Web Page 1134
31st March 2013
Top Picture : Remember the old white fivers
Second Picture: So that’s what happened to Martins Bank?
Real Cash
You are all old enough to remember “old money"
or Pounds, Shillings and Pence or even more confusingly L.S.D. (that stood for
Libra Solidus Denarius by the way not the well known drug) was what people
spent before what is affectionately remembered as D-Day (no, not the one in the
Second World War!) meaning Decimalisation Day.
Before the 15th February 1971, if you needed to
understand money life wasn’t quite as simple as it is today. You’d need to have
understood the old system of pounds, shillings and pence.
OK, calculators ready for the younger readers, while
I explain how it all worked:
Four
farthings made a penny (1d)
Two half pennies made a penny (1d) Six pence or a silver six pence made
half a shilling (6d) or a tanner
Twelve pence made a shilling (1s or 1/-) or 'bob' (as in 'bob a job') Two shillings made
a Florin (2/-)
Five shillings made a crown (although there was no such thing except on special occasions, such as to mark the Queen's Coronation in 1953, the death of Sir Winston Churchill in 1965 and for no apparent reason in 1960)
You could have spent a half crown - that's 2/6 (two shillings and six pence)
20 shillings made a pound and there were notes for 10 shillings as well.
Five shillings made a crown (although there was no such thing except on special occasions, such as to mark the Queen's Coronation in 1953, the death of Sir Winston Churchill in 1965 and for no apparent reason in 1960)
You could have spent a half crown - that's 2/6 (two shillings and six pence)
20 shillings made a pound and there were notes for 10 shillings as well.
So there were 240d (that's pence) in £1. That's 12
(pence in a shilling) x 20 (shillings in a pound) - easy isn't it? I don't know
why they ever changed it! If you needed to add up in pounds, shillings and
pence you needed three columns.
Banknotes started at 10 shillings (50p in today's
money). The ten-shilling (or ten bob) note disappeared in 1971, being replaced
by the strange shaped fifty pence coin.
Oh, and what about guineas. One guinea was 21
shillings - that's one pound and one shilling. There were no guinea coins, but
you might still find bills in guineas from solicitors, accountants, auctioneers
and other professionals, and if you went on holiday you might have to settle
your hotel bill in guineas. It was a way of sounding posh and also making a
bill seem a little bit smaller than it actually was – similar to the modern
trick of £9.99 instead of £10! Even here there was a variety. I always assumed
that in the days of real money when items were priced at 19/113/4d
or 9/113/4 d was to fool us into thinking that the item
was a lot less than £1.0s.0d. or ten shillings. Not a bit of it says a retired
accountant friend of mine it was a security measure. When the item was sold it
meant that the counter hand had to give change and so would have to go to the
till and open it, whereas if the item was just £1 or 10/- the receipt for the
sale could be written out and given to the customer and then the note quietly
palmed into the assistants pocket. I think my friend has a suspicious mind!
It was not until 1967 that minting of the old coins
ceased. However, the Royal Mint devised a method to stop people hoarding the
last of the old money. All coins minted in the old denominations from 1967 to
1970 were dated 1967.
Starting from 1968 the “new money” started to be
minted and put into circulation. In fact the system started with the coins
being entitled 'New Pence' and issued in the values of 5p and 10p at first.
These fitted in well with the old system, as they were direct replacements for
the one and two shilling pieces. In those days today's pence were 'new pence'
and that was what was on the coins.
The decimal half penny (½p) was introduced
in 1971 and remained in circulation until 1984, by which time its value had
been greatly reduced by inflation. It was not struck, except for collectors'
sets, after 1983 and was no longer legal tender after 31st 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 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 valid on Decimal Day still to be valid.
In 1982, the
word "new" in "new penny" or "new pence" was
removed from the inscriptions on coins, to be replaced by the number of pence
in the denomination (i.e. "ten pence" or "fifty pence").
This coincided with the introduction of a new 20p coin, which, from the outset,
simply bore the legend "twenty pence".
A new
bi-metallic £2 coin was introduced in 1997, and continues to be minted. Before
that date, commemorative £2 coins were minted in 1986, 1989, 1995 and 1996, but
these are hardly ever found in circulation.
And you just thought it was money, any way I must be
off to try and find my silver threepenny pieces and my white fivers!
Stay in Touch
Peter
You Write:
Joy Writes:
I have been trying to find my best friend PAMELA TANDY. I left Court Lane in 1956. My name was JOYCE LEWINGTON. I was the first person to join Mr Fentiman's art class and I was greatly influenced by Miss Bray. I fondly remember Miss Blitz and recall with terror Miss Pipe. Is there anyone around still who could have been in my year? I too am nostalgic for the days of black & white television with one channel and I wallow in the nostalgia of your wonderful reports.
Joy Writes:
John writes:
I don't know if you have ever done an article on the schools annual poetry competition, but many years ago I won a prize (Can't remember what it was) when I wrote a piece of poetry and it was published in the schools newsletter.
I can still recite it today.
It may be a bit of fun to get your readers who did the same to send them in.
The Nightmare
"Night falls, monster creep.
Coffins open the dead step out
Werewolves cry into the sky
Haunted men they fall and die
Horror houses have many creeps
I just cannot get to sleep".
The mindset of a very young 12/13 year old lad
News and Views:
Dionne Warwick filed for
bankruptcy in her home state of New Jersey, listing assets of $25,500 and
liabilities of over $10 million, mostly stemming for tax debts to California
and the federal government. Claiming "negligent and gross financial
mismanagement," she says the original tax debt was paid, but penalties and
interest continue to mount.
On this day 31st March 1960-1965
On 31/03/1960 the number one single was Running Bear -
Johnny Preston and the number one album was South Pacific
Soundtrack. The top rated TV show was Wagon Train (ITV) and the box office smash was Psycho.
A pound of today's money was worth £13.68
and Burnley were on the way to
becoming the Season's Division 1 champions.
On 31/03/1961 the number one single was Wooden Heart -
Elvis Presley and the number one album was GI Blues - Elvis Presley. The top
rated TV show was The Dickie Henderson
Show (AR) and the box office smash was One Hundred and One Dalmations. A pound of today's
money was worth £13.25 and Tottenham Hotspur were on the way to
becoming the Season's Division 1 champions.
On 31/03/1962 the number one single was Wonderful Land -
The Shadows and the number one album was Blue Hawaii - Elvis Presley. The top
rated TV show was Coronation Street
(Granada) and the box office smash was Lawrence of Arabia.
A pound of today's money was worth £12.89
and Ipswich Town were on the way
to becoming the Season's Division 1 champions. The big news story of the week
was US Air Force consider using lasers
to shoot down missiles.
On 31/03/1963 the number one single was Summer Holiday - Cliff Richard & the
Shadows and the number one album was Summer Holiday - Cliff Richard & the Shadows. The top rated TV
show was Coronation Street
(Granada) and the box office smash was The Great Escape. A pound of today's
money was worth £12.64 and Everton were on the way to becoming
the Season's Division 1 champions.
On 31/03/1964 the number one single was Little Children - Billy J Kramer and
the number one album was With the
Beatles - The Beatles. The top rated TV show was Coronation Street (Granada) and the box office smash
was Dr Strangelove.
A pound of today's money was worth £12.24
and Liverpool were on the way to
becoming the Season's Division 1 champions. The big news story of the day was Radio Caroline starts broadcasts.
On 31/03/1965 the number one single was The Last Time -
Rolling Stones and the number one album was Rolling Stones Number 2 - The Rolling Stones.
The top rated TV show was Coronation Street
(Granada) and the box office smash was The Sound of Music. A pound of today's
money was worth £11.69 and Manchester United were on the way to
becoming the Season's Division 1 champions.