British Money - British currency system, old British money, and slang terms for British Money.

Old British Money

Prior to decimalization in 1971 Britain used a system of pounds, shillings and pence. ('£sd' or 'LSD'). The smallest unit of currency was a penny, the plural of which waspence (or pennies). There were 12 pence in a shilling and 20 shillings in a pound. The pound came in the form of a paper bill, called a note, or a gold coin, called asovereign. 

1 farthing (the lowest value coin) = 1/4 penny
A ha'penny (Half penny - a copper coin) = 1/2 penny (pronounced "heipni")
1 penny (a copper coin) = one of the basic units (1d)
Threepence or Thruppenny Bit = 3 pence (pronounced "thrupence")
Sixpence (a silver coin also called a 'tanner') = 6 pence
1 shilling = 12 pence (1s)
1 florin (a silver coin that numismatists regard as one of the most beautiful medieval English coins) = 2 shillings
A half-crown = 2 shillings and 6 pence
1 crown = 5 shillings = 1/4 pound
1 pound = 20 shillings = 240 pence (£1)
1 sovereign = a gold coin with a face value of one pound (about .24 ounces of 22 carat gold)

Farthings were not produced after 1956 and were withdrawn in 1960, because of inflation. In preparation for decimalisation, the ha'penny was withdrawn in 1969, with the half-crown being withdrawn the year after.

A penny was often called a copper after the metal it was minted from.

Pound coins were not minted before the 19th century – the silver equivalent of the pound circulated in shillings and crowns.

A guinea (first issued on February 6th, 1663) was sometimes used as a unit of account. A guinea was a gold coin, originally made of gold from the Guinea coast of Africa, worth 21 shillings (or one pound and 1 shilling) in old British money. A guinea was considered a more gentlemanly amount than £1. A gentleman paid his tailor in shillings, but his barrister in guineas.

One shilling is now equal to five (new) pence making a guinea worth one pound and five pence in todays currency (£1.05).