Here in the UK we use a decimal system of money (currency). This system came into use on February 15, 1971 but before that we used the system of pounds (£) shillings (s) and pence (d)
Old Money or Pre-decimal coinage
There were 20 shillings (s) to a pound (£)
Believe it or not a penny could be divided even
*When English coins where split into four, each quarter was nicknamed a fourthing or fourling, this word evolved into the name FARTHING.
Now, after decimalisation
Division of old money
Below are some slang names used for “old money”
Some slang terms (or nicknames) for money seem to have been invented by soldiers returning from India. Possibly the reference to a 'monkey' for £500 was because the Indian 500 rupee note had a picture of a monkey on it. The soldiers had used the term “monkey” to mean a 500 rupee note and on returning to England the saying was then used to mean £500 English sterling. It is also believed that the 25 rupee note had a picture of a pony on it and so this term was then used for £25.
The use of dollar/half-a-dollar seems to have come about during a long period in which one USA dollar was worth about five shillings.
* The first English gold coin was a guinea and worth one pound or twenty shillings. However, because the price of gold varied the value of the guinea often altered. The value of a guinea was eventually set at 21 shillings. The guinea was commonly used by professional people such as doctors or lawyers but this ceased following decimalisation. Today the guinea mainly survives in the world of thoroughbred horse sales and racing.
Money Maths Challenge - Answer
The answer to the money maths challenge is £8 - 10s - 3¾ (eight pounds ten shillings and threepence three-farthings).