The Decimal Day: A Major Currency Change in the UK and Ireland

💰On Decimal Day, the UK and Ireland decimalized their currencies, replacing the old pounds, shillings, and pence with the new decimal money system.

💱The transition involved abolishing the shilling and dividing the pound into 100 new pence. The pound maintained its old value and name.

🔄The conversion of coins was gradual, with new coins being introduced alongside the old coins. The old coins were taken out of circulation over time.

📺A substantial publicity campaign was conducted to educate the public about the changes, including TV programs and adverts.

✨The transition to decimal currency went smoothly overall, despite some initial challenges and criticisms.

What is Decimal Day?

—Decimal Day refers to February 15, 1971, when the UK and Ireland decimalized their currencies, transitioning from pounds, shillings, and pence to the new decimal money system.

How did the British pound change during decimalization?

—The British pound retained its old value and name. The main change was the abolition of the shilling and the division of the pound into 100 new pence.

Were the old coins immediately replaced with new coins on Decimal Day?

—No, the transition to the new decimal coins was gradual. New coins were introduced alongside the old coins, and the old coins were gradually taken out of circulation.

How did the public learn about the changes before Decimal Day?

—A substantial publicity campaign was conducted, including TV programs, adverts, and information booklets. The aim was to educate the public about the upcoming changes and how to use the new coins.

Were there any challenges or criticisms during the transition?

—Yes, there were some initial challenges and criticisms, including the small size of the new halfpenny coin and traders taking advantage of the transition to raise prices. However, these issues were addressed, and the transition went smoothly overall.

00:07The UK and Ireland decimalized their currencies on February 15, 1971.

00:36The pound remained the same, but the shilling was abolished.

00:55The pound was divided into 100 new pence.

02:01New coins were introduced alongside the old coins.

02:28The old coins were gradually taken out of circulation.

02:58A substantial publicity campaign was conducted to educate the public about the changes.

03:35Banks were closed to process outstanding cheques and convert account balances.

06:08The public quickly adapted to the new decimal system, and terms like 'tanner' and 'quid' became less common.