"these coins can still be found in circulation occasionally as 5, 10 and 20 cent coins. The last £sd bank note to cease to be legal tender anywhere in the world was the Isle of Man ten shilling note, which ceased to be legal tender there in 2013. £sd £sd (occasionally written Lsd, spoken as ""pounds, shillings and pence"" or pronounced /ɛlɛsˈdiː/ ell-ess-dee) is the popular name for the pre-decimal currencies once common throughout Europe, especially in the British Isles and hence in several countries of the British Empire and subsequently the Commonwealth. The abbreviation originates from the Latin currency"
"Finally, there was an issue of proof quality coins dated 1970 for collectors, to bid farewell to a denomination which had served the country well for 1200 years. The longstanding depiction of Britannia on the penny was translated by sculptor Christopher Ironside to the post-decimal fifty-pence coin. The Decimal Currency Board had anticipated the need for a transition of up to 18 months after Decimal Day, 15 February 1971, but the ""old penny"" quickly vanished from circulation, and it was made no longer legal tender after 31 August 1971. It had been the last survivor of the three bronze coins,"
"The official currency is the Pound sterling. In the ""London Gazette"" of 9 October 1970 a notice appeared under the heading of ""State Intelligence"". It was a proclamation by the Queen calling in all farthings, halfpennies and half-crowns in the Falkland Islands, the Dependencies of the Falkland Islands and the British Antarctic Territory. It stated, ""Elizabeth R. We, in exercise of the powers conferred by section 11 of the Coinage Act 1870, do hereby, by and with the advice of Our Privy Council, call in, in the Falkland Islands, the Dependencies of the Falkland Islands and the British Antarctic Territory,"
"tendency to keep its reserves in US dollars. Although Bermuda changed to a U.S. based currency and changed the bulk of its reserves from sterling to U.S. dollars in 1970, it still nevertheless remained a member of the sterling area since at that time, the pound sterling and the US dollar had a fixed exchange rate of £1 = $2.40. Following the US dollar crisis of 1971 which ended the international Bretton Woods agreement of 1944, the US dollar devalued, but the Bermuda dollar maintained its link to sterling. On 22 June 1972, the United Kingdom unilaterally ended its sterling"
"and ceased to be legal tender on 1 August 1969. As the Irish pound was pegged to the British pound until 1979, the Irish farthing had the same dimensions and weight as the British version. The reverse design featuring a woodcock was by English artist Percy Metcalfe. The obverse featured the Irish harp. From 1928 through 1937 the date was split either side of the harp with the name ""Saorstát Éireann"" circling around. From 1938 through 1966 the inscription changed to ""Éire"" on the left of the harp and the date on the right. Ireland is one of only four"
"1967, and in 1970 (in proof sets only). Following decimalisation, the brass threepence ceased to be legal tender after 31 August 1971. A three pence coin was also used in the pre-decimalisation currencies of Commonwealth of Nations countries such as Fiji, Australia, and New Zealand. It was called a tickey in South Africa and Southern Rhodesia. No. 1 Croydon was known for many years as the ""threepenny bit building"" for its resemblance to a stack of threepenny coins. After the coins were phased out (beginning in 1970) the building eventually gained a new nickname: the ""50p building”. In March 2014,"
"the adoption of the euro and laid down the analogous provisions as in United Kingdom legislation (all inherited from previous British law), namely: coins denominated above 10 pence became legal tender for payment not exceeding 10 pounds, coins denominated not more than 10 pence became legal tender for payment not exceeding 5 pounds, and bronze coins became legal tender for payment not exceeding 20 pence. The Indian rupee is the ""de facto"" legal tender currency in India. The Indian rupee is also legal tender in Nepal and Bhutan, but the Nepalese rupee and Bhutanese ngultrum are not legal tender in"
"tender after 31 December 1960. History of the British farthing The British farthing (derived from the Anglo-Saxon ""feorthing"", a ""fourthling"" or ""fourth part"") was a British coin worth a quarter of an old penny ( of a pound sterling). It ceased to be struck after 1956 and was demonetised from 1 January 1961. The British farthing is a continuation of the English farthing, struck by English monarchs prior to the Act of Union 1707, which unified the crowns of England and Scotland into the Kingdom of Great Britain. Only pattern farthings were struck under Queen Anne as there was a"
"pence coin was introduced as a replacement for the ten-shilling note. The principal reason for the change was economy: the notes had an average lifetime of about five months whereas coins could last at least fifty years. The series C ten shilling notes ceased to be legal tender on 22 November 1970. In the Isle of Man, both the English and Manx Ten Shilling Notes continued to be legal tender for fifty new pence until 2013. Information taken from Bank of England website. Bank of England 10s note The Bank of England 10s note was a banknote of the pound"
"15 February 1971, when the decimal coinage was released into circulation (although 5p, 10p, and 50p coins were released a few years earlier, as they had exact equivalents in old currency units). Decimalisation would have provided an ideal opportunity to break the link with Sterling, but there was not much demand for this at that time. In 1972 however, the Bretton Woods system of fixed exchange rates broke down, and in the wake of the 1973 oil crisis inflation in Britain increased dramatically, and economic theory would suggest that a smaller economy whose currency is pegged to a larger one"
"the 1870s following the international silver crisis of 1873. In 1874, the Bermuda merchants agreed unanimously to decline to accept the heavy imports of U.S. currency except at a heavy discount, and it was then exported again. And in 1876, legislation was passed to demonetize the silver dollars. In 1882, the local 'legal tender act' demonetized the gold doubloon, which had in effect been the real standard in Bermuda, and this left pounds, shillings, and pence as the sole legal tender. The British pound sterling then remained the official currency of Bermuda until 1970. It was finally decided to take"
"a British penny. However, in the early 19th century, an exchange rate of 26 livres = 1 pound was established. In the French Revolutionary period, the livre was replaced by the franc. The last coins and notes of the livre currency system were issued in France in the Year II of the Republic (1794). By the 1830s, the surviving livre coinage was in very short supply in Jersey and so worn as to be unusable. The States passed a law on September 18, 1834 that sterling would be sole legal tender as from October 1, 1834 (this law was confirmed"
"today). In 1872, however, the Spanish currency became the sole legal tender in Gibraltar. In 1898, the Spanish–American War made the Spanish peseta drop alarmingly and the pound was introduced as the sole currency of Gibraltar, initially in the form of British coins and banknotes. In 1898, the British pound was made sole legal tender, although the Spanish peseta continued in circulation until the Spanish Civil War. Since 1927, Gibraltar has issued its own banknotes and, since 1988, its own coins. Gibraltar decimalised in 1971 at the same time as the UK, replacing the system of 1 pound = 20"
"exact decimal equivalent values continued in use after 1971 alongside the new coins, albeit with new names (the shilling became equivalent to the 5p coin, with the florin equating to 10p), and the others were withdrawn almost immediately. The use of florins and shillings as legal tender in this way ended in 1991 and 1993 when the 5p and 10p coins were replaced with smaller versions. Indeed, while pre-decimalisation shillings were used as 5p coins, for a while after decimalisation many people continued to call the new 5p coin a shilling, since it remained of a pound, but was now"
"Gaelic word for a penny sterling, and ""bonn-a-sia"" which literally means ‘coin of six’ became the word for a halfpenny. Following decimalisation in 1971, ""sgillinn"" became and remains the Scottish Gaelic word for a new penny. As a result of the recoinage, foreign coins, which were frequently used alongside the local currency, stopped being legal tender on 6 October 1707. Pre-Union 40, 20 and 10 shilling coins ceased to be legal tender on 10 February 1708, but were temporarily put back into circulation before finally ceasing as legal tender on June 1, along with coins of ½, 1, 2, and"
"1960, when they ceased to be legal tender in the UK, and until 31 July 1969 there were also halfpennies (""ha'pennies"") in circulation. The advantage of such a system was its use in mental arithmetic, as it afforded many factors and hence fractions of a pound such as tenths, eighths, sixths and even sevenths and ninths if the guinea (worth 21 shillings) was used. When dealing with items in dozens, multiplication and division are straightforward; for example, if a dozen eggs cost four shillings, then each egg was priced at fourpence. As countries of the British Empire became independent, some"
"Later, in 1966, the British government decided to include in the Queen's Speech a plan to convert the pound into a decimal currency. As a result of this, on 15 February 1971, the UK decimalised the pound sterling, replacing the shilling and penny with a single subdivision, the new penny. For example, a price tag of £1 12s 6d became . The word ""new"" was omitted from coins minted after 1981. With the breakdown of the Bretton Woods system, the pound floated from August 1971 onwards. At first it appreciated a little, rising to almost $2.65 in March 1972 from"
"15 August 1971, the United States unilaterally terminated convertibility of the US dollar to gold, effectively bringing the Bretton Woods system to an end and rendering the dollar a fiat currency. This action, referred to as the Nixon shock, created the situation in which the U.S. dollar became a reserve currency used by many states. At the same time, many fixed currencies (such as the pound sterling) also became free-floating. The political basis for the Bretton Woods system was in the confluence of two key conditions: the shared experiences of two World Wars, with the sense that failure to deal"
"all farthings, halfpennies and half-crowns by 31st day of October 1970, and direct that after that date those coins shall not be current or legal tender within those territories."" In the United Kingdom, these coins had already been demonetized, and in the case of the farthing, as long ago as 1960. Pound sterling in the South Atlantic and the Antarctic The United Kingdom possesses a number of islands in the South Atlantic Ocean as well as a section of the Antarctic continent. These territories are St. Helena with Ascension Island and Tristan da Cunha, the Falkland Islands, South Georgia and"
"Halfpenny (British pre-decimal coin) The British pre-decimal halfpenny (d) coin, usually simply known as a halfpenny (pronounced ), historically occasionally also as the obol, was a unit of currency that equalled half of a penny or of a pound sterling. Originally the halfpenny was minted in copper, but after 1860 it was minted in bronze. It ceased to be legal tender in 1969, in the run-up to decimalisation. The halfpenny featured two different designs on its reverse during its years in circulation. From 1672 until 1936 the image of Britannia appeared on the reverse, and from 1937 onwards the image"
"was not of so minuscule a value as (middle-class) writers of the day (1844) might imagine. The entire denomination was demonetised from 1 January 1870. Half farthing The British half farthing (d) coin, usually simply known as a half farthing, was a unit of currency equaling of a pound sterling, or one eighth of a penny. It was minted in copper for use in Ceylon, but in 1842 they were declared legal tender in the United Kingdom. Two different obverses were used. Like all British coinage, it bore the portrait of the monarch on the obverse. Before Decimal Day in"
"pounds, shillings, and pence as the sole legal tender. The pound sterling remained the official currency of Bermuda until 1970, though the Government of Bermuda did issue its own pound banknotes. With US and Canadian coins regularly appearing in circulation in Bermuda and the possibility of the devaluation of the pound sterling, Bermuda was compelled to adopt its own decimal currency. On 6 February 1970, Bermuda introduced a new decimal currency in the form of a dollar. The nascent Bermudian dollars circulated in conjunction with the new British decimal coinage a year before it was introduced in the United Kingdom."
"a devaluation of sterling against the dollar in 1967 that was not reflected in other Sterling Area currencies. In the end the US dollar's inability to hold to the Bretton Woods gold standard precipitated the end of the era of fixed exchange rates: with all major currencies including the pound floating against the US dollar, the Sterling Area had lost its final ""raison d'être"". In June 1972, the British government (in consultation with the Irish, Manx, Jersey and Guernsey governments) unilaterally applied exchange controls to the other Sterling Area countries, with the exception of the Republic of Ireland, the Isle"
"does not affect any party's right of refusal of service in any transaction. In the 19th century, gold coins were legal tender to any amount, but silver coins were not legal tender for sums over 2 pounds nor bronze for sums over 1 shilling. This provision was retained in revised form at the introduction of decimal currency, and the Coinage Act 1971 laid down that coins denominated above 10 pence became legal tender for payment not exceeding 10 pounds, non-bronze coins denominated not more than 10 pence became legal tender for payment not exceeding 5 pounds, and bronze coins became"
"shilling"" (worth 1.2 francs). However, this shilling was not equal to the British shilling (worth 1.26 francs, as the exchange rate according to the respective gold standards was 25.22 francs = 1 pound sterling). Banknotes were also produced by the States of Guernsey from 1827, denominated in pounds. In 1848, an ordinance was passed that the pound sterling should be legal tender at a value of £1 1s 3d (2040 doubles). This was rescinded two years later and French currency, supplemented by local issues, continued to circulate. In 1870, British coins were made legal tender, with the British shilling circulating"
"with its own rial in 1970. On 8 November 2016, Prime Minister Narendra Modi announced that existing INR 500 and INR 1000 banknotes would no longer be accepted as legal tender with a view to curb counterfeiting, tax evasion and the parallel economy. The Reserve Bank of India outlined a scheme for holders of such banknotes to either deposit them into their bank accounts for full, unlimited value, or to exchange the banknotes for new, subject to a cap. New Zealand has a complex history of legal tender. English law applied, as applicable to local circumstances, from either 6 January"
"US dollar had become the legal tender in the Virgin Islands, but by that time stamps in British currency had long been obsolete. Since 1917, when the USA purchased the former Danish West Indies (St. Thomas, St. John and St Croix - known as the United States Virgin Islands), the US dollar enjoyed great popularity in the B.V.I. and in due course became the de facto currency. Fifty years later, in 1967, the local legislature passed a bill making the US dollar the only legal tender. The word “BRITISH” was used for the first time in 1951 on Virgin Islands"
"Decimal Day On 15 February 1971, known as Decimal Day, the United Kingdom and Ireland decimalised their currencies. Under the old currency of pounds, shillings and pence, the pound was made up of 240 pence (denoted by the letter ""d"" for Latin ""denarius"" and now referred to as ""old pence""), with 12 pence in a shilling and 20 shillings (denoted by ""s"" for Latin ""solidus"") in a pound. The loss of value of the currency meant that the ""old"" penny, with the same diameter as the US half-dollar, had become of relatively low value. The Coinage Act of 1792 had"
"since 2/6 or half a crown was the standard cost for breakfast pre-decimalisation. Even today, and for all time, bank notes that are no longer legal tender, including those that were issued pre-decimalisation, are exchangeable for their face value (regardless of the possible greater worth if sold or auctioned) if they are taken directly (or posted) to the Bank of England building in Threadneedle Street, London. The last £sd coins to cease being legal tender in the UK after decimal day were the Sixpence (withdrawn 1980), the Shilling (withdrawn 1991) and the Florin (withdrawn 1993). In Australia, as of 2018,"
"currency more suited to simple monetary calculations became pressing. The decision to decimalise was announced in 1966, with the pound to be redivided into 100, rather than 240, pence. Decimal Day was set for 15 February 1971, and a whole range of new coins were introduced. Shillings continued to be legal tender with a value of 5 new pence until 31 December 1990. Testoons issued during the reign of Henry VII feature a right-facing portrait of the king on the obverse. Surrounding the portrait is the inscription , or similar, meaning """"Henry, by the Grace of God, King of England"
"No standards of the Tower pound are known to have survived. In terms of nominal currency units, a pound was 20 shillings of 12 pennies each (i.e. 240) from the late 8th century (Charlemagne/Offa of Mercia) to 1971 in the United Kingdom. English units English units are the units of measurement that were used in England up to 1826 (when they were replaced by Imperial units), which evolved as a combination of the Anglo-Saxon and Roman systems of units. Various standards have applied to English units at different times, in different places, and for different applications. The two main sets"
"offer to accept payment in foreign currency, such as Euro, Yen or US Dollars. Acceptability as a means of payment is essentially a matter for agreement between the parties involved. Millions of pounds' worth of sterling banknotes in circulation are not legal tender, but that does not mean that they are illegal or of lesser value; their status is of ""legal currency"" (that is to say that their issue is approved by the parliament of the UK) and they are backed up by Bank of England securities. Bank of England notes are the only banknotes that are legal tender in"
"of £1 equal to $4.85. The legislation repealed similar legislation enacted a few years earlier by the former colonies of Vancouver Island and British Columbia prior to their union. Prince Edward Island shifted to decimal currency in 1871, with the dollar replacing the Prince Edward Island pound. By statute, dollars and cents were adopted as the unit of account for the colonial government. The statute also set the exchange rate between sterling and the dollar at £1 equal to $4.8666. The colonial government was authorized to arrange for the printing of notes denominated in dollars, and the issuance of copper"