Hold Tight! - New money
 
Chapter 6
 
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7 City Transport
 
<< Back What's that in old money? Next >>
In 1971 we changed from the old pounds, shillings and pence to pounds and new pence. Many people found the changeover difficul. Some had decided it would be difficult, others were against the change for various reasons. The two sets of coins are shown below.
Old and new money.
On top of a one pound note are:
A half-crown (2/6d), a two shilling piece (2/-), a shilling (1/-), a sixpence (6d), a penny (1d) and a threepenny bit (3d) (old money)
A fifty pence piece (50p), a ten pence piece (10p), a five pence piece (5p), a two pence piece (2p), a penny (1p) and half penny (½p) (new money)
The word 'NEW' would later be dropped from the coins and the silver ones reduced in size.
The pound note would soon be redesigned and a bit later replaced by a coin.
A currency converter from 1971. The amounts are rounded, for instance 1p = 2.4d but is shown as 2.5d
A currency converter from 1971.
Amounts are rounded to exact coins, for instance 1p = 2.4d but is shown as 2.5d
The first decimal coin was the florin, or two shillings, introduced way back in 1849. In 1965 the decision was taken to change the currency completely. The farthing had been withdrawn in 1960. In 1968 five and ten pence coins were introduced to replace the shilling and two shillings. In 1969 the ten shilling note was replaced by a fifty pence coin and the old halfpenny was withdrawn. 1970 saw the withdrawal of the half-crown.
The bronze two pence, one penny and half penny entered circulation in 1971 when the old threepence and penny ceased to be legal tender. The old sixpence was kept until about 1980 and used as a two-and-a-half pence coin. We had samples of the new coins a few weeks before the change so that we could practise handling them.
We had to work for one week using both currencies side by side which was very confusing for the passengers and by the Saturday evening we were all running very short of change. We also had to watch out for people trying to use old halfpennies as two pence pieces.
The new half penny and the old sixpence were withdrawn around 1980. In 1982 a twenty pence coin was introduced and in 1983 the pound note was replaced by a coin. A smaller version of the five pence piece arrived in 1990 followed by a smaller ten pence in 1992. In 1998 the fifty pence was also replaced by a smaller version and a two pound coin introduced.
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