Old money

Old money isn't really that old -- less than 40 years, I'd say.  That's because it was only in 1971 that Britain finally converted its money to the decimal system. 

The US did it in 1792.   Russia did it in 1710.  Now that's old money.

Before 1971, the UK still had the pound sterling, but it was broken down into 20 shillings, which in turn were broken down into 12 pence. To denote this, you would say £1 3s 4d, where s=shilling and d=pence (don't ask) or simply £1 3/4 (which, in decimal terms, is about £1.17).

Now, just to blow your mind, here's a list of coins at the time;

• Farthing: one quarter of a penny (phased out in 1956)
• Half Penny (or ha'penny -- pronounced "hay-penny")
• Penny (plural: pence) There were 240 pence to the pound, which goes back to when a 'pound' meant a pound of silver, and sterling was a sliver (1/240th) of the pound..
• Threepence
• Sixpence (also known as a tanner)
• Shilling (or bob): 1/20 of a pound, so 5p. Even after the conversion, shillings were used as 5p coins until 1990.
• Florin (or two bob): Two shillings, or 10p.  Also used as coins until 1992.
• Half Crown: Worth two shillings and six pence (!)
• Crown: Worth one quarter of a pound
• Half Sovereign: Worth two crowns, or half a pound.
• Sovereign: Worth one pound. They were made of 22ct gold and so stopped being used as currency once their real value outstripped their face value.
• There was also a bank note for ten shillings, usually referred to as 'ten bob,' that was the equivalent of half a pound.
• A 'guinea' was an actual coin, worth £1, until 1797.  However, after it stopped being minted, 'guinea' started to mean 21 shillings (that is, 1 pound and 1 shilling).   Today it means £1.05 although why anyone would use it, I have no idea.

So if an item costs 4/9 and Bobby has a half crown, a florin, and a tanner, how much change will he get back?

Today, the coins are 1p, 2p, 5p, 10p, 20p, 50p, £1 (which replaced one-pound notes in 1983), and £2 (which were introduced in 1998).  In 2008, the coins were redesigned so that the £1 shows the full Royal coat of arms, and the other coins can be put together to form the same image.

It took 5 years to plan, and 18 months to execute, with widespread complaints from the public about inflation, being overcharged, and using 'fake money.'  Not surprisingly, when the opportunity came to change currency to the Euro, England declined.

P.S. The answer is thrupence.