How much is a shilling worth?

Value of a shilling in pence

On Decimal Day, 15 February 1971, the United Kingdom officially switched to a decimal currency system. The pound was no longer divided into 240 pence but I was instead divided into 100 new pence. One pound was equal to 20 shillings or 240 pence. Shillings are no longer a legal tender British coin.

Understanding Pounds, Shillings, and Pence

Twelve pence (12d/ 12 pence) was equal to a shilling, and so twenty British shillings made a pound sterling (20 x 12 = 240).

Any values that were less than a pound were referred to in shillings and pence. A popular value was 'three and six' (meaning three shillings and six pence) which was actually 42 pence (3 x 12 = 36, plus six pence = 42).

The shilling was also known as a 'bob', for example, 'can you lend me ten bob?'

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How Much Are Shilling Coins Worth Today?

Since the shilling has been used in a variety of different forms, designs and across many years and different reigns, the value of the shilling coin can vary dramatically. Notable auctions of shillings in recent months include the following:

The 1850 shilling (pictured below) was recently sold for £2,750 by London Coins. The lot description noted: 'All 1850 Shillings very rare, with the overdate variety even more so. The second finest example of this type we have offered, only the Andrew Wayne Collection example was superior.'

A brief history of the shilling

References of the phrase 'scilling' or 'scylling' can be found as far back as Anglo-Saxon times, though at that point there was no specific coin with this value.

A coin worth 12d was first produced in the early 16th century (around 1503-4) and at that time was known as a testoon, due to the depiction of a specific monarch on the coin, rather than a generic representation (the name for the coin came from the Italian coin testone, meaning 'head', which had been introduced in the 15th century).

The shilling became the name of the coin during the reign of Edward VI and the earliest dated shilling is from 1548. These coins show the date in Roman numerals.

Shilling issued during the reign of Charles I are particularly interesting to the collector. English towns such as Pontefract and Newark were under siege and so shillings were produced using an array of different precious metals.

Overall, the Royal Mint played a key role in producing the coins, ensuring quality and consistency.

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Edward VI image credit: Classical Numismatic Group, Inc.