When was decimalisation introduced in the uk

For a short time the old and new currencies operated in unison, whereby people could pay in pounds, shillings and pence and receive new money as change. Originally it was planned that old money would be phased out of circulation over eighteen months, but as it turned out, the old penny, halfpenny and threepenny coins were officially taken out of circulation as early as August In comparison to the rest of the world, Britain lagged behind in the decimalisation stakes.

Whilst Britain and our nearest neighbour Ireland did not convert to decimalisation until , this was not the first time Britain had considered decimalisation. As far back as Parliament had considered decimalising the British currency. In ,the Decimal Association was founded in support of both decimalisation and use of the SI metric system, the international standard for physical measurements which had been adopted by France in the s and has since been widely introduced across the world although interestingly the metric system has still not been fully implemented in the UK.

However despite the introduction of the two shilling silver florin in , worth one-tenth of a pound, and the double florin a four-shilling piece in , there was little development towards decimalisation in Britain for nearly a century.

Whilst various names for a new unit of currency had been suggested — such as the new pound, the royal or the noble — it was decided that as a reserve currency, the pound sterling was too important to lose. There are now only two countries in the world who officially continue to use non-decimal currencies.

Mauritania still employs the ouguiya, which is equal to five khoums and Madagascans use the ariary, which is equal to five iraimbilanja. Whilst many of our closest neighbours have succumbed to the simplicity of the Euro since its induction on 1 January , for now at least the majority of Britons remain faithful to the pound sterling.

Forty years on, those old coins are a distant memory for those in their 40s and beyond, and a puzzlement for those too young to have known them. But pre-decimal pennies are still in use in one part of London where they have a vital role.

They are used to adjust the timing of the pendulum of the clock in the Clock Tower of the Palace of Westminster, commonly known as Big Ben. In pictures: Pre-decimal currency. Decimal currency fears. Shoppers had to learn how to use decimalised currency from 15 February The decision was announced to Parliament in Save the sixpence.

View comments. Published 5 February Published 1 May Published 14 February The Decimal Currency Act was passed in The long buildup ensured a smooth transition. The first decimal coins were issued in , to give shoppers a chance to get used to them before the old system was scrapped.

It was a weird introduction — the new five pence pieces were the same size as a shilling and worth the same, yet there was the potential for confusion because they were not worth five old pence.

BBC reports show some people preferred to stick to the old coins.