New pee. Such an ugly phrase, introduced this day in 1971 with the decimalisation of the currency. It was, I suppose, to differentiate it from the outgoing old pennies – or pence: huge copper items which carried every monarch’s head from Queen Victoria onwards. On the reverse was the image of Britannia and the year. In written form, the old penny was “D/d” as in the Roman denarius. Most of them were tarnished dark brown or black. The old Victorian, Edwardian or George V ones were heavily worn.
Cui bono? Well, I suppose it was easier to teach and to learn.
But what did we lose? We lost the thrupenny bit and the Tanner (6d). We lost the bob (12d), the sov (sovereign, old pound: archaic), the crown (5s = 60d) and the half-crown (2/6 = 30d). We lost the ten bob note – that’s 50p to younger readers. Thankfully the word “quid” has survived. But let’s face it, it was an altogether more colourful currency than that which we have today.
Why did we have to learn the twelve times table? That’s the reason. You had to be pretty good at basic mental arithmetic to know you had the right change when you bought your newspaper. I contend that our complex currency made us a more numerate people before 1971.
Somehow the guinea survived, a wonderful anachronism. It remains the currency unit of choice at livestock sales and the Turf. It is worth, bizarrely, £1.05, or 21 shillings old money. The guinea was introduced during the reign of Charles II. Struck from pure west African gold (hence Guinea), it had an initial value of 20 shillings. But as the value of gold increased over time, its value went up to as much as 27 shillings. Eventually in the early 19C it was pegged at 21s. Strictly the currency of the wealthy (few ordinary people had more than a quid to spend back then), the guinea was used in horse and livestock sales, gambling, the art market and so on.
I realise that all this makes me sound a grumpy old reactionary: I don’t care.
Long live the mighty guinea!