Money

The English Monetary System in the Victorian Period

Money was divided into pounds (£) shillings (s. or /-) and pennies (d.). Thus, 4 pounds, eight shillings and fourpence would be written as £4/8/4d. or £4-8-4d.   The written amount 2 / 5 / 4 means, 2 pounds, 5 shillings, 4 pence (equal to about $10.99 in U.S. currency). The entry for ‘pounds’ is dropped if the amount is less than one pound, and not uncommonly, prices may be listed in shillings, even if more than one pound: thus the amount of “1 pound, 8 shillings, 6 pence” could be written “£1/8/6”, or more frequently “28/6.”

There are  
 20 shillings in £1 – a shilling was often called ‘bob’, so ‘ten bob’ was 10/-

12 pennies in1 shilling

240 pennies in £1
Pennies are broken down into other coins:  
   a farthing (a fourth- thing) was ¼ of a penny
 a halfpenny (hay-p’ny) was ½ of a penny
three farthings was ¾ of a penny
Other coins of a value less than 1/- are
  a half-groat (2d) 6 x 2d = 1/-
a threepenny bit (3d) made of silver 4 x 3d. = 1/-
a groat (4d) 3 x 4d = 1/-
sixpence (silver) – often called a ‘tanner’ 2 x 6d = 1/-
Coins of more than 1/- but less than £1 in value are
  a two shilling piece (called a florin) 10 x 2/- = £1
a half-crown ( 2/6d) 8 x 2/6d = £1
a crown (5/-) 4 x 5/- = £1
ten shillings (a half-sovereign) 2 x 10/- = £1
a half-guinea (10/6d) 2 x 10/6d = £1/1/-
A £1 coin is called a Sovereign and is made of gold.  A paper pound is often called a ‘quid’.
Coins of more than £1 are
a guinea (£1/1/-) (No longer in circulation)
a £5 coin (Very rare, last struck 135 years ago)

There are a few ‘obsolete’ coins that might surface in England.

The two guinea coin was last struck in 1753, it has a value of 42 shillings.
The five guinea coin was last struck 1753, it has a value of 105 shillings

US Dollars vs British £/s/d

Exchange: £1 = $4.80 –4.90  (A quick rule- of thumb was that 1 pound equaled 5 dollars, or 1 shilling equaled 25 cents.)

US Equivalent $ Bronze Coins Silver Coins Gold Coins Paper Notes
$ .0025 Farthing      
$ .01 Half Penny      
$ .02 Penny      
$ .06   Three Penny    
$ .08   Four Penny    
$ .12   Six Penny    
$ .25   Shilling    
$ .50   Florin    
$ .62   Half Crown    
$ 1.00   Double Florin    
$ 1.25   Crown    
$ 2.50     Half Sovereign  
$ 5.00     Sovereign 1£  
$ 5.25     Guinea*  
$ 25.00       5 Pound £
$ 50.00       10 Pound £
$100.00       20 Pound £
$250.00       50 Pound £
$500.00       100 Pound £

* The Guinea is no longer in circulation (though coins do turn up) and is used now primarily in accounting applications and is referenced in high class purchases (Club dues, Horses…).

Larger notes do exist, but are primarily used in bank and government transfers.

The Bank of England issues notes for 5, 10, 20, 50, and 100 pounds, and upwards.
These are useful in paying large sums but for ordinary use, as change is not always readily procured, coins are preferable.

1 Soveriegn (1£) = $5 US

1 Half Soveriegn = $2.50 US

1 Crown = $1.25 US

1 Double Florin = $ 1.00 US

1 Half Crown = $ .62 US

1 Florin = $ .50 US

1 Shilling = $ .25 US

1 Six Penny = $ .12 US

1 Four Penny = $ .08 US

1 Three Penny = $ .06 US

1 Penny = $ .02 US

1 Half Penny = $ .01US

1 Farthing = $ .0025 US

 

Other Currencies

Austria-Hungary

 100 kreuzer = 1 Gulden (Florin)
 100 heller (fillér) = 1 Corona (Korona)
Coins:
1, 2 heller – bronze
10, 20 heller – nickel
Corona, 5 corona – silver
10, 100 corona – gold
Bills:
10, 20, 50, 100, 1000 Corona Exchange: 1 Corona = $0.233 (US)

One “trade coin” of particular importance was the “Maria Theresa Thaler” – a silver coin about the size of the British crown, the American dollar, or the Mexican 8 reales. The Maria Theresa Thaler always bore the date of 1780 (the date of the Empress’s death), no matter when it was minted. In many regions in North Africa and the Middle East, these coins were (and still are to this day) the main medium of exchange, so great was the trust in the value of the coin and so great the reputation of the Empress herself.

 

Belgium

100 centimes = 1 Franc
Coins:
1, 2, 5, 10, 20 centimes – copper, copper/nickel, or bronze
50 centimes, 1, 2 Franc – silver
20 Franc – gold
Bills (first issued in 1810):
20, 50, 100, 500, 1000 Francs
Exchange: 1 Franc = $ 0.193 (US)

 

Bulgaria

100 stotinki = 1 Lev
(A Lev in silver is called Lev Strebro, a Lev in gold is called Lev Zlato)
Coins:
1 stotinka, 2 stotinki – bronze
5, 10, 20 stotinki – copper/nickel
50 stotinki, 1 lev, 2 leva – silver
20, 100 leva – gold
Bills (first issued in 1885): 5, 10, 20, 50, 100 Lev Zlato 
Exchange: 1 Lev Zlato = $ 0.193 (US)

 

Canada

100 cents = 1 Dollar (Canadian)
Coins:
1 cent – bronze
5, 10, 25, 50 cent, 1 dollar – silver
5, 10 dollar – gold
Bills:
1, 2, 4 dollar
Bank Legal Issue: 500, 1000, 5000 dollars (used only in bank transactions) “Shinplasters”: 25 cents (issued in 1870)
Exchange: 1 $ (Canadian) = $1 (US)

In 1857, the Canadian government formally adopted the ‘decimal’ system, and fixed the value of the Canadian dollar to the US dollar.

China

800-1600 cash = 1 Tael
400 Sinkiang “red” cash = 1 Tael Coins:
1, 5, 10 cash – cast bronze

(The sinkiang “red” cash were cast from copper in the western provinces)

1 dollar in cash coins weighed about 4 pounds!

“Sycee” trade ingots: In order to store or transport any significant amount of money, silver ingots were used.These were cast in a number of shapes and weights, and were stamped with the weights and various inscriptions. The most common was the boat or “slipper” shape, and came in the following denominations:

  • Tael, 72/100, 1, 3, 5, 7, 10, 25, and 50 tael. One tael weighs between 35 and 38 grams silver

Bills:
1853 issue: 500, 1000, 1500, 2000, 5000 Cash;
1, 3, 5, 10, 50 Taels

 

Egypt

(1885-1916)

10 Ushr-al-Qirsh = 1 Piastre                                                                                                                    100 piastres = 1 Egyptian Pound

Coins:
1/40, 1/20, 1/10, 1/5, qirsh – bronze or copper/nickel
1, 2, 5, 10 qirsh – silver
10 qirsh – gold = 1 Piastre

Exchange: 1 Egyptian Pound = $4.94 (US)

 

France

10 centimes = 1 Decime
10 Decimes = 1 Franc

Coins:
1, 2, 5, 10 centimes – bronze
25 centimes – nickel
50 centimes, 1, 2 Franc – silver
10, 20, 100 Franc – gold

Bills:  5, 20, 50, 100, 500, 1000 Francs

Exchange: 1 Franc = $0.193 (US)

 

German States
(after 1871)

100 Pfennig = 1 Mark

Coins:
1, 2, 5, 10 pfennig – copper or copper/nickel
25 pfennig – nickel
50 pfennig, 1, 2, 3, 5 Mark – silver
10, 20 Mark – gold

Bills (first issued in Marks in 1874):   5, 10, 20, 50, 100, 1000 Marks

Exchange: 1 Mark = $ 0.24 (US)

The Mark, introduced in 1871, was originally a unit of weight. The 3-Mark coin was often referred to as a “Thaler”, after the older monetary system.

Greece

100 lepta = 1 Drachma

Coins:
5, 10, 20 lepta – nickel
50 lepta – copper/nickel
1, 2 drachmai – silver
5, 10, 20, 50, 100 drachmai – gold

Bills:  1, 2, 5, 10, 25, 100 drachmai

Exchange: 1 drachma = $ 0.193 (US)

 

Hong Kong

10 mil (wen, ch’ien) = 1 Cent (Hsien)

100 cents = 1 Dollar (Yuan)

Coins:
1 cent – bronze
5, 10, 20, 50 – silver

Bills (Issued by the Chartered Bank of India, Australia, and China since 1865):  5, 10, 25, 50, 100, 500, dollars

Exchange: 1 dollar (Hong Kong) = $ 0.464 (US)

 

India, British Colonies

3 pies = Pice (piasa)

4 pice = 1 Anna

16 Annas = 1 Rupee

15 rupees = 1 Mohor

Coins:

1/12 anna, pice, anna – copper, silver, and gold versions
anna – copper and gold versions
1 anna – copper-nickel
2 anna – silver and gold versions rupee – silver and gold versions
rupee, 1 rupee – silver

Bills (first issued in 1861):  5, 10, 20, 50, 100, 500, 1000, 10,000 Rupees

Exchange: 1 Rupee = $0.203 (US)

 

India, Princely States

“In each state, local rates of exchange prevailed. There was no fixed rate between copper, silver, or gold coins, but rates varied in accordance with the values of the metal and by the edict of local authority. Within the subcontinent, different regions used distinctive coin standards. In North India and the Deccan, the silver rupee (11.6g) and the gold mohur (11.0g) predominated. In Gujarat, the silver kori (4.7g) and gold kori (6.4g) were the main currency. In South India, the silver fanam (0.7 – 1.0g) and the gold hun or pagoda (3.4g) were current. Copper coins in all parts of India were produced to a myriad of local metrologies with seemingly endless variety”

–from the Standard Catalog of World Coins

 

Italy

100 centesimi = 1 Lira

Coins:
1, 2, 5, 10 centesimi – copper
20, 25, 50 centsimi – nickel
1,2 lira – silver
5, 10, 20, 50, 100 lira – gold

Bills (first issued in 1874):  50 Centesimi, 1, 2, 5, 10, 25 Lira

Exchange: 1 Lira = $ 0.193 (US)

 

Japan
(after 1871)

1000 rin = 10 Sen = 1 Yen

Coins:
5 rin, 1 sen –bronze
5 sen – copper/nickel
10, 20 sen, 1 yen – silver
5, 10, 20 yen – gold

Bills (first issued in 1881):20, 50 Sen; 1, 5, 10 Yen
Convertible Silver Issues (1885): 1, 5, 10, 100 Yen

Exchange: 1 Yen = $0.498 (US)

 

Mexico
(since 1863)

100 centavos = 1 Peso

Coins:
1 centavo – copper
5, 10, 20 centavo, 1 peso – silver
1, 5, 10, 20 pesos – gold

Bills (first issued in 1866): 10, 20, 100, 200, Pesos

Exchange: 1 Peso = $ 0.462 (US)

 

Romania

10 bani = 1 Leu

Coins:5, 10, 20 bani – copper/nickel
50 bani, 1 leu, 5 lei – silver
12 , 20, 25, 50, 100 lei – gold

Bills (first issued in 1877): 5, 10, 20, 50, 100, 500, 1000 Lei

Exchange: 1 Leu = $ 0.193 (US)

 

Switzerland

100 centimes (rappen) = 10 Batzen = 1 Franc

Coins:
1, 2 centimes – copper
5, 10, 20 centimes – nickel
, 1, 2, 5 franc – silver
20 franc – gold

Exchange: 1 Franc = $ 0.193 (US)

 

Russian Empire

¼ kopek = 1 Polushka
½ kopek = 1 Denga (Denezhka) 50 kopeks = 1 Poltina
100 kopeks = 1 Ruble
10 Rubles = 1 Imperial (Chervonetz)

Coins:

1/4, 1/2, 1, 2, 3 kopeks – copper5, 10, 15, 20, 25, 50
kopeks, 1 ruble – silver
5, 10, 25, 27, 37 rubles – gold

Bills (the 500 and 1000 Ruble notes were first issued in 1886): 1, 3, 5, 10, 25, 100, 500, 1000 Rubles
Exchange: 1 Ruble = $ 0.515 (US)

In addition, there were a number of coin-like tokens made of silver that occasionally found their way into trades and stolen hordes – Russian law required that all silver refined out of the gold ore be returned to the mine owners. This silver was minted into circular ingots like coins, and stamped with various markings. The units – dolya and zolotnik, were coins in the 11th century, but long since had become units of weight, rather like the troy ounce.

96 dolya (doli) = 1 Zolotnik
1 Zolotnik = 4.266 grams silver
24 dolya, 1, 3, 10 Zolotnik

 

Turkey and the Ottoman Empire

40 para = 1 Kurush (Piastre)
2 kurush (piastres) = 1 Kilik
2 kurush = 1 Yuzluk
3 kurush = 1 Uechlik
5 kurush = 1 Beshlik
6 kurush = 1 Altilik
100 kurush = 1 Lira (Turkish Pound)

Coins:

5, 10 para, 1, 2, 5, 10 kurush – silver
12 , 25, 50, 100, 200, 500 kurush – gold

Bills (first issued in 1840):  1, 5, 10, 20, 50, 100 Kurush; 1, 5 Lira

Exchange: 1 piaster = $ 0.044 (US)