55 years ago, on Decimal Day, we went from this...
...to this...
Here's how.
1961: Government sets up the Committee of the Inquiry on Decimal Currency. Farthing withdrawn. 1962: Bank of England urges the committee to retain the pound as the main unit in any decimal system. 1963: Committee reports. They propose 100 new pennies to the pound, with coins to be ½ 1 2 5 10 20. 1966: Government proposes to adopt the changes. Decimal Currency Board established. Five-year changeover period begins. Publiccompetition to design the new coins. 1967: Parliament approves the Decimal Currency Act 1967. Coins will be ½ 1 2 5 10 50 (not 20). Nearly 9,000 million coins will be needed. The minor unit will be the new penny (symbol p). Production of pre-decimal coins ceases.
1968: 5p and 10p coins introduced (identical in size to the existing shilling and florin). Souvenir sets of ½p, 1p, 2p, 5p and 10p coins issued in advance of wider circulation. 1969: Old halfpenny withdrawn. 50p coin introduced, the world's first seven-sided coin. "Use it just like a 10/- note". 1970: Half crown withdrawn. Ten-shilling note withdrawn. Massive public information campaign underway (posters, films, songs, TVadverts, booklets, conversion tables, TV programmes)
15th February 1971: Decimal Day, or D-Day. 2p, 1p and ½p coins become legal tender. Banks switch immediately. British Rail and London Transport switch a day early. Most shops show prices in old and new money. Shops continue to accept payment in old coins but always issue change in new coins. Twelve low-value definitive stamps released. 1971: Old penny and thruppeny bit (3d) withdrawn six months later.
1973: First commemorative coin - the European Economic Community accession 50p (with nine clasped hands).
1980: Sixpence (2½p) withdrawn, nine years later than originally anticipated. [1551-1980] 1981: Announcement that a £1 coin will be introduced. 1982: Seven-sided 20p coin introduced. Intention is to reduce the weight of the coins in your pocket. The word “NEW” dropped from newly-minted coins (e.g. the 10p inscription changes from “NEW PENCE” to “TEN PENCE“). 1983: £1 coin introduced. 1984: ½p coin ceases to be legal tender [1971-1984, the first decimal withdrawal] 1988: £1 note withdrawn. [1797-1988]
1990: Smaller 5p coin introduced. Original 5p coin (and shilling) demonetised. [1548-1990] 1992: Smaller 10p coin introduced. 1p and 2p coins now made of plated steel rather than bronze. 1993: Original 10p coin (and florin) demonetised. [1849-1993] 1994: Coinage review proposes introduction of bimetallic £2 coin. 1997: Smaller 50p coin introduced. 1998: £2 coin introduced. 1998: Original 50p demonetised. [1969-1998]
2005: Coinage redesign commissioned by the Royal Mint. 2007: New set of coins introduced based on heraldic designs. No numerical values shown.
2011: 5p coins now nickel-plated steel rather than cupro-nickel. 2011: 10p coins now nickel-plated steel rather than cupro-nickel. 2017: 12-sided £1 coin introduced to reduce counterfeiting. Original £1 coin withdrawn six months later. [1983-2017]
2023: New set of coins with animal designs to mark King Charles' reign. Salmon 50p and bee £1 coins enter circulation. 2024: No new coins ordered by the Treasury from The Royal Mint this year. 2025: Oak-leaf 5p coin enters circulation. 2026: Dormouse 1p, red squirrel 2p, capercaillie 10p, puffin 20p and floral £2 coins not yet in general circulation.
