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£sd
£sd (occasionally written Lsd) is the popular name for the pre-decimal currencies once common throughout Europe. The abbreviation originates from the Latin currency denominations librae, solidi, and denarii. Under this system, there were 12 denarii in a solidus and 20 solidi (or 240 denarii) in a libra. In the countries of the (former) British Empire, these were called pounds, shillings, and pence (pence being the plural of penny), with 12 pence in a shilling and 20 shillings in a pound.
Although the names originated from popular coins in the classical Roman Empire, their definitions and the ratios between them were introduced and imposed across Western Europe by Emperor Charlemagne. King Offa of Mercia adopted the Frankish silver standard of librae, solidi, and denarii into Britain in the late 8th century.
The £sd system was the standard across much of the European continent for over a thousand years, until the decimalisations of the 18th and 19th centuries. The United Kingdom remained one of the few countries retaining it into the 20th century, resulting in the system becoming particularly associated with Britain. For much of the 20th century, £sd remained the monetary notation of most countries in the (former) British Empire – with the exceptions of Canada and India – until the 1960s and 1970s, with Nigeria being the last to abandon it in the form of the Nigerian pound on 1 January 1973.
Historically, similar systems based on Roman coinage were used elsewhere; e.g., the division of the livre tournois in France and other pre-decimal currencies such as Spain, which had 20 maravedís to 1 real and 20 reales to 1 duro or 5 pesetas.
The classical Roman Empire originally used a decimal currency system based on the "as" whereby 1 denarius = 10 asses. The silver denarius was the common circulation coin, but accounting was in sestercii. Later Roman Emperors undertook multiple coinage reforms, redefining weights and coins' relative values and introducing new coins and new accounting systems for them. Since most reforms were not even completed before the next one began, the late Roman Empire had a veritable mess of multiple overlapping systems of weights and currencies.
Around the 780s, the Frankish emperor Charlemagne cut through the mess by creating a new uniform system. He defined the "libra" as a new measure of weight equivalent to around 408 g (14.4 oz) (substantially larger than the old Roman pound of 328.9 g (11.60 oz)), and ordered 240 silver units known as denarii to be struck from the new Carolingian pound of pure silver, each denarius containing 22.5 grains (1.46 g) of silver. To help accounting, Charlemagne also decreed that the pound was divisible into 20 solidi, each of 12 denarii. Thus began the Carolingian monetary system (1l. = 20s. = 240d.).
The new coinage and accounting system was imposed uniformly across the vast Carolingian Empire and also infiltrated countries on its periphery. In the late 8th century, King Offa of Mercia imported the system into Britain to facilitate transactions (notably "Peter's pence") with the Roman Catholic Church (which used the Carolingian coinage system). But it was not the sole system in Britain – the £sd system would have to compete for a while with the Viking "mark" accounting system, introduced into Danelaw regions. Although £sd ultimately prevailed in Britain, the "mark of account" system lingered on in North Sea trade and areas of Hanseatic influence through much of the Middle Ages.
Charlemagne's new monetary system prevailed across much of Western Europe including France (where the units were known as the livre, sous and denier), Italy (lira, soldo and denaro), the Holy Roman Empire (pfund, schilling and pfennig) and in England (pound, shilling and penny). The English name pound is a Germanic adaptation of the Latin phrase libra pondo 'a pound weight'. On the Iberian peninsula, the Kingdom of Aragon adopted the Carolingian monetary system (Catalan: lliura, sou and diners), but those of Portugal and Castile (and subsequently Spain) retained the currency system inherited from al-Andalus.
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£sd
£sd (occasionally written Lsd) is the popular name for the pre-decimal currencies once common throughout Europe. The abbreviation originates from the Latin currency denominations librae, solidi, and denarii. Under this system, there were 12 denarii in a solidus and 20 solidi (or 240 denarii) in a libra. In the countries of the (former) British Empire, these were called pounds, shillings, and pence (pence being the plural of penny), with 12 pence in a shilling and 20 shillings in a pound.
Although the names originated from popular coins in the classical Roman Empire, their definitions and the ratios between them were introduced and imposed across Western Europe by Emperor Charlemagne. King Offa of Mercia adopted the Frankish silver standard of librae, solidi, and denarii into Britain in the late 8th century.
The £sd system was the standard across much of the European continent for over a thousand years, until the decimalisations of the 18th and 19th centuries. The United Kingdom remained one of the few countries retaining it into the 20th century, resulting in the system becoming particularly associated with Britain. For much of the 20th century, £sd remained the monetary notation of most countries in the (former) British Empire – with the exceptions of Canada and India – until the 1960s and 1970s, with Nigeria being the last to abandon it in the form of the Nigerian pound on 1 January 1973.
Historically, similar systems based on Roman coinage were used elsewhere; e.g., the division of the livre tournois in France and other pre-decimal currencies such as Spain, which had 20 maravedís to 1 real and 20 reales to 1 duro or 5 pesetas.
The classical Roman Empire originally used a decimal currency system based on the "as" whereby 1 denarius = 10 asses. The silver denarius was the common circulation coin, but accounting was in sestercii. Later Roman Emperors undertook multiple coinage reforms, redefining weights and coins' relative values and introducing new coins and new accounting systems for them. Since most reforms were not even completed before the next one began, the late Roman Empire had a veritable mess of multiple overlapping systems of weights and currencies.
Around the 780s, the Frankish emperor Charlemagne cut through the mess by creating a new uniform system. He defined the "libra" as a new measure of weight equivalent to around 408 g (14.4 oz) (substantially larger than the old Roman pound of 328.9 g (11.60 oz)), and ordered 240 silver units known as denarii to be struck from the new Carolingian pound of pure silver, each denarius containing 22.5 grains (1.46 g) of silver. To help accounting, Charlemagne also decreed that the pound was divisible into 20 solidi, each of 12 denarii. Thus began the Carolingian monetary system (1l. = 20s. = 240d.).
The new coinage and accounting system was imposed uniformly across the vast Carolingian Empire and also infiltrated countries on its periphery. In the late 8th century, King Offa of Mercia imported the system into Britain to facilitate transactions (notably "Peter's pence") with the Roman Catholic Church (which used the Carolingian coinage system). But it was not the sole system in Britain – the £sd system would have to compete for a while with the Viking "mark" accounting system, introduced into Danelaw regions. Although £sd ultimately prevailed in Britain, the "mark of account" system lingered on in North Sea trade and areas of Hanseatic influence through much of the Middle Ages.
Charlemagne's new monetary system prevailed across much of Western Europe including France (where the units were known as the livre, sous and denier), Italy (lira, soldo and denaro), the Holy Roman Empire (pfund, schilling and pfennig) and in England (pound, shilling and penny). The English name pound is a Germanic adaptation of the Latin phrase libra pondo 'a pound weight'. On the Iberian peninsula, the Kingdom of Aragon adopted the Carolingian monetary system (Catalan: lliura, sou and diners), but those of Portugal and Castile (and subsequently Spain) retained the currency system inherited from al-Andalus.
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