A Brief History of English Currency in the 1800s

The 1800s was a time of great change for English currency. The gold standard was introduced in 1816, pegging the value of the pound to gold.

The gold standard remained in place until 1931, when the UK abandoned it due to economic pressures. This had a significant impact on the value of the pound.

In 1817, the first gold coins were introduced, featuring the image of King George III. These coins were minted with a high gold content, making them highly valued.

The origins of English currency date back to the seventh century, when the custom of reckoning in librae of 20 solidi and 240 denarii grew up in the Frankish kingdom and crossed into England.

The first English pennies were struck in silver in the seventh century, but these early coins varied considerably in weight, making it only occasionally that 240 pennies weighed a pound.

The pound as a unit of currency of 240 pence has its origin from the silver pennies of William I, which introduced a much more consistent weight.

Before the reign of Henry VII, a pound coin didn't exist, but he changed that by introducing a magnificent gold sovereign in 1489, which was deliberately intended to convey the strength and majesty of the new Tudor dynasty.

The word sterling, which describes the British currency, comes from the Middle English ster, meaning strong, rigid, or fixed.

In the 1800s, understanding old money was a challenge, but it's not as complicated as it seems. A penny was worth 1d, and there were 12 pennies in a shilling.

You might be wondering how much a penny could buy, and the answer is not much. In the 1790s, a genuine English penny from 1807 could only purchase small items like "Pearl Needles" or a "Glass for my watch", which both cost 6d.

A shilling was a more valuable unit of currency, and it was used to buy bigger items. For example, a "seat at church" cost 1 shilling in the 1790s. Sometimes, a shilling was even used to give to the poor, like Mrs. Chute, who would give 2s to a "Poor Man" or a "Poor Woman."

The pound was the largest unit of currency, and it was divided into 20 shillings. A guinea, which was worth £1 1s, was also used to buy big-ticket items. The recipient of a letter would often bear the cost of 8d per letter.

To put prices into perspective, a week's washing cost 6s 5d in 1794, and a doctor's visit could cost anywhere from 1£ 1s to 10s 6d.