FILTHY LUCRE

In spite of the worst endeavours of our enemies in Europe and our 'statesmen' who want to sell our currency down the river, the British currency is still the Pound Sterling. This page explains British money and how to handle it.

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British money today consists of pounds (equivalent to dollars) and pence or pennies (equivalent to cents). Pounds take their name from the weight of the same name; early coins were just a pound of silver, flattened into round disks to make them easier to carry. Pennies date from the seventh century, when King Penda of Mercia (midlands England) created the pendings, one hundredth of a pound and named after him. Until 1971 the system was known as LSD - not because of any hallucinogenic effects, but because it dated from the Roman terms of librae (pounds), solidii (shillings), denarii (pence). Under this wonderful system it took 12 pence to make a shilling and 20 shillings (i.e. 240 pence) to make a pound. All this changed under Decimalization, when it took only 100 pence to make a pound. The table below shows the various coins and notes currently in circulation, as well as their approximate value in dollars/cents and any old names sometimes (but rarely) still used for them.

Coin

Colour

Shape

U.S. Value

Name(s)

1p

Bronze

Round

1.4c

Penny

2p

Bronze

Round

2.8c

Tuppence/Twopence

5p

Silver

Round

7c

Shilling/Bob

10p

Silver

Round

14c

Florin/Two Bob

20p

Silver

Heptagonal

28c

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50p

Silver

Heptagonal

70c

Ten Bob

£1

Gold

Round

$1.40

Quid

£2

Gold/silver inlay

Round

$2.80

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Note

Colour

Shape

U.S. Value

Name(s)

£5

Blue

Rectangular

$7.00

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£10

Brown

Rectangular

$148.00

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£20

Purple

Rectangular

$28

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£50

Plum

Rectangular

$70

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Of course, it's not that simple. The pound coin comes in a whole range of designs, one each for England, Scotland, Wales and Northern Ireland, with the respective designs changed every few years. I believe Scotland still retains the old green pound note as well, which is legal tender in the rest of the UK, but often difficult to spend. The Isle of Man and Channel Islands use the same currency but with their own coins with different reverse designs. There are also commemorative £2 (all gold) and £5 (all silver, but huge) coins which are legal tender. All coins have Queen Elizabeth II's head on the back and all notes her picture; the design is changed every decade or so. In 2005 the Royal Mint announced a redesign of all coin reverses; they eventually appeared in 2008, and the best that can be said is that they weren't as bad as many had feared.

Overall, the best advice I can give Americans regarding British money is mind your change (it soon builds up) and avoid using £50 notes - unless you are wearing a 'PROSPECTIVE MUGGING VICTIM' t-shirt.

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