The British shilling was a currency staple that survived for nearly five centuries

Countries & Cities · Published 3 October 2026 Swipe more like this →

In short: Before decimalisation in 1971, the shilling was a cornerstone of British life, worth one-twentieth of a pound. From its origins as the testoon under Henry VII to its final withdrawal in 1990, this coin shaped language, military recruitment, and even colonial interactions, leaving a lasting mark on history.

First minted in 1503 or 1504, the shilling began as the testoon, named after the Italian testone. It was a revolutionary coin for England, as it was among the first to feature a realistic portrait of the monarch. While the coin itself was a 16th-century innovation, the shilling had functioned as an accounting unit since the early medieval period, with the Normans standardizing its value at 12 pence.

The coin's history was marked by dramatic fluctuations in metal content. During the mid-16th century, governments under Henry VIII and Edward VI debased the coinage to fund wars, causing the testoon's value to plummet from 12 pence to 6 pence because coin value was then tied to the market price of the metal. Elizabeth I later restored the coin's integrity. By 1920, the Royal Mint reduced silver content from 92.5% to 50% due to rising global silver prices, eventually switching to cupronickel in 1947.

Beyond its economic role, the shilling permeated British culture. The slang term 'bob' emerged from criminal cant in the 18th century, while the phrase 'taking the King's shilling' became synonymous with military enlistment. Other idioms, like 'cutting someone off with a shilling' to disinherit them, persisted despite having no basis in actual English law. Even in the Gambia, the term 'toubab' may have roots in colonial-era payments of two shillings for errands.

The shilling's final chapter arrived with the UK's transition to a decimal system. Announced in 1966, the shift replaced the old '£sd' system with a pound divided into 100 pence. On Decimal Day, 15 February 1971, the shilling was revalued at five new pence. It remained in circulation alongside new coins until 1990, when the five-pence coin was reduced in size, marking the end of the shilling's long, storied tenure in the British economy.

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