilling today reflects the complexity of British currency throughout history. From its origins as a testoon during Henry VII's reign to its role as a significant denomination in the pre-decimalisation era, the shilling holds a special place in British numismatic heritage.

While it may no longer be a part of our modern currency, its value as a historical artefact and a symbol of resilience remains.

Other old coins: Crown · Half crown · Florin · Guinea · Sixpence · Threepence · Farthing

FAQs

How did the shilling compare to other currencies in Churchill's England?

In Churchill's England, the shilling was a significant denomination in the British currency system. It was worth one twentieth of a pound and could be further divided into smaller denominations.

The shilling was commonly used for everyday transactions and had a purchasing power equivalent to five pence in today's decimal currency system.

Why was the guinea coin named as such, and how did it relate to the shilling?

The guinea coin was named after the Guinea coast, a region in West Africa where gold was mined. It was equivalent to one pound and one shilling.

The guinea coin held a prestigious status and was often used for high-value transactions, such as purchasing luxury goods or paying professional fees. Despite its name, the guinea coin did not contain any gold from Guinea but was rather minted from gold imported from other parts of Africa.

Did the purchasing power of a shilling vary among different social classes in pre-decimalisation Britain?

Yes, the purchasing power of a shilling could vary among different social classes in pre-decimalisation Britain. While the shilling was a common denomination used by the general population, its value could have a different impact depending on one's income and social status.

For example, individuals from lower-income households may have found it more challenging to afford basic necessities with a shilling compared to those from wealthier backgrounds. Additionally, the availability and affordability of goods and services could vary across different regions and communities.

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Coin values are a general guide only. What an individual coin fetches depends on its date, condition and metal — for anything potentially valuable, get it seen by a reputable dealer or auction house.