shilling

The British shilling, abbreviated "1s" or "1/-", was a unit of currency and a denomination of sterling coinage worth 1⁄20 of one pound, or twelve pre-decimal pence (equivalent to five new pence, £0.05 in modern decimal notation). It was first minted in England in 1503 or 1504 during the reign of Henry VII as the testoon, and became known as the shilling, from the Old English scilling, sometime in the mid-16th century. It circulated until 1990. It was commonly known as a bob, as in "ten-bob note", also the Scout Association's Bob-a-Job Week.

The shilling was last minted in 1966, prior to the UK's decimalisation. Following Decimal Day on 15 February 1971 the coin had a value of five new pence, and a new coin of the same value but labelled as "five new pence" (the word "new" was removed after 1980) was minted with the same size as the shilling until 1990. The five-pence coin was reduced in size in 1990, and the old larger five-pence coins and the pre-decimal shilling coins were both withdrawn from circulation at the end of the year. It was made from silver from its introduction in or around 1503 until 1946, and thereafter in cupronickel.

Before Decimal Day in 1971, sterling used the Carolingian monetary system ("£sd"), under which the largest unit was a pound (£) divided into 20 shillings (s), each of 12 pence (d).

Although the coin was not minted until the 16th century, the value of a shilling had been used for accounting purposes since the early medieval period. The value of one shilling equalling 12 pence (12 d) was set by the Normans following the conquest; before this various English coins equalling 4, 5, and 12 pence had all been known as shillings.