Britain's Coinage 1945 to 1971
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Britain's Coinage 1945 to 1971
Barwicker No. 126
Spring 2018
The coins in general circulation at the end of World War Two are shown on
the back cover and with the exception of the Sixpenny coin. dated 1951. all
these shown were in circulation at that time.
Other coins were still in existence but not seen regularly. These were the
Crown (five shillings) and the half and full Sovereigns. these latter being
minted in Gold were already worth more than their face value and were
reduced to a ceremonial role only.
The pound at that time was divided into 20 shillings each made up of 12
pennies. This was known as LSD. (Libra, Solidus and Denarius not Lysergic
Acid Diethylamide.) The larger value coins called Silver and the smaller value
ones as Copper. Coins bearing the image of four Monarchs were in circulation
in 1945, Victoria, Edward VII, George V and George VI. A few coins had
been minted for Edward VIII but were not issued following his abdication. It
had become the custom for the Monarch's head to face left and right
alternately: Victoria to the left, Edward VII right, George V left, Edward VIII
had wanted to face left also, and did so on some trial coins produced, but
George VI actually did face left as if the tradition had been followed.
The silver content and weight of individual coins had been laid down in the
UK Coinage Act of 1816, "silver" coins were to be made of 92.5% silver with
£1 worth of silver coins weighing 4 ounces and £100 weighing 251b. Each
Half Crown weighed ½ ounce and the smaller coins weighed in exact
proportion to their value. The "copper" coins, actually bronze, were similarly
defined with One Penny weighing ½ ounce, £1 worth of coppers weighing 80
ounces (51b) and £5 weighing the same as £100 of silver coins at 251b.
There was one exception to these measures, the 12 sided threepenny piece
introduced in 1937, which was made of Nickel Brass and did not fit into the
weight scheme outlined above.
The first change after the war was the discontinuance of minting the silver
threepenny coin but they continued in general circulation for quite some time.
The second change was rather more radical. The Silver content of coins had
been reduced to 50% in 1920 following the First World War and in 1946 it
was completely eliminated, all "silver" coins dated 1947 and later being made
from Cupro-Nickel, 75% copper and 25% nickel.
No crowns had been minted since 1937 but in 1951 a new crown was
issued to mark the "Festival of Britain" which was held on the South
Bank site in London. This was the fore-runner of Crown coins being
issued to mark special events and although legal tender was not really
intended, it did get general circulation.
In 1952 King George VI died and starting in 1953 coins bearing the
image of his daughter Queen Elizabeth 11, facing right, began to be
issued. These included a commemorative Coronation Crown coin. We
now had coins bearing the images of five Monarchs in circulation.
Inflation started to take its toll and its first victim was the Farthing
Coin ¼d which by 1956 had ceased to have any meaningful value or
use so minting was stopped. It was withdrawn from circulation in
1960. In the same year yet another Crown Coin was minted, this time
to mark the British Exhibition in New York City. Then in 1965 the
death occurred of Winston Churchill, our wartime Prime Minister.
This was marked by the minting of another Crown coin in
Commemoration. This was a very large minting with over 19 million
coins and the first UK coin to bear the image of a commoner. It was
also to be the last with a value of 5 Shillings.
Notice of a much larger change to our coinage was made in 1966 by
the then Chancellor of the Exchequer, James Callaghan, that we were
to convert to a decimal coinage system with the actual changeover day
to be 15 February 1971.
As a prelude to decimalisation the halfpenny coin ½d ceased to be
minted in 1967 (apart from a few intended for souvenir sets). Pennies
1d and threepenny coins 3d continued to be minted but only under the
1967 date again apart from those intended for souvenir sets. In 1968
coins for Five New pence 5p and 10 New pence 10p were introduced
to circulate alongside the existing one shilling 1/- and two shillings 2/-
coins and a new building for the Royal Mint was opened at L1antrisant
in South Wales by the Queen.
1969 saw two further changes. The Half Crown 2/6d coin was
withdrawn as incompatible with the new system and then the ten
shilling note 10/- was withdrawn to be replaced by a seven sided Fifty
New Pence coin 50p. Finally in 1970 souvenir sets of pre decimal
LSD coins were produced with the date 1970 being used.
From that date 1d, 3d and 6d coins could still be used but only as a
multiple of 6d (2½p) for a transitional period. Their use soon ceased
and this facility was withdrawn on 31 August 1971. 1/- and 2/- coins
could continue in use being the exact equivalent of, and same size as,
the 5 and 10 New Pence coins.
The eventual withdrawal of these last LSD coins and changes to our
decimal currency are, of course, another story.
PETER STYLES
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