World coins chat: United Kingdom

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The United Kingdom is a country in Western Europe located on the island of Britain and a part of Ireland. Its full name is United Kingdom of Great Britain and Northern Ireland, and many people refer to it as (Great) Britain or England, although the latter is only one of 4 constituent countries, of which Wales, Scotland and Northern Ireland are the other three. The UK has a population of 66 million.


The Union Jack, flag of the United Kingdom. It was formed out of the flags of England and Scotland and signifies the union between the two nations that became official in 1707.

History
Origin and definitions
The term United Kingdom only exists since 1801, when the Kingdom of Ireland was merged with the Kingdom of Great Britain that was the result of the Treaty of Union of 1707, when Scotland and England became one nation. England and Wales already formed a union from 1543.


History of Britain and Ireland in a nutshell

As the Numista catalogue categorises coins from the Hanover dynasty that ascended the British throne in 1714 to be from the United Kingdom, this article only discusses this historic era. Earlier English, Scottish and Irish coinage are discussed in their own articles, although some detail on the origin of Pound Sterling is also explained here.

Glorious Revolution and the Jacobite Uprisings (1688-1746)
Ever since King Henry VIII founded the Anglican Church in 1534, England had been the scene of religious strifes between Anglican protestants and Roman catholics, with successive monarchs chosing either side depending on their allegiance. The last catholic king, James II, was deposed in the Glorious Revolution in 1688. He was succeeded by his protestant daughter Mary and her Dutch husband Stadtholder William III of Orange. Their rule saw England becoming a constitutional monarchy which it still is today.

But the catholic supporters of James, known as the Jacobites, started a revolt in order to restore catholic rule. They were backed by the catholic Irish who felt mistreated by English rule, but also by Scotsmen who wanted to restore the House of Stuart to the throne. Their efforts lasted until their final defeat in 1746.

All in all the late 17th and early 18th century saw the establishment of many strong institutions that we still know today, and formed the basis of the success of the British Empire and its commerce and that made English the most global language.

William III and Mary died childless, and were succeeded by Mary's sister Anne. It was Queen Anne who unified England and Scotland in 1707 (but the crowns were already united in 1603) and therefore became the first Queen of Great Britain. As her son William died at a young age leaving no successors, she was succeeded by her second cousin George I of the House of Hanover.

Emergence of a global empire (1746-1914)
Already since the 17th century, the British had started to expand overseas with possessions in the New World. In 1776 the United States of America declared independence from Great Britain, but despite this British influence in the world did not cease to expand, amongst others in what was to become Australia and New Zealand. With the unification of the Irish throne in 1801 the country was renamed to United Kingdom of Great Britain.


King George III ruled from 1760 to 1820, during which the United States of America successfully declared independence from Britain, but also saw the British Empire victorious in the Napoleonic Wars (1792-1815), cementing an unchallenged global empire.

After the Napoleonic Wars (1792-1815), during which the French attempted to isolate Britain from the rest of Europe, the country emerged as a global power with its navy controlling vast parts of the world. Meanwhile Britain had emerged as the first industrialised country in history, thanks to the abundance in natural resources available from the colonies. In Asia, the East India Company expanded to eventually establish British India in 1858. From 1876 the English monarchs also held the title Emperor of India.


Queen Victoria reigned from 1834 until 1901. Her reign is often referred to as the Victorian Age, an era of relative peace during which British influence reached new highs. She died at the age of 97.

In East Asia the British established Singapore in a strategic location at the Strait of Malacca. Hong Kong was leased from China in 1847. During the Scramble for Africa (1885 onwards) the British secured territories from Egypt down to South Africa, and a number of colonies in West Africa, of which Gold Coast and Nigeria were the largest.

World Wars and the decline of the British Empire (1914-1945)
In 1914 the United Kingdom activated their alliance with France and Russia to join the First World War against Germany, Austria-Hungary and the Ottoman Empire. For 3 years the war was a stalemate at the western front, at the expense of an extremely high number of casualties. But in the Middle East the British succesfully drove back the Ottomans from Arabia and the Levant, and partitioned the area together with the French. Back in Europe the equilibrium shifted to the Allies when the United States joined the war in 1917, allegedly to ensure that loans to Britain and France were paid back.

Meanwhile the Irish revolted in 1916, leading to the establishment of the Irish Free State in 1922. The six counties of Northern Ireland remained part of the UK, which now became known as the United Kingdom of Great Britain and Northern Ireland.

Although Britain had won the war, it was hugely indebted and it became evident that the United States was going to take over as the world's most powerful state. Despite that the British Empire reached its largest extent, covering 20% of the world's surface and a quarter of the global population.

In 1939 the United Kingdom found itself again at war with Germany. Although the first year was one of waiting and setting up a war industry, the Battle of Britain was fought a year later to prevent a German invasion, or otherwise show that it refused a ceasefire. In Asia, Singapore fell to the Japanese in 1942 in what became known as the largest British military defeat in history. British troops fought in North Africa and Italy with bigger success. The Western Front was not opened until 1944, after the USSR had already driven back the Germans considerably. It eventually led to an Allied victory in 1945 with Britain battered in debt.

Modern Britain (1945-date)
The British Empire unraveled after World War 2. In 1947 India and Pakistan declared independence, and the bulk of Asian, African and Caribbean possessions did the same in the decades that followed. The inhabited overseas territories that still belong to the UK in one form or another are Gibraltar, Saint Helena and Ascension, Falkland Islands, Cayman Islands, British Virgin Islands and the Pitcairn Islands in the Pacific.

The British after-war economy was reformed drastically with nationalisations, a move which is seen as causing the demise of British industry as it could not compete with theur French and German counterparts. Although prosprerity grew it got further and further behind Germany. By 1990 even Italy's GDP surpassed that of the UK. Despite this London remained the biggest financial center in Europe, closely rivalling New York on a global level.

In 1979 the first female Prime Minister Margaret Thatcher came to power, who drastically reformed the economy causing a lot of social unrest. But from the late 1990's this seemed to have paved the way for an economic boom that lasted until the bust during the Global Financial Crisis of 2008. A large devaluation and overhaul of the banking system brought relief.

Although reluctant to join the EEC for decades, the UK did so in 1973. In 1993 it chose to opt-out of what was to become the Euro in 1999, and the relationship with the EU remained controversial as the UK felt more for economic integration and opposed any political union. Continuing Euroscepticism eventually led to a 52% majority voting to leave the EU in 2016. As of 2018 the UK is still in the process of actually leaving the EU.

Currency
The British Pound has its origin from the Carolingian monetary system that was set in Europe in the 8th century. It set a silver standard whereby a Denarius or Penny was equal to 1/240 of a pound, a unit of weight at that time equal to around 350 grams. It was introduced to England by King Offa of Mercia (757-796).

Pound Sterling
Frequent debasements led to the introduction of a new coinage in 1158, which is seen as the birth of Pound Sterling. The weight was now based on the Tower Pound, equal to almost 454 grams of silver. The name sterling has 2 potential origins. It either refers to Norman pennies that featured a star, or it refers to Hanseatic merchants bringing silver pennies of .925 pureness to English ports, where they were called Easterlings (coming from the east). This .925 would remain the name for sterling silver and the basis of British currency until the adoption of the gold standard in 1816.

The £sd non-decimal system.
The Pound's subdivision was in 20 Shillings, each of 12 Pence. A Penny was divided in 4 Farthings. The name Shilling was derived from Latin Solidus, which was a Roman coin, and the name Farthing is derived from Fourling, as there were four in a penny. This system would remain until 1971, when the UK decimalised its currency into 100 New Pence. But over the centuries other denominations did emerge and others disappeared.

The notation was £1 for a Pound, and 2s6d for 2 Shilling 6 Pence. Another notation for such an amount was 2/6.

The silver Groat
The need for more denominations led to the introduction of the Groat of 4 Pence in the late 13th century. It was originally based on the Venetian Grosso which was known in France as Gros, and as such was brought to England where it became known as the Groat. From the 18th century the minting of Groats became irregular. But in the West Indies it was a popular denomination as it was roughly equal to a Spanish Real. In the 19th century some British Fourpence were therefore minted for colonial use. Over time, also half Groats of 2 Pence were minted.

The gold Noble
England's first gold coin was the Noble introduced in 1344. It had a weight of around 9 grams and was valued at 1/3 of a Pound, although later values and weights would fluctuate.

Debasement during the Middle Ages
The silver standard of 20 Shillings in a Pound of sterling silver did not last. In 1354 it was devalued 20% so that 25 Shillings of currency were needed to weigh one pound. In 1412 this became 30 Shillings, so in other words a Pound Sterling was now equal to 303 grams of sterling silver. In 1552 a new coinage was introduced that reflected 60 Shillings in a Pound, and 1601 this became 62 Shillings.

The gold Guinea of 21 Shillings
In 1663 the first gold Guinea was struck with a weight of 8.4 grams of .917 gold. It was initially valued at 20 Shillings, but fluctuated up to 25 Shillings that same century. It was fixed to 21 Shillings in 1717. The Guinea earned its name as the gold used to mint the first coins originated from Africa. The name is still used today in parts of the Arab World as a local name for the Pound.

Table Silver
In the 17th century the gold to silver ratio was higher in England than in the rest of the world, leading to a large influx of gold. Supply of silver was reduced further by increased demand for silver tableware, for which coins were often melted. A law to set the standard of 'wrought plate' to .958 purity enacted in 1697 ended this practice.

The Crown of 5 Shillings
In 1707 a large silver coin named Crown was introduced at a value of 5 Shillings. Due to its size and weight, it was never used a lot for circulation, but more for commemorative purposes.

Gold standard (1816-1914)
In 1816 the UK entered a gold standard, with the Pound equal to 7.3 grams of 22 carat (.917) gold and the silver standard set to 66 Shillings. Minting of Guineas ceased and these were replaced by gold Sovereigns worth 20 Shillings. This gold standard remained in place until 1914. Other standard denominations that remained were the silver Crown, Half Crown, Shilling, Sixpence and Threepence and the copper Penny, Half Penny and Farthing. Half and Third Farthings were minted for overseas use.

In the 19th century the Pound was the reserve currency of the world. It was worth 4.85 US Dollars, 20.43 German Marks (6.81 Vereinsthalers) or 26.28 French Francs of the Latin Monetary Union. An accession to the LMU was discussed but abandoned, pretty similar to the British refusal to enter the European Monetary Union in 1993.

The Florin of 2 Shillings
In 1849 the Florin was introduced in an early bid to decimalise British currency. It was named Florin because the Dutch and Austrian equivalents were worth approximately 2 Shillings or 1/10 of a Pound. The first coins did not contain the words Dei Gratia (by the grace of God) and are therefore known as the Godless Florin. It was succeeded by the Gothic Florin in 1851, a coin very well known for its design and well sought after by coin collectors. Later designs had normal lettering. It was last minted in 1967 but circulated as 10 Pence until 1990.

End of gold standard and devaluations (1914-date) and decimalisation (1971)
The gold standard was suspended with the outbreak of World War I in 1914. In 1925 the gold standard was reintroduced at the pre-war rate but the Great Depression caused it to be abandoned in 1931, after which the Pound fell around 25%. In 1935 it was worth 15.3 Swiss Francs, the only currency that had retained its pre-war rate (until its devaluation in 1936), but remained stable against the US Dollar which also suffered from devaluations.

During and after World War 2 the Pound was pegged to US Dollar at a rate of $4.03, but devalued to $2.80 in 1949. In Swiss Francs the Pound had fallen to 12.25, and was worth 11.75 Deutschmark in the Bretton Woods system. Due to the devaluations the minting of silver circulation coins was ceased in 1947 and replaced by copper-nickel.

In 1967 the Pound was devalued to $2.40. Four years later it was decimalised into 100 New Pence, with new coinage introduced of half, 1, 2, 5, 10 and 50 New Pence. The Shilling and Florin remained in circulation as 5 and 10 Pence coins until the introduction of smaller coins in 1992. Coins of 20p and £1 were introduced in 1982 and 1983 respectively. In 1998 bimetallic £2 entered into circulation.

After currencies started floating in 1971, the Pound started dropping rapidly, to 4.49 Sfr and 4.51 DM in 1976. In 1986 this had become $1.46, 2.64 Sfr and 3.18 DM. To stabilise the Pound, it entered the European Rate Mechanism (ERM), but continuing trade imbalances forced the Pound out on Black Wednesday in 1992, falling to 2.26 DM in 1995.

In the late 1990's the British Pound rose rapidly on the back of a sharp upturn in the British economy. In 2000 it reached a high at 3.21 DM (€1.63) or 2.55 Sfr, and in 2007 it rose to just over 2 US Dollars. But the Global Financial Crisis caused another large devaluation with the Pound almost dropping to parity with the Euro in 2009. Despite a recovery it fell again after the Brexit vote in 2016. It is currently worth €1.12, $1.38 or 1.32 Sfr.

British coinage was redesigned in 2008, with the coins depicting parts of a shield. There was public outrage because the image of Britannia was removed from the 50p coin. But in 2014 a new design for the £2 coin reinstated her. In 2016 the £1 coin was redesigned because the old one was frequently counterfeited.

https://en.numista.com/catalogue/royaume-uni-1.html
Sorry for the long post, but there's so much to tell and there's way more that's not included so far. It took me quite some time to compose, but I hope it's worth a read.
Very good read indeed. The first gold coins were the leopard series though, but most were overvalued and melted. They were replaced by the nobles the following year.
Quote: "jokinen"​Sorry for the long post, but there's so much to tell and there's way more that's not included so far. It took me quite some time to compose, but I hope it's worth a read.
Well done,
its hard to fit in so much info about the uk.
          'We make a living by what we get, we make a life by what we give.'
                                                      Sir Winston Churchill
I love the old pre-decimal system, the commemoratives are fun to find in your change and the old silver/junk coins are very interesting with so much history.

What are your thoughts on the new £1?
          'We make a living by what we get, we make a life by what we give.'
                                                      Sir Winston Churchill
Quote: "Numismatist uk"​I love the old pre-decimal system, the commemoratives are fun to find in your change and the old silver/junk coins are very interesting with so much history.

​ What are your thoughts on the new £1?
​I like the new £1, but on my frequent business trips to London I hardly handle any coins. Haven't even seen a Britannia £2 yet.
Quote: "jokinen"jokinen
Haven't even seen a Britannia £2 yet.
Me neither​, I'm not in England I suppose...
          'We make a living by what we get, we make a life by what we give.'
                                                      Sir Winston Churchill
Thumbs upped, very comprehensive read on the earlier English currency units! The condensation has resulted in some slight inaccuracies but it's on a level I could probably never do for a country with such a long and complicated history as the UK.
A great read about my own country. I learned quite a bit, even though I do not collect coins of the early years, but keep to 1901 onwards.
Try to get one of each year of all types. Have a few missing, but those were mainly issued in sets only.
I have never add these coins to my Numista listing, as I do not want to falsify my overall total.
This was a great read and really enjoyed whilst having my English cup of tea this morning.
I'm just a collector of coins, not a slave to it, unless I am in a coin shop.
For all you banknote collectors. Link to my swap list.
https://colnect.com/en/banknotes/list/swap_list/COINMAN1
Most of you Brits probably already know this site already, but for anyone else this is a pretty useful and educational website. Moreover, it's got values!

http://www.coins-of-the-uk.co.uk/
Quote: "jokinen"​Most of you Brits probably already know this site already, but for anyone else this is a pretty useful and educational website. Moreover, it's got values!

http://www.coins-of-the-uk.co.uk/
I've used it a few times before and is quite useful​
          'We make a living by what we get, we make a life by what we give.'
                                                      Sir Winston Churchill
Quote: "Numismatist uk"
Quote: "jokinen"​Most of you Brits probably already know this site already, but for anyone else this is a pretty useful and educational website. Moreover, it's got values!
​​
​​http://www.coins-of-the-uk.co.uk/
​I've used it a few times before and is quite useful​
VERY useful​
Added links to English, Scottish and Irish WCC articles
After adding 5 uk 1997 'necklace' £2's I ironically have so far catalogued 1997 coins.
          'We make a living by what we get, we make a life by what we give.'
                                                      Sir Winston Churchill
I lived (suffered) through the decimilastion period. Whatever it's alleged benfits, it removed at a stroke what I consider to be the most consistently beautiful currency ever struck, from circulation. The chance to find 100 year old coins in your change vanished forever. I'm dead agin it.

1971 is generally considered as the date when the crime occured but it began in 1967 with the final pre decimal issues and the first appearance of the new coins. The Farthing was long gone by then but for four years the 5p and 10p coins were used alongside the identically sized Shilling and Florin and this continued for many years after "D-Day". . The new 50p coin replaced the old brown ten shilling banknote.

February 1971 caused a great deal of confusion, particularly with older folks and for a long time shopkeepers would price their goods using both systems. Much of the confusion was because unlike the issues of the late 60's, the 1/2p, 1p and 2p had no Sterling equivalents.

Oh, it's done and despite my fond wishes it won't ever be undone. The decimal currency is easier to understand and meets the needs of the modern world. But that doesn't make me any less sad at the loss of a coinage stretching back all the way to Roman Britain. If I had my way we'd still be using Groats and Farthings.
Non illegitimis carborundum est.  Excellent advice for all coins.
Make Numismatics Great Again!  
I like a non-decimal system too, and I believe it would be great for educational purposes. But if the UK would have never decimalised inflation would have caused the lowest denomination still used to be the threepence. Or even better: the groat as a 1/3 Shilling!

Now that the £1 coin has the same shape as an old threepence maybe Britain can redenominate 80 to 1. A New Shilling would be £4 and the highest denomination base metal coin!

Not everything has been decimalised though. Some US futures contracts listed on exchange are still priced in 32nds, 64ths or even quarter 32nds!
Wonderful work!! Many more hours of reading ahead.

I think I feel a new collecting goal coming on. One of each pre-decimal denomination.
It ain't what you don't know that gets you into trouble.  It's what you know for sure, that just ain't so.  Mark Twain
Off topic slightly but whenever I see a coin featuring William and Mary I'm always impressed by that man's desire for a crown. Mel Brooks is right, "It's good to be King" but I'm not sure I could have married someone as ugly as Mary, even for the throne of England.

Stuart men were for the most part noted for being handsome if not too bright, but the women...... ugly chubbies with bad teeth and indifferent hygiene. Dynastic marriage just isn't for me.
Non illegitimis carborundum est.  Excellent advice for all coins.
Make Numismatics Great Again!  
William and Mary were first cousins. King Billy's mother was a Stuart just like Mary. From what I read Mary was a very lively and cheerful person until the tragedies of three miscarriages struck her. William only started really admiring her at later stages of their relationship.

I think everybody in that era was unhygienic for modern standards. Besides that I definitely do not envy all those people seeing so many of their young children die.
Quote: "jokinen"​William and Mary were first cousins. King Billy's mother was a Stuart just like Mary. From what I read Mary was a very lively and cheerful person until the tragedies of three miscarriages struck her. William only started really admiring her at later stages of their relationship.

​I think everybody in that era was unhygienic for modern standards. Besides that I definitely do not envy all those people seeing so many of their young children die.
​It gets worse- William III's successor Queen Anne (1702-14) had 17 children all of whom died before adulthood.

Fun fact about William III, he died from injuries sustained when his horse stumbled on a molehill and his Jacobite enemies would toast to the "little gentleman in velvet" referring to the mole for years afterwards.
Quote: "jokinen"...


Queen Victoria reigned from 1834 until 1901. Her reign is often referred to as the Victorian Age, an era of relative peace during which British influence reached new highs. She died at the age of 97.



​Considering she was born in 1819 and died in 1901; that'd make her around 82yrs or so when she passed away
Outings administrator
https://en.wikipedia.org/wiki/Queen_Victoria

Yes, aged 81 as not yet reached 82nd birthday.
A great article, I Iearned a lot about my own country.

Jokinen I haven't seen a Britannia £2 either, and I live here!
Quote: "jokinen"​Haven't even seen a Britannia £2 yet.
Until the other day I was the same, then got one in (2015) change, at last.
Strange, as they were first issued four years ago.

https://en.numista.com/catalogue/pieces70398.html
Great article and well written.

Just one other error I picked up - it mentions Numista starts UK coins from 1714 onwards - its actually 1707 as the Union between Scotland and England was then like this UK Halfcrown attests.


The coin has the shields with the English and Scottish arms divided to show that union!

Also New Zealanders used British coinage until 1933 (Silver) and 1940 (Bronze) and thus the coinage is VERY POPULAR here and we all love it. Most older people can still remember the Britannia pennies (NZ coins replaced them in 1940) but these pennies still floated around in change.

My two favourite types of coin (Halfcrowns and Farthings) are the British series and provide much satisfaction to me, along with Pennies and Halfpence.
I love coins

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