This Day In History

February 15: Proper money introduced

On this day in 1971 the once familiar pound, shilling and pence currency system in use in this country was replaced with the far more simplified and frankly much better version we use today, splitting the pound into tens including units of half, one, two, five, ten and fifty (later introducing a twenty and discontuing the half).

It was thought that not only the noggins of old people would be affected by the change but that over five million machines in the country would also need to be updated, including London taxi cab fare meters, parking meters and Soho peep show machines.

Chairman of the British Bankers' Association decimalistaion committee, Bernard Sharpe, made it clear that in no circumstances would old money be resurrected.

"There is no case whatsoever for the retention of the sixpence in a decimal currency system, except for sentimentality for the 'dear old tanner', he said.

It is thought that some people in Hull and even some in the more remote areas of Southampton are still finding it hard not to visit the shops with straw in their mouths and shillings lodged in their pockets, and get extremely irate when they are told that they are no longer redeemable currency (and "we don't sell turnips anyway").

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In most countries of the world the issue of banknotes is handled exclusively by a single central bank or government, but in the United Kingdom seven retail banks have the right to print their own banknotes in addition to the Bank of England.

The notes presently in circulation are as follows:
- 5 pound note depicting Elizabeth Fry, showing a scene with her reading to prisoners in Newgate Prison
- 10 pound note depicting Charles Darwin, a hummingbird and the HMS Beagle
- 20 pound note depicting Sir Edward Elgar, with a view of the west face of Worcester Cathedral
- 20 pound note depicting Adam Smith, with an illustration of 'The division of labour in pin manufacturing' ( Image )
- 50 pound note depicting Sir John Houblon, with a view of his house in Threadneedle Street