British Money

The currency in the UK is "pounds sterling" depicted by the symbol £ or the acronym GBP (Great British Pounds). Although the UK is part of the EU, we have opted out of using the Euro.

The history of British money is vast and begun in the 8th century with the silver penny. This coin had smaller denominations of farthings and halfpennies.

Slang Terms

Almost all denominations have a shortened slang version or alternative saying. The wonders of the East End of London brings us "cockney rhyming slang" with some ingenious inventions. Here are some of the most common expressions still alive in the UK:

General Money Slang - Current Money

  • Money - Bread, dough, spondoolicks, moolah, wedge, lolly
  • One pound - Nicker, quid, squid, smacker
  • Ten pounds - Tenner
  • Five pounds - Fiver, bluey (because they are blue in colour)
  • 25 pounds - Pony
  • 50 pounds - Half a ton, bullseye
  • 100 pounds - a Ton
  • 500 pounds - Monkey
  • 1000 pounds - Grand, "K" (computer terminology, like 10k)

General Money Slang - Pre-decimalisation Money

  • Farthing - Mag
  • Silver threepence - Joey (the nickel or brass versions are usually known as the threepenny bit)
  • Sixpence - Tanner
  • Shilling - Bob
  • Two Shillings - 2 bob bit

Cockney Slang - Some rhyming some not!

  • One pound - saucepan (lid - quid), Huckleberry (Hound - pound), Alan (Whicker - nicker)
  • Five pounds - Lady Godiva (fiver)
  • Ten pounds - Ayrton Senna (tenner)
  • 20 pounds - Score (apple core)

Current Coins and Banknotes

A major changed occurred in 1971 with the advent of decimalisation where 100 pennies equalled one pound. The current coins in circulation are:

  • 1 penny or pence
  • 2 pennies or pence
  • 5 pennies or pence
  • 10 pennies or pence
  • 20 pennies or pence
  • 50 pennies or pence
  • 1 pound coin
  • 2 pound coin

The current banknotes in circulation are:

  • £5 polymer note (from 13 September 2016)
  • £10 polymer note (from 14 September 2017)
  • £20 polymer note (launch date 2020)
  • £50 note

Prior to Decimalisation

Before 1971, an entirely different monetary system was in operation. The pound divided into 20 shillings, with each shilling worth 12 pence. Thus a pound back then was worth 240pence.

Other coinage used were Farthing, Halfpenny, Penny, Threepence, Sixpence, One shilling, Two shillings, Half crown, Crown and Guinea. The denominations were as follows:

  • Farthing (1/4d) - withdrawn in 1960
  • Halfpenny (1/2d) (usually pronounced HAY-p'nee)
  • Penny (1d)
  • Threepence (3d) (usually pronounced "thruppence")
  • Sixpence (6d)
  • Shilling (1/-) - 12 pence
  • Florin or two shillings (2/-) 24 pence
  • Half a Crown (2/6) 30 pence
  • Crown (5/-) - 60 pence