The Current British Coinage System

Basic System Since 1971, we have used a decimal system, with 100 pence to the pound.

Basic Unit The basic currency unit is the Pound, or Pound Sterling, the symbol for which is written as £. It is sometimes shown as GB£, or GBP, mainly by those whose keyboards do not support a £ symbol. A pound coin has been issued every year since 1983. Before this date, pound notes were common, but have now been withdrawn, although they are still negotiable at any bank. The history of the pound coin dates back to 1489 with the issue of the first gold sovereign. Please look at the many other pages on our site about gold sovereigns.

Basic Divisions
The penny is the only basic division of the pound. There are one hundred (100) pennies to the pound. The symbol for pence is p. The plural of penny is properly "pence".

Intermediate Coin Denominations

Obverse of Five Pound Crown

Obverse of Two Pounds

Obverse of One Pound

Obverse of Fifty Pence

Obverse of Twenty Pence

Obverse of Ten Pence

Obverse of Five Pence

Obverse of Two Pence

Obverse of Penny

All intermediate denominations are a multiple of the penny:-
Fifty (50) pence.
Twenty (20) pence.
Ten (10) pence.
Five (5) pence.
Two (2) pence.

Higher Denominations
There is only one other coin denomination which is currently used commonly in circulation, having a higher value than the £1 coin:-
Two Pounds (£2). With the issue of a new lighter weight, bi-metallic two pound coin in 1997, they are now becoming quite common in circulation

Other Rare Sightings
There is a Five Pound (£5) coin, known as a crown, which has been issued since 1990, but they are rarely seen in circulation.
The crown originally had a face value of five shillings, and since decimalisation, twenty five (25) pence. Pre 1990 crowns are only seen very rarely in circulation.
Please see the numerous other pages on our site for further information about crowns and five pound coins.

Summary

Coin	Value	Written
Five Pounds	5 Pounds	£5
Two Pounds	2 Pounds	£2
Fifty Pence	50 Pence	50p.
Twenty Pence	20 Pence	20p.
Ten Pence	10 Pence	10p.
Five Pence	5 Pence	5p.
Two Pence	2 Pence	2p.
One Penny	1 Penny	1p.

Finally...
A strange corruption has befallen the English language since decimalisation. The d for penny or pence was always pronounced as "penny" or "pence", but now the p for penny is commonly called "pea" rather than penny or pence. During the changeover period of decimalisation, this was reasonably understandable, although the new pennies were called "new penny" or "new pence" as they had a different value from the old penny, so there was no need to further differentiate. Since the old pennies were withdrawn in February 1971, there have been almost 30 years to adjust.
There were of course 20 shillings to the pound, twelve pence to the shilling, and therefore 240 pence to the pound.

You may wish to visit some of our other pages:
Specifications of Current British Coins
Pre Decimal British Coin Specifications
Value of my Coin. What's it Worth?
Inscriptions on British Coins
Common Names of British Coins. What's a Tanner?
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