50 years since ‘D-Day’: how our money changed forever

Britain was in the midst of a sevenweek postal strike, the average house cost £4,265, and a pint of best bitter would set you back less than 14p. The United Kingdom of February 1971 was a very different place to today.

However, the nation’s currency was about to enter the modern age and faced its biggest- ever overhaul. The days of the shilling, half crown and threepenny bit were all numbered. They would be replaced by new money, perfectly divisible by 100, with the decimalisation of Britain’s currency on Feb 15 1971.

Those in favour said the change was long overdue. Russia was the world’s first country to adopt a decimal currency, under the rule of Peter the Great in 1704, followed by the United States and France at the end of the 18th century. Other nations took much longer, but by the 1960s major countries such as Australia, South Africa and New Zealand had all switched. On Feb 15 1968, Britain announced it would follow suit, with Labour chancellor Roy Jenkins announcing that Decimal Day – or D-Day – would take place exactly three years later.

Jon White of the Britannia Coin Company, a coin expert, said the changeover was a “monumental exercise”. He said: “Not only were the shape and size of the coins changing, but their value changed too – we went from having 12 pence in a shilling to only five. Many houses had coinoperated gas and electricity meters, which all had to be converted.”

The move was not without controversy: campaigners argued that part of Britain’s history and culture was being erased in favour of foreign conventions. The pound would be retained but would now be divided into 100 “new pence”, with the old pennies – worth 1/240 of a pound – falling out of circulation.

Huge efforts were made to alert citizens to the forthcoming change. A major advertising campaign was launched by the Decimal Currency Board and schools were asked to explain the changeover to pupils. Popular entertainer Max Bygraves also released a song called Decimalisation to promote the switch, although his single failed to trouble the charts.

New 5p and 10p coins were introduced in 1968, which corresponded in size and value to the old shillings and florins. They were followed by the first 50p coin the following year. This replaced the 10- shilling note, commonly called the “ten bob” note, and was notable for being the world’s first seven- sided coin. Decimal halfpenny, 1p and 2p coins could not enter circulation until D-Day itself, once the old penny and the threepence coin ceased to be legal tender the previous day.

Kevin Clancy of the Royal Mint Museum said almost six billion lowvalue bronze coins had to be minted in advance of D-Day. “The sheer volume of coins required for the changeover meant that the Royal Mint needed to move location from Tower Hill in London to a new production facility in Llantrisant, south Wales,” he said.

There were fears of chaos on D-Day itself. Banks were closed from 3.30pm on Wednesday Feb 10 and did not reopen until 10am on the Monday morning, with the time spent upgrading machines and ledgers.

Other institutions were forced to make contingency plans. London Transport feared bus drivers would have to carry huge amounts of the new currency to give as change to customers, according to Ian Mansfield, a history blogger. Mr Mansfield, who runs the IanVisits website, said: “London’s buses faced a problem with their main sixpence fare becoming two-anda-half new pence. London Transport was worried the fares would be paid for with three new pennies, and staff would have to carry large quantities of copper halfpennies to give in change.”

London Transport, as well as many bus companies around the country, delayed its own switchover for a week to give passengers enough time to acquire the new coins, although the cry of “exact fare please” would be heard from bus drivers for years to come.

D-Day itself passed with few problems, aided by the fact February was considered the quietest time of the year for shopping and travel. However, there were strong accusations from shoppers that retailers had exploited the changeover by rounding up prices.

Many members of the older generation found it difficult to change the habits of a lifetime and would rely on their sons and daughters to convert old money into new. A short film called Granny Gets the Point was repeatedly broadcast on television to urge young people to help their parents and grandparents adapt to the new currency.

While many rushed to spend their old coins ahead of D-Day, those who held on to the pre-1947 currency that remained in circulation in the 1970s could have passed a small fortune on to their families. These coins were 50pc pure silver, unlike the copper and nickel alloys that started to replace them after the Second World War, and can be worth huge sums today. Mr White said: “We have just dealt with a family whose father operated vending machines throughout the North of England. During his career, he retained over 344lb (156kg) of silver coinage. This resulted in a payout to his family of over £43,000.”

Modern coin enthusiasts also have another item to add to their collection. The Royal Mint has launched a new 50p to commemorate the 50th anniversary of Britain’s great currency switch.

Rise in prices in the most desirable parts of Sheffield, according to agents