The Evolution of Currency in the United Kingdom
The question of what currency was used before the British Pound is a complex one, rooted deeply in historical context and economic practices. This article explores the evolution of currency in the UK, from the early days of the Anglo-Saxons to the current usage of the Pound sterling.
Origins of Currency
Before delving into specific periods, it is important to understand the general evolution of currency. Currency as we recognize it today—standardized coins with consistent values—did not exist in Britain before the adoption of the pound, shilling, and penny (GBP).
The term “pound” itself has origins in the Anglo-Saxon period. The ancient practice of weighing silver was the precursor to modern currency, where a pound (originally a weight of silver) was the unit of value. However, before the Roman conquest, there was no standardized currency, and local tribes would mint their own coins for trade with foreign merchants, often debasing the metal to reduce value for domestic use.
Pre-Roman and Early Roman Period
Before the Roman Conquest: The southern British tribes struck staters (ancient coins) primarily for trade with foreign merchants. One notable tribe, the Durotriges, debased their coinage, suggesting a need for lower-value currency for domestic transactions.
During Roman Occupation: The Roman currency, including aureii, denarii, sesterces, dupondii, and asses, was widely used. Britain was fully integrated into the Roman economic system, and Roman coins circulated freely.
Anglo-Saxon and Early English Period
Early Anglo-Saxon Coins: The earliest Anglo-Saxon currency was gold thrymsas, often minted around 500 AD. By the 7th century, the silver sceat became prevalent. In written English documents from around 600 AD, the laws of King ?thelberht of Kent mention both sceattas (sceats) and scillingas (shillings).
However, it is uncertain if the scillingas referred to a specific coin, as the references may have been later interpolations. The only surviving manuscript of ?thelberht's laws was written some 500 years later, lending plausibility to this interpretation.
King Alfred the Great's Reforms: In the late 9th century, King Alfred the Great introduced the penny (pennies), which became the basis of English currency. The penny was standardized and has remained a fundamental unit of currency since its introduction.
Pound Sterling and Modern Currency
The British Pound sterling has been used in some form for at least 1000 years. While earlier forms of currency were relevant, the traditional pound, shilling, and penny were formalized and widely accepted only after 1717, when the Pound sterling became the standardized currency.
Before the late 17th century, currency was based on parts and multiples of pennies (farthings, ha'pennies, thruppences, groats), with the pound being a unit of account rather than a specific coin. During the Tudor period, as coins were devalued, larger denominations were introduced to keep up with economic demands.
Today, the Pound sterling remains one of the most recognized currencies globally, playing a vital role in international trade and economic stability.
Frequently Asked Questions
What is the earliest known currency in Britain?
The earliest known currencies in Britain were staters minted by the southern British tribes, likely for trade with foreign merchants. These were followed by the Roman currency during the occupation, including aureii, denarii, sesterces, dupondii, and asses.
When was the penny introduced?
The penny, or prester (P), was introduced by King Alfred the Great in the late 9th century and became the fundamental unit of currency in England. It has been in continuous use since then.
How did the British pound sterling evolve over time?
The British pound sterling evolved from a unit of account to a standardized currency. It was reformed in the late 17th century, and modern British currency is derived from this standardized system.