Shilling

This article is about coinage. For other uses, see shilling (disambiguation).

A 1933 UK shilling

The shilling is a unit of currency used in some current and former British Commonwealth countries. The word shilling comes from scilling, an accounting term that dates back to Anglo-Saxon times where it was deemed to be the value of a cow in Kent or a sheep elsewhere. The word is thought to derive from the base skell-, "to ring/resound" and the diminutive suffix -ing.^[1] The slang term for a shilling as a currency unit was a "bob".

The abbreviation for shilling is s, from the Latin solidus, the name of a Roman coin. Often it was informally represented by a slash, standing for a long s: e.g., "1/6d" would be 1 shilling and sixpence, or 18d. (often pronounced "one and six"); a price with no pence would be written with a slash and a dash, e.g., "11/–". Quite often a triangle or (serif) apostrophe would be used to give a neater appearance, e.g., "1'6" and "11'-". In Africa it is often abbreviated sh.

During the Great Recoinage of 1816, the mint was instructed to coin one troy pound (weighing 5760 grains) of standard (0.925 fine) silver into 66 shillings, or its equivalent in other denominations. This effectively set the weight of the shilling, and its subsequent decimal replacement 5 new pence coin, at 87.2727 grains or 5.655 grams from 1816 to 1990, when a new smaller 5p coin was introduced.

1956 Elizabeth II UK shilling showing English and Scottish reverses

Kingdom of England

Main article: Shilling (English coin)

In England, a shilling was a coin used from the reign of Henry VII^{[citation needed]} (or Edward VI ca 1550) until the Acts of Union ended the Kingdom of England (when, in the terms of Article 16 of the Articles of Union created by the Acts of Union of 1707, a common currency for the new United Kingdom was created).

Kingdom of Scotland

The term schilling or shilling was in use in Scotland from early mediaeval times.

Great Britain and the United Kingdom

Main article: Shilling (British coin)

The common currency created in 1707 by Article 16 of the Articles of Union continued in use until decimalisation in 1971. Before decimalisation, there were 20 shillings per pound and 12 pence per shilling, and thus there were 240 pence in a pound. Three coins denominated in multiple shillings were also in circulation at this time. They were:

• the florin, which adopted the value of 10 new pence (10p);
• the half-crown (two shillings and sixpence (2/6d) or one-eighth of a pound, which was abolished at decimalisation;
• the crown (five shillings), the highest denominated non-bullion UK coin in circulation at decimalisation (in practice, crowns were commemorative coins not used in everyday transactions).

At decimalisation, the shilling coin was superseded by the new five-pence piece, which initially was of identical size and weight and had the same value, and inherited the shilling's slang name of a bob.

Irish shillings

Main article: Shilling (Irish coin)

In Ireland, the shilling was issued as scilling in Irish and was worth one 20th of an Irish pound. The coin featured the bull on the obverse side. The first minting from 1928 until 1941 contained 75% silver, more than the equivalent British coin. The Irish shilling was finally withdrawn from circulation on January 1, 1993, as a smaller five-pence coin was introduced.

Australian shillings

Main article: Shilling (Australian)

Australian shillings, twenty of which made up one Australian pound, were first issued in 1910, with the Australian coat of arms on the reverse and King Edward VII on the face. The coat of arms design was retained through the reign of King George V until a new ram's head design was introduced for the coins of King George VI. This design continued until the last year of issue in 1963. In 1966, Australia's currency was decimalised and the shilling was replaced by a ten cent coin (Australian), where 10 shillings made up one Australian dollar.

The slang term for a shilling coin in Australia was "deener". The slang term for a shilling as currency unit was "bob", the same as in the United Kingdom.

After 1966, shillings continued to circulate, as they were replaced by 10-cent coins of the same size and weight.

Countries in Africa where the currency is called shilling.

New Zealand shilling

New Zealand shillings, twenty of which made up one New Zealand pound, were first issued in 1933 and featured the image of a Maori warrior carrying a taiaha "in a warlike attitude" on the reverse.^[2] In 1967, New Zealand's currency was decimalised and the shilling was replaced by a ten cent coin of the same size and weight. Smaller 10-cent coins were introduced in 2006.

East African shillings

The East African shilling was in use in the British colonies and protectorates of British Somaliland, Kenya, Tanganyika, Uganda and Zanzibar from 1920, when it replaced the rupee, until after those countries became independent, and in Tanzania after that country was formed by the merger of Tanganyika and Zanzibar in 1964. Upon independence in 1960, the East African shilling in the State of Somaliland (former British Somaliland) and the Somali somalo in the Trust Territory of Somalia (former Italian Somaliland) were replaced by the Somali shilling.^[3]

In 1966, the East African Monetary Union broke up, and the member countries replaced their currencies with the Kenyan shilling, the Ugandan shilling and the Tanzanian shilling respectively.^[4] Though all these currencies have different values at present, there were plans to reintroduce the East African shilling as a new common currency by 2009,^[5] although this has not come about.

Somali shilling

Overview

The Somali shilling is the official currency of Somalia. It is subdivided into 100 cents (English), senti (Somali, also سنت) or centesimi (Italian).

The Somali shilling has been the currency of parts of Somalia since 1921, when the East African shilling was introduced to the former British Somaliland protectorate. Following independence in 1960, the somalo of Italian Somaliland and the East African shilling (which were equal in value) were replaced at par in 1962 by the Somali shilling. Names used for the denominations were cent, centesimo (plural: centesimi) and سنت (plurals: سنتيمات and سنتيما) together with shilling, scellino (plural: scellini) and شلن.

That same year, the Banca Nazionale Somala issued notes for 5, 10, 20 and 100 scellini/shillings. In 1975, the Bankiga Qaranka Soomaaliyeed (Somali National Bank) introduced notes for 5, 10, 20 and 100 shilin/shillings. These were followed in 1978 by notes of the same denominations issued by the Bankiga Dhexe Ee Soomaaliya (Central Bank of Somalia). 50 shilin/shillings notes were introduced in 1983, followed by 500 shilin/shillings in 1989 and 1000 shilin/shillings in 1990. Also in 1990 there was an attempt to reform the currency at 100 to 1, with new banknotes of 20 and 50 new shilin prepared for the redenomination. ^[6]

Following the breakdown in central authority that accompanied the civil war, which began in the early 1990s, the value of the Somali shilling was disrupted. The Central Bank of Somalia, the nation's monetary authority, also shut down operations. Rival producers of the local currency, including autonomous regional entities such as the Somaliland territory, subsequently emerged.

Somalia's newly-established Transitional Federal Government revived the defunct Central Bank of Somalia in the late 2000s. In terms of financial management, the monetary authority is in the process of assuming the task of both formulating and implementing monetary policy.^[7] Owing to a lack of confidence in the Somali shilling, the US dollar is widely accepted as a medium of exchange alongside the Somali shilling. Dollarization notwithstanding, the large issuance of the Somali shilling has increasingly fueled price hikes, especially for low value transactions. This inflationary environment, however, is expected to come to an end as soon as the Central Bank assumes full control of monetary policy and replaces the presently circulating currency introduced by the private sector.^[7]

Somaliland shilling

The Somaliland shilling is the official currency of Somaliland, a self-declared republic that is internationally recognized as an autonomous region of Somalia.^[8] The currency is not recognized as legal tender by the international community, and it currently has no official exchange rate. It is regulated by the Bank of Somaliland, the territory's central bank. Although the authorities in Somaliland have attempted to bar usage of the Somali shilling, Somalia's official currency is still the preferred means of exchange for many peoples in the region.^[9]

Austrian shilling

The Austrian schilling was the currency of Austria between 1924 and 1938 and again between 1945 and 2002. It was replaced by the euro at a fixed parity of €1 = 13.7603 Schilling. The Schilling was divided into 100 Groschen.

Other countries' shillings

Owing to the reach of the British Empire, the shilling was once used on every inhabited continent. This two-shilling piece was minted for British West Africa.

Shillings were issued in the Scandinavian countries (skilling) until the Scandinavian Monetary Union of 1873, and in the city of Hamburg, Germany.

The sol (later the sou), both also derived from the Roman solidus, were the equivalent coins in France, while the (nuevo) sol (PEN) remains the currency of Peru. As in France, the Peruvian sol was originally named after the Roman solidus, but the name of the Peruvian currency is now much more closely linked to the Spanish word for the sun (sol). This helps explain the name of its temporary replacement, the inti, named for the Incan sun god.

Shillings were used in Malta, prior to decimalisation in 1972, and had a face value of five Maltese cents.

Elsewhere in the former British Empire, forms of the word shilling remain in informal use. In Vanuatu and Solomon Islands, selen is used in Bislama and Pijin to mean "money"; in Malaysia, syiling (pronounced like shilling) means "coin". In Egypt and Jordan the shillin (Arabic: شلن‎) is equal to 1/20th (five qirshes — Arabic: قرش‎, English: piastres) of the Egyptian pound or the Jordanian dinar.

In the thirteen British colonies that became the United States in 1776, British money was often in circulation. Each colony issued its own paper money, with pounds, shillings, and pence used as the standard units of account. Some coins were minted in the colonies, such as the 1652 pine-tree shilling in the Massachusetts Bay Colony. After the United States adopted the dollar as its unit of currency and accepted the gold standard, one British shilling was worth 24 US cents. Due to ongoing shortages of US coins in some regions, shillings continued to circulate well into the 19th century, for example being mentioned as the standard monetary unit throughout the autobiography of Solomon Northup.^[10]

In British Ceylon, a shilling (Sinhala: Silima, Tamil: Silin) was equivalent to eight fanams. With the replacement of the rixdollar by the rupee in 1852, a shilling was deemed to be equivalent to half a rupee. On the decimalisation of the currency in 1869, a shilling was deemed to be equivalent to 50 Ceylon cents. The term continued to be used colloquially until the late 20th century.^[11]

References

1. ^ shilling - Definitions from Dictionary.com
2. ^ Reserve Bank of New Zealand- URL retrieved 17th April 2011
3. ^ Description of Somalia shilling - URL retrieved October 8, 2006
4. ^ Dissolution of the East African Monetary Union - URL retrieved October 8, 2006
5. ^ East African Business Council - Fact Sheet: Customs Union - URL Retrieved October 8, 2002
6. ^ Somalbanca - Currency
7. ^ ^{a b} Central Bank of Somalia - Monetary policy
8. ^ Somaliland’s Quest for International Recognition and the HBM-SSC Factor
9. ^ Time for Somaliland to Rethink its Strategy
10. ^ Solomon Northup. Twelve Years a Slave. Auburn, Derby and Miller; Buffalo, Derby, Orton and Mulligan; [etc., etc.] 1853
11. ^ Early Monetary Systems of Lanka (Ceylon), Currency Museum Circular No 7, Currency Department, Central Bank of Ceylon, Colombo, 15 March 1984

External links

• The Shilling
• British Coins - Information about British coins.