Stupid Fool .. we G.B. were behind in the realism of Decimalization (100 new pence to the Pound) So we got rid of outdated Debased counting - 12 pennies to a shilling... now it 5 pence.
Since one shilling is equivalent to 12 pence, each shilling should have been converted as 12 pence. However, that did not happen. The decimalised currency introduced in UK on February 15, 1971 converted 1 shilling to 5 pence ONLY not 12 pence. This resulted to rounding up of prices (inflation). Among former British colonies that transitioned to decimal currency, Ghana is the best. Ghana's decimal currency called Cedi (₵) is equivalent to 8 shillings and 4 pence (8/4) or 100 pence. Therefore, all the old pence are convertible to the new decimal currency, no need to worry about rounding up or rounding down of prices. 8/4 is ₵1.00 which means £1 is ₵2.40. When South Africa decimalised the South African pound, it converted 10 shillings (120 pence) to the new currency called Rand. 120 pence were converted to 100 cents. Therefore, 1.20 pence is equal to 1 cent. Two South African Rands are equal to one South African Pound. This format of decimalisation from pounds to the new currency was followed by Australia, New Zealand and Nigeria. In contrast, Ghana used 8 shillings and 4 pence (100 pence) as the basis of their decimalised currency called Cedi. UK did the worst decimalisation format. UK converted 20 shillings (240 pence) to 100 pence. Inflation was the result. The government of Harold Wilson was too afraid to lose the pound as UK's currency that's why he followed the advice of the Bank of England to retain the pound. BOE and Harold Wilson did not follow the format of Ghana's new decimalised currency based on 8/4 (100 pence) nor South Africa's version of decimalised currency based on 10/- (120 pence converted to 100 cents). Instead, UK decimalised the pound by shrinking its value from 240 pence to 100 pence only.
I remember this and the decimal twins👍
I have the 1966 Shilling also 1948 Shilling 5p 1969
Debasement Day*
Stupid Fool .. we G.B. were behind in the realism of Decimalization (100 new pence to the Pound) So we got rid of outdated Debased counting - 12 pennies to a shilling... now it 5 pence.
Since one shilling is equivalent to 12 pence, each shilling should have been converted as 12 pence. However, that did not happen. The decimalised currency introduced in UK on February 15, 1971 converted 1 shilling to 5 pence ONLY not 12 pence. This resulted to rounding up of prices (inflation). Among former British colonies that transitioned to decimal currency, Ghana is the best. Ghana's decimal currency called Cedi (₵) is equivalent to 8 shillings and 4 pence (8/4) or 100 pence. Therefore, all the old pence are convertible to the new decimal currency, no need to worry about rounding up or rounding down of prices. 8/4 is ₵1.00 which means £1 is ₵2.40. When South Africa decimalised the South African pound, it converted 10 shillings (120 pence) to the new currency called Rand. 120 pence were converted to 100 cents. Therefore, 1.20 pence is equal to 1 cent. Two South African Rands are equal to one South African Pound. This format of decimalisation from pounds to the new currency was followed by Australia, New Zealand and Nigeria. In contrast, Ghana used 8 shillings and 4 pence (100 pence) as the basis of their decimalised currency called Cedi. UK did the worst decimalisation format. UK converted 20 shillings (240 pence) to 100 pence. Inflation was the result. The government of Harold Wilson was too afraid to lose the pound as UK's currency that's why he followed the advice of the Bank of England to retain the pound. BOE and Harold Wilson did not follow the format of Ghana's new decimalised currency based on 8/4 (100 pence) nor South Africa's version of decimalised currency based on 10/- (120 pence converted to 100 cents). Instead, UK decimalised the pound by shrinking its value from 240 pence to 100 pence only.
Ｐ?Ｏ?Ｏ?ｍ ?