View source for Decimal Day

{{short description|15 February 1971, when the UK and Ireland adopted decimal currency}}
{{Use dmy dates|date=March 2025}}
{{Use British English|date=July 2024}}
[[File:Decimal_Day_Coins.jpg|thumb|upright=1.4|An introductory pack of the new currency.]]
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{{History of the English penny}}

'''Decimal Day''' ({{Langx|ga|Lá Deachúil}})<ref>{{Cite web|url=https://adlmag.net/ga/what-is-5-pence-in-us-dollars-6/amp/|title=Cad é 5 pingin i ndollair SAM? - Irisleabhar ADL ➡|date=29 August 2021|access-date=2 January 2023|archive-date=2 January 2023|archive-url=https://web.archive.org/web/20230102152213/https://adlmag.net/ga/what-is-5-pence-in-us-dollars-6/amp/|url-status=live}}</ref> in the [[United Kingdom]] and in [[Republic of Ireland|Ireland]] was Monday 15 February 1971, the day on which each country [[decimalised]] its respective [[£sd]] [[currency]] of [[pound sterling|pounds]], [[Shilling (British coin)|shillings]], and [[penny|pence]].

Before this date, both the British [[pound sterling]] and the [[Irish pound]] (symbol "£") were subdivided into 20 shillings, each of 12 (old) pence, a total of 240 pence. With decimalisation, the pound kept its old value and name in each currency, but the shilling was abolished, and the pound was divided into 100 new pence (abbreviated to "p"). In the UK, the new coins initially featured the word “new”, but in due course this was dropped.

Each new penny was worth 2.4 old pence ("d.") in each currency. Amounts of old pence less than 6d. or 12d. did not convert exactly into multiples of (2<small>{{frac|1|2}}</small>) new pence. Conversion tables were provided, showing how prices in £sd rounded to the new currency:<ref name="conversion"/> as an example, an old value of £7, 10 shillings and sixpence, abbreviated £7 10/6 or {{Nowrap|£7 10s 6d}}, became {{Nowrap|£7.52<small>{{frac|1|2}}p</small>}}.

Coins of half a new penny were introduced [[ halfpenny (British decimal coin) | in the UK]] and [[Halfpenny (Irish decimal coin)|in Ireland]] to maintain the approximate granularity of the old penny, but these were dropped in the UK in 1984 and in Ireland on 1 January 1987 as inflation reduced their value.

==United Kingdom==
{{See also|Coins of the pound sterling#Pre-decimal coinage}}

===Background===

The [[Russian ruble]] was the first decimal currency to be used in Europe, dating to 1704, though China had been using a decimal system for [[History of Chinese currency|at least 2000 years]].<ref>{{cite web |url=https://www.ikhebeenvraag.be/vraag/38053/Welk-land-voerde-als-eerste-het-decimale-stelsel-voor-zijn-valuta-in |title=Welk land voerde als eerste het decimale stelsel voor zijn valuta in |last=Heeffer |first=Albrecht |date=24 May 2016 |access-date=30 May 2016 |language=nl |trans-title=Which country was the first to introduce a decimal system for their currency |archive-date=30 June 2016 |archive-url=https://web.archive.org/web/20160630094009/https://www.ikhebeenvraag.be/vraag/38053/Welk-land-voerde-als-eerste-het-decimale-stelsel-voor-zijn-valuta-in |url-status=live }}</ref> Elsewhere, the [[Coinage Act of 1792]] introduced decimal currency to the United States, the first English-speaking country to adopt a decimalised currency. In France, the decimal [[French franc]] was introduced in 1795.

Before the 1970s, earlier efforts in the United Kingdom to introduce decimalised currency had failed; in 1824, the [[United Kingdom Parliament]] rejected [[John Wrottesley, 1st Baron Wrottesley|Sir John Wrottesley]]'s proposals to decimalise sterling, which were prompted by the introduction of the French franc three decades earlier. Following this, little progress towards decimalisation was made in the United Kingdom for over a century, with the exception of the two shilling silver [[British coin Florin|florin]], first issued on 1849, worth <small>{{sfrac|1|10}}</small> of a pound. A [[double florin]] or four shilling piece, introduced in 1887, was a further step towards decimalisation, but failed to gain acceptance and was struck only between 1887 and 1890.

Though little further progress was made, The Decimal Association, founded in 1841 to promote decimalisation and [[metrication]], saw interest in both causes boosted by a growing national realisation of the importance of ease in international trade, following the 1851 [[Great Exhibition]]; it was as a result of the growing interest in decimalisation that the florin was issued. In a preliminary report issued in 1857 by the [[Royal Commission]] on Decimal Coinage, the benefits and drawbacks of decimalisation were considered, but the report failed to draw any conclusions on the adoption of a change in currency.<ref>{{cite web |archive-url=https://web.archive.org/web/20070929084225/http://www.bopcris.ac.uk/bopall/ref4003.html |title=Preliminary report of the Decimal Coinage Commissioners |publisher=Royal Commission on Decimal Coinage, 1857 |archive-date=29 September 2007 |url=http://www.bopcris.ac.uk/bopall/ref4003.html}}</ref> A final report in 1859 from the two remaining commissioners, [[Samuel Jones-Loyd, Baron Overstone|Lord Overstone]] and Governor of the [[Bank of England]] [[John Hubbard, 1st Baron Addington|John Hubbard]], came out against the idea, claiming that it had "few merits".<ref>BOPCRIS. [http://www.bopcris.ac.uk/bopall/ref4004.html Final Report of the Decimal Coinage Commissioners] {{webarchive|url=https://web.archive.org/web/20050428053600/http://www.bopcris.ac.uk/bopall/ref4004.html |date=28 April 2005}}</ref>

In 1862, the ''[[Select committee (United Kingdom)|Select committee]] on [[Weights and Measures]]'' favoured the introduction of decimalisation to accompany the introduction of [[metric weights and measures]].<ref>[[Department of Trade and Industry (United Kingdom)|Department of Trade and Industry]]. [http://metric.org.uk/Docs/DTI/met1862.pdf Report (1862) from the Select Committee on Weights and Measures] {{webarchive|url=https://web.archive.org/web/20080216035221/http://metric.org.uk/Docs/DTI/met1862.pdf |date=16 February 2008}}</ref>

The ''Royal Commission on Decimal Coinage'' (1918–1920), chaired by [[Alfred Emmott, 1st Baron Emmott|Lord Emmott]], reported in 1920 that the only feasible scheme was to divide the pound into 1,000 [[mill (currency)|mills]] (the ''pound and mill'' system, first proposed in 1824), but that it would be too inconvenient to introduce. A minority of four members said that the disruption would be worthwhile. A further three members recommended that the pound should be replaced by the royal, consisting of 100 [[History of the halfpenny|halfpennies]], with there then being 4.8 royals to the former pound.<ref>Royal Commission on Decimal Coinage [http://www.bopcris.ac.uk/bopall/ref7833.html Decimal coinage] {{webarchive|url=https://web.archive.org/web/20060212042358/http://www.bopcris.ac.uk/bopall/ref7833.html |date=12 February 2006}}</ref>

{{anchor|Decimal Currency Act 1967|Decimal Currency Act 1967}}
{{Infobox UK legislation
| short_title           = Decimal Currency Act 1967{{efn|Section 7(1).}}
| type                  = Act
| parliament            = Parliament of the United Kingdom
| long_title            = An Act to provide for the introduction of a decimal currency in the year 1971; and to regulate the constitution and functions of the Decimal Currency Board.
| year                  = 1967
| citation              = [[List of acts of the Parliament of the United Kingdom from 1967|1967]] c. 47
| territorial_extent    = {{ubli|[[England and Wales]]|[[Scotland]]|[[Northern Ireland]]}}{{efn|Section 7(2).}}
| royal_assent          = 14 July 1967
| commencement          = 15 February 1971{{efn|The [[The Decimal Currency (Appointed Day) Order 1968]]}}
| repeal_date           = 2 May 1986
| amends                = {{ubli|[[Coinage Act 1870]]|[[House of Commons 1957 Disqualification Act 1957]]}}
| amendments            = [[Coinage Act 1971]]
| repealing_legislation = [[Statute Law (Repeals) Act 1986]]
| related_legislation   = [[Decimal Currency Act 1969]]
| status                = Repealed
| original_text         = https://www.legislation.gov.uk/ukpga/1967/47/contents/enacted
| collapsed             = yes
}}
{{Infobox UK legislation
| short_title = Decimal Currency (Appointed Day) Order 1968
| type = Statutory Instrument
| parliament = Parliament of the United Kingdom
| year = 1968
| si_made_date = 15 February 1968
| si_laid_date = 15 February 1968
| primary_legislation = [[Decimal Currency Act 1967]]
| status = Current
| original_text = https://www.legislation.gov.uk/uksi/1968/195/contents/made
| collapsed = yes
}}
{{Infobox UK legislation
| short_title           = Decimal Currency Act 1969
| type                  = Act
| parliament            = Parliament of the United Kingdom
| long_title            = An Act to make further provision in connection with the introduction of a decimal currency, and to impose restrictions on the melting or breaking of metal coins.
| year                  = 1967
| citation              = [[List of acts of the Parliament of the United Kingdom from 1969|1969]] c. 19
| introduced_commons    = 
| introduced_lords      = 
| territorial_extent    = {{ubli|[[England and Wales]]|[[Scotland]]|[[Ireland]]}}{{efn|Section 18.}}
| royal_assent          = 16 May 1969
| commencement          = {{ubli|15 February 1971 (Section 1,section 15(1), 15(2), 15(3), 15(6) and 15(8))|16 May 1969 (Remainder of act){{efn|The [[Acts of Parliament (Commencement) Act 1793]].}}}}
| repeal_date           = 
| amends                = {{ubli|[[Habeas Corpus Act 1679]]|[[Coinage Act 1870]]}}
| replaces              = {{ubli|[[Gold and Silver (Export Control, &c.) Act 1920]]}}
| amendments            = {{ubli|[[Coinage Act 1971]]|[[Northern Ireland Constitution Act 1973]]|[[Friendly Societies Act 1974]]|[[Statute Law (Repeals) Act 1989]]|[[Financial Services Act 2012]]}}
| repealing_legislation = 
| related_legislation   = [[Decimal Currency Act 1967]]
| status                = Amended
| original_text         = https://www.legislation.gov.uk/ukpga/1969/19/contents/enacted
| revised_text          = https://www.legislation.gov.uk/ukpga/1969/19/contents
| use_new_UK-LEG        = Decimal Currency Act 1969
| collapsed             = yes
}}
In 1960, a report prepared jointly by the [[British Association for the Advancement of Science]] and the Association of [[British Chambers of Commerce]], followed by the success of decimalisation in South Africa, prompted the Government to set up the ''Committee of the Inquiry on Decimal Currency'' (Halsbury Committee) in 1961, which reported in 1963.<ref>''The American Economic Review'' Vol. 54, No. 4 (June 1964) [https://www.jstor.org/pss/1810753 pp. 481–485]</ref> The adoption of the changes suggested in the report was announced on 1 March 1966.<ref>{{cite web |url=https://api.parliament.uk/historic-hansard/commons/1966/mar/01/economic-situation#column_1120 |title=Speech by Chancellor of the Exchequer to the House of Commons 1 March 1966 |access-date=2 June 2017 |archive-date=8 March 2017 |archive-url=https://web.archive.org/web/20170308075017/http://hansard.millbanksystems.com/commons/1966/mar/01/economic-situation#column_1120 |work=[[Hansard|Parliamentary Debates (Hansard)]] |date=1 March 1966 |url-status=live }}</ref> The Decimal Currency Board (DCB) was created to manage the transition, but the plans were only approved by Parliament with the Decimal Currency Act 1967 (c. 47). The former [[Greater London Council]] leader [[Bill Fiske]] was named as the chairman of the Decimal Currency Board.

Consideration was given to introducing a new major unit of currency worth ten shillings in the old currency. Suggested names included the ''new pound'', the ''royal'' and the ''[[Noble (English coin)|noble]]''. It would have resulted in the "decimal penny" being worth only slightly more than the old penny, an approach adopted in South Africa, Australia and New Zealand in the 1960s, adopting respectively the [[South African rand]], [[Australian dollar]] and [[New Zealand dollar]] equal in value to 10 shillings. However, Halsbury decided that the pound sterling's importance as a [[reserve currency]] meant that the pound should remain unchanged.

===Preparation===
[[File:British decimalisation training stamps in blocks.JPG|thumbnail|right|British decimalisation training stamps in the same colours and values as the upcoming decimal stamps]]
Under the new system, the pound was retained, but was divided into 100 new pence, denoted by the symbol ''p''. New coinage was issued alongside the old coins. The [[British five pence coin|5p]] and [[British ten pence coin|10p]] coins were introduced in April 1968 and were the same size, composition and value as the [[shilling]] and [[two shillings (British coin)|two shilling]] coins in circulation with them. In October 1969, the [[British fifty pence coin|50p]] coin was introduced, with the [[Bank of England 10 shilling note|10s. note]] withdrawn on 20 November 1970. This reduced the number of new coins required to be introduced on Decimal Day, meaning that the British public would already be familiar with three of the six new coins. Small booklets were made available, containing some or all of the new denominations.

The old [[British halfpenny coin|halfpenny]] was withdrawn from circulation on 31 July 1969, and the [[half crown (British coin)|half-crown]] (2s. 6d.) followed on 31 December to ease the transition.<ref name=autogenerated2>''All Change'', p. 9</ref> The [[British farthing coin|farthing]], last minted in 1956, had already ceased to be [[legal tender]] in 1961.

A substantial publicity campaign took place in the weeks before Decimal Day, including a song by [[Max Bygraves]] called "Decimalisation".<ref>{{cite web |title=Max Bygraves Decimalisation |url=https://www.youtube.com/watch?v=jCiEzQ4EGk4 |via=YouTube | date=14 July 2010 |access-date=29 January 2020 |archive-date=3 November 2020 |archive-url=https://web.archive.org/web/20201103103142/https://www.youtube.com/watch?v=jCiEzQ4EGk4&feature=youtu.be |url-status=live }}</ref> The BBC broadcast a series of five-minute programmes, titled "Decimal Five", to which [[The Scaffold]] contributed some specially written tunes.<ref>{{cite web |title=Decimal Five |url=https://genome.ch.bbc.co.uk/706bd1b534e2495ead2f22063a346a38 |publisher=BBC |access-date=29 January 2020 |date=15 February 1971 |archive-date=29 January 2020 |archive-url=https://web.archive.org/web/20200129210346/https://genome.ch.bbc.co.uk/706bd1b534e2495ead2f22063a346a38 |url-status=dead }}</ref> ITV repeatedly broadcast a short drama called ''Granny Gets The Point'' starring [[Doris Hare]], in which an elderly woman who does not understand the new system is taught to use it by her grandson.<ref>{{cite web |title=Granny Gets the Point |url=https://www.imdb.com/title/tt2089697/ |website=IMDb |access-date=29 January 2020 |quote=A short information film produced to get Britain ready for decimalisation in February 1971 |archive-date=5 December 2021 |archive-url=https://web.archive.org/web/20211205120145/https://www.imdb.com/title/tt2089697/ |url-status=live }}</ref> At 10&nbsp;a.m. on 15 February and again the following week, BBC 1 broadcast 'New Money Day', a ''Merry-Go Round'' schools' programme in which puppet maker [[Peter Firmin]] and his small friend Muskit encountered different prices and new coins when they visited the shops.<ref>{{Cite web|url=https://genome.ch.bbc.co.uk/470fe242e1b24520bbfd476b22bca446|title=BBC Programme Index|website=genome.ch.bbc.co.uk|date=15 February 1971 |access-date=20 September 2021|archive-date=20 September 2021|archive-url=https://web.archive.org/web/20210920212406/https://genome.ch.bbc.co.uk/470fe242e1b24520bbfd476b22bca446|url-status=dead}}</ref><ref>{{Cite web|url=https://genome.ch.bbc.co.uk/0ab340245e9147de867f89085864933e|title=BBC Programme Index|website=genome.ch.bbc.co.uk|date=22 February 1971 |access-date=20 September 2021|archive-date=20 September 2021|archive-url=https://web.archive.org/web/20210920212043/https://genome.ch.bbc.co.uk/0ab340245e9147de867f89085864933e|url-status=dead}}</ref>

Businesses and government departments devised and implemented staff training for recording and processing financial information using the new currency.<ref>{{Citation |title=Postal Decimalisation Instructions |date=April 1970 |issue=1 |url=https://gbps.org.uk/information/sources/staff-handbooks/Postal%20Decimalisation%20Instructions%20(1970).pdf |publisher=Post Office |format=PDF}}</ref>

Banks received stocks of the new coins in advance, which were issued to retailers shortly before Decimal Day to enable them to give change immediately after the changeover. Banks were closed from 3:30&nbsp;p.m. on Wednesday 10 February 1971 to 10:00&nbsp;a.m. on Monday 15 February to enable all outstanding cheques and credits in the clearing system to be processed and customers' account balances to be converted from £sd to decimal. In many banks, the conversion was done manually, as few bank branches were then computerised. February had been chosen for Decimal Day because it was the quietest time of the year for the banks, shops and transport organisations.

Many items were priced in both currencies for some time before and after the change. Prior to Decimal Day, items priced in both currencies had displayed the price in predecimalised currency first, with the price in decimal currency last in parentheses. From Decimal Day onwards, this order was reversed, with decimal currency presented first, and predecimal currency last in parentheses; for example, ''1s (5p)'' would become ''5p (1s)''. This latter order was used on most [[association football|football]] programmes during the 1970–71 season. High-denomination (10p, 20p and 50p) stamps were issued on 17 June 1970.<ref name=autogenerated2/> Post offices were issued with simplified [[training stamp]]s in the same colours as the upcoming decimal stamps.<ref>"Another view" by Douglas Myall in ''[[British Philatelic Bulletin]]'', Vol. 51, No. 5, January 2014, pp. 149–151.</ref>

Exceptions to the 15 February introduction of decimalisation were [[British Rail]] and [[Greater London Council|London Transport]], which had gone decimal one day early, the former urging customers, if they chose to use pennies or threepenny pieces, to pay them in multiples of 6d (2<small>{{frac|1|2}}</small>p, the [[lowest common multiple]] of the two systems).

Conversion tables were provided, showing how prices in £sd rounded to the new currency:<ref name="conversion">{{Cite web |url=https://www.stampboards.com/images/miscr/0enb2UY.jpg |title=New halfpenny conversion table (shoppers' table) |access-date=23 October 2021 |archive-date=23 October 2021 |archive-url=https://web.archive.org/web/20211023133823/https://www.stampboards.com/images/miscr/0enb2UY.jpg |url-status=live }}</ref> this including saying 3d was equivalent to 1p though 9d was equivalent to 4p. This led to some anomalies: school meals were charged at 1s 9d a day or 8s 9d for a five-day week; these became 9p a day or 45p a week despite the conversion tables suggesting 8s 9d should be 44p.<ref>[https://api.parliament.uk/historic-hansard/commons/1971/mar/08/school-meals#S5CV0813P0_19710308_HOC_490 School Meals] {{Webarchive|url=https://web.archive.org/web/20211023133824/https://api.parliament.uk/historic-hansard/commons/1971/mar/08/school-meals#S5CV0813P0_19710308_HOC_490 |date=23 October 2021 }}, Hansard HC Deb 8 March 1971 vol 813 col 195</ref>

===After Decimal Day===
Because of extensive preparations and the publicity campaigns organised by the British government, Decimal Day itself went smoothly. Some criticisms – such as the fact that the [[British half penny coin|new halfpenny coin]] was relatively small, and that some traders had taken advantage of the transition to raise their prices – were levelled, despite the fact that in the latter case, overall price adjustments slightly favoured the consumer.{{Cn|date=November 2019}} Some people used new pennies as sixpences in vending machines.<ref name=autogenerated1>''All Change'', p. 23</ref> After 15 February, shops continued to accept payment in old coins but always issued change in new coins. The old coins were then returned to banks, so most of them were quickly taken out of circulation.

The new [[halfpenny (British decimal coin)|halfpenny]], [[penny (British decimal coin)|penny]], and [[two pence (British decimal coin)|twopence]] coins were introduced on 15 February 1971. Within two weeks of Decimal Day, the [[penny (British pre-decimal coin)|old penny]] (1d) and [[threepence (British coin)|old threepence]] (3d) coins had left circulation, and [[sixpence (British coin)|old sixpences]] had become somewhat rare.<ref name=autogenerated1 /> On 31 August 1971, the 1d and 3d were officially withdrawn from circulation, ending the transition period to decimal currency.<ref>''All Change'', p. 9, 20</ref>

The government intended that in speech, the new units would be called "new pence"; however, the British public quickly began to refer to pennies as "pee" when shortened, with "10p" pronounced as "ten pee" instead of "ten new pence". Other shortenings previously common, such as "tuppence", were now rarely heard, and terms such as "tanner" (used for the silver [[sixpence (British coin)|sixpence]]), which previously designated amounts of money, were no longer used.{{Cn|date=April 2020}} However, some [[Slang terms for money#United Kingdom|slang terms]], such as "quid" and "bob", previously used for pounds and shillings respectively, survived from predecimal times. Amounts denominated in [[guinea (British coin)|guinea]]s (21s or £1.05) were reserved still for specialist transactions, and continued to be used in the sale of horses and at some auctions, amongst others.

[[File:Decimal adder.jpg|thumb|A "Decimal Adder"]]

The public information campaign over the preceding two years helped, as well as the trick of getting a rough conversion of new pence into old shillings and pence by simply doubling the number of new pence and placing a [[solidus (punctuation)|solidus]], or slash, between the digits: 17p multiplied by 2&nbsp;=&nbsp;34, – approximately equal to 3/4 ("three and four", or three shillings and four pence), with a similar process for the reverse conversion.{{cn|date=December 2020}} The willingness of Britain's younger population to embrace decimalisation also helped, with elderly people having greater difficulty in adapting; the phrase "How much is that in old money?", or even "How much is that in real money?" became associated with those who struggled with the change, before in the following decades coming to refer to conversions between metric and imperial weights and measures.<ref>{{cite web|url=http://www.oxfordlearnersdictionaries.com/definition/english/old-money|title=old-money noun - Definition, pictures, pronunciation and usage notes|website=Oxford Learner's Dictionaries|access-date=23 November 2017|archive-date=20 November 2017|archive-url=https://web.archive.org/web/20171120084804/http://www.oxfordlearnersdictionaries.com/definition/english/old-money|url-status=live}}</ref><ref>{{cite web|url=http://www.downthelane.net/extras/2012/08/23/whats-that-in-old-money/|title=Extra's – What's that in old Money?|website=downthelane.net|access-date=23 November 2017|archive-date=5 August 2017|archive-url=https://web.archive.org/web/20170805141530/http://www.downthelane.net/extras/2012/08/23/whats-that-in-old-money/|url-status=live}}</ref> In shops from Decimal Day onwards, new stock would be universally priced in 'new money', though in smaller shops such as newsagents, it was still possible to find stock priced in £sd for several years after 1971; however, remaining stock priced in £sd would still be charged in its equivalent in decimal currency.

Around Decimal Day, "Decimal Adders" and other converters were available to help people convert between the old and new coins. The following is a table showing conversions between the decimal and pre-decimal systems.

{| class="wikitable"
!colspan = 2 | Pre-decimal !! rowspan=2 | Decimal
|-
!Common name !! Amount<br/>(shillings/pence)
|-
| '''(new) pence''' || || 1p = £0.01
|-
| Farthing || <small>{{sfrac|1|4}}</small>d. || <small>{{sfrac|1|48}}</small>s ≈ 0.104p
|-
| Halfpenny || <small>{{sfrac|1|2}}</small>d. || <small>{{sfrac|1|24}}</small>s ≈ 0.208p
|-
| Penny || 1d. || <small>{{sfrac|1|12}}</small>s ≈ 0.417p
|-
| Threepence || 3d. || 1<small>{{sfrac|1|4}}</small>p
|-
| Sixpence || 6d. || 2<small>{{sfrac|1|2}}</small>p
|-
| Shilling || 1/- || 5p
|-
| Florin/Two shillings || 2/- || 10p
|-
| Half crown || 2/6d. || 12<small>{{sfrac|1|2}}</small>p
|-
| Crown || 5/- || 25p
|-
| '''Pound''' || 20/- || £1 = 100p
|-
| Guinea || 21/- || £1.05 = 105p
|}

=== Response to decimalisation ===
In response to the change, some new coins were defaced, stamped with phrases such as "[[Dud|DUD]]", despite being an offence under the Coinage Act.<ref>{{Cite web |last=Moore |first=Lucy |date=15 December 2022 |title=Dirty cash {{!}} Defaced! Money, Conflict, Protest, Fitzwilliam Museum, Cambridge |url=https://www.museumsassociation.org/museums-journal/reviews/2022/12/dirty-cash-defaced-money-conflict-protest-fitzwilliam-museum-cambridge/ |access-date=27 September 2024 |publisher=Museums Association |language=en-US}}</ref>
<gallery>
File:One shilling coin stamped DUD in protest at decimalisation.png|One shilling coin stamped "DUD".
File:Pre-decimalisation UK penny coin stamped with WORTHLESS, ONE PENNY, 1895 in protest at decimalisation.png|Penny stamped with "WORTHLESS".
File:10 new pence coin stamped 2 SHILLING in protest at decimalisation.png|10 New Pence coin stamped "2 SHILLING".
</gallery>

===Validity of old coins===
[[File:1959 Elizabeth II sovereign reverse.jpg|thumb|Along with a few other non-circulating coins, [[Sovereign (coin)|sovereigns]] (including half, double and quintuple sovereigns) survived decimalisation, and remain legal tender to date, though they have far greater worth as [[bullion coin]]s and as [[numismatics|numismatic collectibles]] than their face value.]]
All predecimal coins, except for certain non-circulating coins such as [[Crown (British coin)|crowns]], [[Sovereign (coin)|sovereigns]] and [[double florin]]s<ref>''Coincraft's Standard Catalogue English & UK Coins 1066 to Date'', Richard Lobel, Coincraft. {{ISBN|0-9526228-8-2}}, 1999 ed., p. 637</ref> which were explicitly excluded from demonetisation, are now no longer legal tender. Several other pre-decimal coins remained in circulation beyond 1971 (see below), but have now all been withdrawn following changes to the standards and specifications of circulating coinage.

===Sixpences===
The [[British sixpence coin|sixpence]] (6d), worth exactly 2<small>{{frac|1|2}}</small>p, was withdrawn in June 1980. This enabled the withdrawal of the decimal half-penny coin in 1984.

===Shillings and florins===
Shillings and florins, together with their same sized 5p and 10p coin equivalents, coexisted in circulation as valid currency until the early 1990s. In theory, this would have included coins dating back to 1816, but in practice, the oldest were dated 1947, as older coins contained silver, meaning the value of their metal was worth more than their nominal value. 

The coins were withdrawn when smaller 5p and 10p coins were introduced in 1990 and 1992 respectively. The demonetisation of the larger-size 50p in 1998 means that there are now no sterling coins in everyday circulation dated earlier than 1971.

===Maundy money===
The face value of [[Royal Maundy#Maundy coinage|Maundy money]] coins was maintained, increasing all their face values by a factor of 2.4, as the coins continued to be [[legal tender]] as new pence.<ref>{{cite legislation UK|type=act|act=Coinage Act 1971|year=1971|chapter=24|section=2|access-date=24 April 2022|mode=cs1}}</ref> The [[numismatics|numismatic]] value of each coin, though, greatly exceeds face value.

===Commemorative issues===
Commemorative 'decimal' Crowns dated 1972, 1977, 1980 and 1981 remain legal tender (with a face value of 25p) as do the [[£5 coin]]s issued from 1990 onwards.<ref>{{cite web|url=http://www.royalmintmuseum.org.uk/FAQRetrieve.aspx?ID=49901|title=How can I dispose of commemorative crowns? And why do some have a higher face value than others?|publisher=The Royal Mint Museum|access-date=1 December 2019|archive-date=13 April 2020|archive-url=https://web.archive.org/web/20200413014732/http://www.royalmintmuseum.org.uk/FAQRetrieve.aspx?ID=49901|url-status=dead}}</ref>

===Subsequent changes===
The [[British half penny coin|decimal halfpenny]] (<small>{{frac|1|2}}</small>p), which had been introduced in 1971, remained in circulation until 1984, when its value had been greatly reduced by inflation. It was not struck, save for collectors' sets, following 1983, with those dated 1984 struck only as proofs, or in uncirculated mint sets. The decimal halfpenny was demonetised on 31 December 1984. The 50p piece was reduced in size in 1997, following the reduction in size of the 5p in 1990 and the 10p in 1992 (the large versions of all the three have been demonetised). The 1p and 2p underwent a compositional change from bronze to plated steel in 1992. However, both coins remain valid back to 1971, the only circulating coins on Decimal Day that are still valid.

In 1982, the word "new" in "new penny" or "new pence" was removed from the inscriptions on coins, and was replaced by the number of pence in the denomination (for example, "ten pence" or "fifty pence"). This coincided with the introduction of a new [[twenty pence (British coin)|20p coin]], which from the outset bore simply the legend "twenty pence".

A [[one pound (British coin)|£1 coin]] was introduced into circulation in 1983,<ref>{{cite news|last1=Murray-West|first1=Rosie|title=Maggie's 'brassy' pound coin prepares for 30th birthday|date=16 April 2013|url=https://www.telegraph.co.uk/finance/personalfinance/9998273/Maggies-brassy-pound-coin-prepares-for-30th-birthday.html|newspaper=The Daily Telegraph|access-date=6 March 2015|archive-date=10 October 2015|archive-url=https://web.archive.org/web/20151010155104/http://www.telegraph.co.uk/finance/personalfinance/9998273/Maggies-brassy-pound-coin-prepares-for-30th-birthday.html|url-status=live}}</ref> and a [[two pounds (British coin)|£2 coin]] in 1998 (although a series of commemorative uni-metallic £2 coins had been issued between 1986 and 1996 to celebrate special occasions).

==Ireland==
{{See also|Irish pound#Pre-decimal system}}
[[File:Cash_register_(8058279685)_(2).jpg|thumb|upright=1.5|Cash register in Ireland; the keys have values in "new pence" above and pre-decimal equivalents below.]]

When the old [[£sd]] system (consisting of pounds, shillings, and pence) was in operation, the United Kingdom and Ireland operated within the [[sterling area]], effectively a single monetary area. The [[Irish pound]] was created as a separate currency in 1927 with distinct coins and notes, but the terms of the Currency Act 1927 obliged the Irish currency commissioners to redeem Irish pounds on a fixed 1:1 basis, and so day-to-day banking operations continued exactly as they had been before the creation of the Irish pound.<ref>{{Cite ISB|year=1927|num=32 |title=Currency Act 1927 |date=20 August 1927 |access-date=2 January 2023 |parl=ifs |archive-date=2 January 2023 |archive-url=https://web.archive.org/web/20230102152216/https://www.irishstatutebook.ie/eli/1927/act/32/enacted/en/html |url-status=live }}</ref> The Irish pound was decimalised on 15 February 1971, the same date as the British pound.<ref>{{Cite ISB|year=1970|num=21 |title=Decimal Currency Act 1970 |section=1 |stitle=Interpretation |date=23 December 1970 |access-date=12 June 2023 }}</ref>

This arrangement continued until 1979 when Irish obligations to the [[European Monetary System]] led to Ireland breaking the historic link with sterling.<ref>{{Cite web|title=From the £ (pound sterling) to the Punt (IRP) and to the € |url=http://www.gymmuenchenstein.ch/stalder/tables%20and%20charts/wke12/punteuro.htm |archive-url=https://web.archive.org/web/20120211084342/http://www.gymmuenchenstein.ch/stalder/tables%20and%20charts/wke12/punteuro.htm |archive-date=11 February 2012 |url-status=dead}}</ref>

In Ireland, all pre-decimal [[Irish coinage|coins]], except the [[Shilling (Irish coin)|1s]], [[Florin (Irish coin)|2s]] and [[Irish ten shilling coin|10s]] coins, were called in during the initial process between 1969 and 1972; the [[Irish ten shilling coin|ten shilling coin]], which, as recently issued and in any event equivalent to 50p, was permitted to remain outstanding (though due to [[silver]] content, the coin did not circulate widely). The 1s and 2s were recalled in 1993 and 1994, respectively. Pre-decimal Irish coins may still be redeemed at their face value equivalent in [[euro]]s at the [[Central Bank of Ireland|Central Bank]] in Dublin.

Pre-decimal Irish coins were denoted with ''s'' for shillings and ''d'' for pence, abbreviations derived from the Latin ''[[solidi]]'' and ''[[denarii]]'', in contrast to stamps, which instead bore [[Irish language|Irish-language]] abbreviations (''scilling'' ("shilling", abbreviated "''s''") and ''pingin'' ("penny", abbreviated "''p''")). After decimalisation, coins were marked with the Irish-language abbreviations. While British stamps switched from 'd' to 'p', [[Irish stamps]] (unlike the coins) printed the number with no accompanying letter; so a stamp worth 2 new pence was marked '2p' in the UK and simply '2' in Ireland.<!--This statement is not cited in the "Definitive postage stamps of Ireland" article. Remove this reference to a blacklisted source. It was flagged as black-listed when I fixed the previous kludge. <ref>{{Cite web |url=https://www.stamps-for-sale.com/ireland-eire-decimal-postage-stamps-1970---1980-420-c.asp |title=Irish Decimal Postage Stamps Isuued 1970 - 1980|website=Stamps for Sale.com}}</ref>-->

The following is a table showing conversions between the Irish decimal and pre-decimal systems. It is identical to the British one, except for lacking most higher-value coins.

{| class="wikitable"
!colspan = 2 | Pre-decimal !! rowspan=2 | Decimal
|-
!Coin name !! Amount<br/>(shillings/pence)
|-
| Farthing || <small>{{sfrac|1|4}}</small>d ||  0.104p
|-
| Halfpenny || <small>{{sfrac|1|2}}</small>d. ||  0.208p
|-
| Penny || 1d ||  0.417p
|-
| Threepence || 3d || 1<small>{{sfrac|1|4}}</small>p
|-
| Sixpence || 6d || 2<small>{{sfrac|1|2}}</small>p
|-
| Shilling || 1/- || 5p
|-
| Florin  || 2/- || 10p
|-
| Half crown || 2/6  || 12<small>{{sfrac|1|2}}</small>p
|-
| Ten shillings ||10/- || 50p
|}

Ireland's new decimal coinage had face values of [[Halfpenny (Irish decimal coin)|<small>{{frac|1|2}}</small>p]], [[Penny (Irish decimal coin)|1p]], [[Two pence (Irish coin)|2p]], [[Five pence (Irish coin)|5p]], [[Ten pence (Irish coin)|10p]] and [[Fifty pence (Irish coin)|50p]].

The old [[Shilling (Irish coin)|shilling coin]] continued to circulate with a value of 5 new pence, and the old [[Florin (Irish coin)|florin]] with a value of 10 new pence.<ref>{{Cite web|url=https://legalblog.ie/notes-coins/|title=Notes & Coins – Irish Legal Blog|website=legalblog.ie}}</ref> Unlike in the UK, where the sixpence continued to circulate at a value of 2<small>{{frac|1|2}}</small>p, the [[Irish sixpence]] was withdrawn from circulation after decimalisation. The [[Series A banknotes|ten-shilling note]] was withdrawn from circulation, but the other [[Series A banknotes]] continued in use.<ref>{{Cite web|url=https://www.irishpapermoney.com/a-series-lady-lavery-Irish-10-shilling-notes.html|title=Irish 10 Shillings, Lady Lavery Ten Shilling Note|website=irishpapermoney.com}}</ref>

===Subsequent changes===

A [[Twenty pence (Irish coin)|twenty-pence coin]] was introduced in 1986.<ref>{{Cite web|url=https://www.irishstatutebook.ie/eli/1986/si/32/made/en/print|title=electronic Irish Statute Book (eISB)|first=electronic Irish Statute|last=Book (eISB)|website=irishstatutebook.ie}}</ref> The [[Halfpenny (Irish decimal coin)|decimal halfpenny]] (<small>{{frac|1|2}}</small>p) remained in circulation until 1987, when its value had been greatly reduced by [[inflation]]. Very few were produced after the initial minting.<ref>{{Cite web|url=https://oldcurrencyexchange.com/2015/04/04/coin-guide-irish-decimal-halfpenny/|title=O'Brien Coin Guide: Irish Decimal Halfpenny|date=4 April 2015}}</ref>

In 1990, [[One pound (Irish coin)|the pound coin]] was introduced,<ref>{{Cite web|url=https://en.numista.com/catalogue/pieces1402.html|title=1 Punt / 1 Pound, Ireland|website=en.numista.com}}</ref> and in 1992 the [[Five pence (Irish coin)|5p]] and [[Ten pence (Irish coin)|10p]] coins were reduced in size. The old shilling and florin coins ceased to be [[legal tender]] at the same time.<ref>{{Cite web|url=https://oldcurrencyexchange.com/2014/08/21/rare-coins-the-1992-irish-10p/|title=O'Brien Rare Coin Review: Why is the 1992 Irish 10p coin so valuable?|date=21 August 2014}}</ref>

The Irish pound coins were withdrawn from circulation in 2002, to be replaced by the [[euro]].<ref>{{Cite web|url=https://www.centralbank.ie/consumer-hub/notes-and-coins/historical-banknotes|title=Old Irish Banknotes |publisher=Central Bank of Ireland}}</ref>

==See also==
{{Portal|Money|Numismatics}}
* [[Banknotes of the pound sterling]]
* [[Banknotes of the Republic of Ireland]]
* [[Introduction of the euro]]

== Notes ==
{{Notelist}}

== References ==
{{Reflist}}

==Sources==
*[https://www.royalmint.com/ The Royal Mint], ''All Change: 25th Anniversary of Decimal Currency in Britain'' (pamphlet distributed with 1996 Royal Mint silver proof sets)

==Further reading==
*{{cite book |first=N. E. A. |last=Moore |title=The Decimalisation of Britain's Currency |place=London |publisher=H.M.S.O. |year=1973 |isbn=0116303220 }}

==External links==
* [http://www.nationalarchives.gov.uk/films/1964to1979/filmpage_decimal.htm Decimal Currency – The System] a [[public information film]] produced to educate the public about the new system
* [https://web.archive.org/web/20050331014703/http://www.bopcris.ac.uk/bopall/ref10024.html Committee of the Inquiry on Decimal Currency: report]
* [https://news.bbc.co.uk/onthisday/hi/dates/stories/february/15/newsid_2543000/2543665.stm D Day delivers new UK currency] ([[BBC News]], On this Day, 15 February 1971)
* [https://news.bbc.co.uk/onthisday/hi/dates/stories/march/1/newsid_2513000/2513943.stm Britain to go decimal in 1971] ([[BBC News]], On this Day, 1 March 1966)
* [http://www.royalmint.com/discover/decimalisation Decimalisation] ([[Royal Mint]])
* The History Files: [http://www.historyfiles.co.uk/FeaturesBritain/Modern_Finance01.htm Decimalisation in the UK].
* Musical satirist Tom Lehrer [https://www.youtube.com/watch?v=KIpr0s52yVk singing a song about plans for the decimalisation of the UK's currency] on the David Frost Report.
{{British coinage}}{{Irish currency and coinage}}
[[Category:Currencies of the Republic of Ireland]]
[[Category:Currencies of the United Kingdom]]
[[Category:1971 in the United Kingdom]]
[[Category:1971 in Ireland]]
[[Category:Decimalisation]]
[[Category:1971 in economic history]]
[[Category:History of British coinage]]
[[Category:February 1971 in Europe]]
[[Category:February 1971 in the United Kingdom]]
[[Category:Central Bank of Ireland]]
[[Category:History of pound sterling]]