The British shilling, abbreviated "1s" or "1/-", was a unit of currency and a denomination of sterling coinage worth of one pound, or twelve pence. It was first minted in the reign of Henry VII as the testoon, and became known as the shilling, from the Old English , sometime in the mid-16th century. It circulated until 1990. The word bob was sometimes used for a monetary value of several shillings, e.g. "ten-bob note". Following decimalisation on 15 February 1971 the coin had a value of five new pence, and a new coin of the same value but labelled as "five new pence" or "five pence" was minted with the same size as the shilling until 1990, after which the shilling no longer remained legal tender. It was made from silver from its introduction in or around 1503 until 1946, and thereafter in cupronickel.
Before Decimal Day in 1971, sterling used the Carolingian monetary system ("£sd"), under which the largest unit was a pound (£) divided into 20 shillings (s), each of 12 pence (d).
Although the coin was not minted until the 16th century, the value of a shilling had been used for accounting purposes since the early medieval period. The value of one shilling equalling 12 pence (12 d) was set by the Normans following the conquest; before this various English coins equalling 4, 5, and 12 pence had all been known as shillings.
The notation for a number of shillings and pence was widely used (e.g., "19/11" for nineteen shillings and eleven pence). The form was used for a number of shillings and zero pence (e.g., "5/–" for five shillings exactly).
History
The first coins of the pound sterling with the value of 12d were minted in 1503 or 1504 and were known as testoons. The testoon was one of the first English coins to bear a real (rather than a representative) portrait of the monarch on its obverse, and it is for this reason that it obtained its name from an Italian coin known as the testone, or headpiece, which had been introduced in Milan in 1474. Between 1544 and 1551 the coinage was debased repeatedly by the governments of Henry VIII and Edward VI in an attempt to generate more money to fund foreign wars. This debasement meant that coins produced in 1551 had one-fifth of the silver content of those minted in 1544, and consequently the value of new testoons fell from 12d to 6d. The reason the testoon decreased in value is that unlike today, the value of coins was determined by the market price of the metal contained within them. This debasement was recognised as a mistake, and during Elizabeth's reign newly minted coins, including the testoon (now known as the shilling), had a much higher silver content and regained their pre-debasement value.
Shillings were minted during the reigns of every English monarch after Edward VI, as well as during the Commonwealth, with a vast number of variations and alterations appearing over the years. The Royal Mint undertook a massive recoinage programme in 1816, with large quantities of gold and silver coin being minted. Previous issues of silver coinage had been irregular, and the last issue, minted in 1787, was not intended for issue to the public, but as Christmas gifts to the Bank of England's customers. New silver coinage was to be of .925 (sterling) standard, with silver coins to be minted at 66 shillings to the troy pound. Hence, newly minted shillings weighed troy ounce, equivalent to 87.273 grains or 5.655 grams.
The Royal Mint debased the silver coinage in 1920 from 92.5% silver to 50% silver. Shillings of both alloys were minted that year. This debasement was done because of the rising price of silver around the world, and followed the global trend of the elimination, or the reducing in purity, of the silver in coinage. The minting of silver coinage of the pound sterling ceased completely (except for the ceremonial Maundy Money) at the end of 1946 for similar reasons, exacerbated by the costs of the Second World War. New "silver" coinage was instead minted in cupronickel, an alloy of 75% copper and 25% nickel.
Beginning with Lord Wrottesley's proposals in the 1820s there were various attempts to decimalise the pound sterling over the next century and a half. These attempts came to nothing significant until the 1960s when the need for a currency more suited to simple monetary calculations became pressing. The decision to decimalise was announced in 1966, with the pound to be redivided into 100, rather than 240, pence. Decimal Day was set for 15 February 1971, and a whole range of new coins was introduced. Shillings continued to be legal tender with a value of 5 new pence until 31 December 1990.