In English money, a bob is slang for a shilling.
Before the UK switched to decimal currency in 1971, money was based on a system of pounds, shillings, and pence (£sd). The shilling was a common unit in this older system.
The Value of a Shilling (Bob)
Based on the provided reference, here's a breakdown of the shilling's value:
- Shilling Slang Term: Bob
- Value in Old Pence: 1 shilling equalled twelve pence (12d).
- Relation to the Pound: £1 (one pound) equalled 20 shillings (20s or 20/-).
- Value in Modern Currency: A shilling is stated to be 5p in today's money.
Understanding the Old £sd System
The pre-decimal system worked as follows:
- 12 pence (12d) = 1 shilling (1s or 1/-)
- 20 shillings (20s) = 1 pound (£1)
This meant there were 240 pennies (240d) in £1, calculated as 12 pence/shilling * 20 shillings/pound.
Historical Context of the Penny
Interestingly, the reference notes a historical reason for the 240 pennies to a pound. Originally, 240 silver penny coins weighed 1 pound (1lb).
Summary Table
| Unit | Slang Term | Value in Pence (d) | Value in Shillings (s) | Value in Pounds (£) | Modern Equivalent (as per reference) |
|---|---|---|---|---|---|
| Penny | 1d | 1/12s | 1/240£ | ||
| Shilling | Bob | 12d | 1s | 1/20£ | 5p |
| Pound | 240d | 20s | £1 |
A "bob" was a friendly, informal way to refer to the shilling coin, a significant part of everyday transactions in the UK before decimalization.
