What is a shilling? Word meaning, history

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

What is a shilling? This question was asked by everyone who has ever come across this term. This article will answer this question.

Shilling. Definition

Shilling is a generalized name for a number of metal coins of Western European countries. In the 20th century, the national currencies of some Western European countries also had this name. It was from the shilling that the name of the coin "Shelyag" came into the Old Russian language.

In some states, the shilling is still used today, in particular in a number of African states that were previously colonially dependent on the British Empire.

History

On the territory of modern Germany, the shilling began to be used in the XIV century. From the fifteenth century it began to be used in the Kingdom of Denmark and Holland, and in the sixteenth century the shilling entered circulation in England. The English king Henry VII in 1502 ordered the first shilling to be minted in the British Isles. Initially, the coin was called "teston". Only under King Edward VI did the coin acquire its now familiar name. The British shilling was used in the country until 1971

Besides the UK, the shilling was used in Austria(replaced by euro in 2002). To date, the shilling is used as the official currency in a number of East African states such as Kenya, Somalia, Tanzania and Uganda. They are also joined by the self-proclaimed state of Somaliland.

British shilling. Coins

The British shilling is a coin that was used as a bargaining chip in England. The people called him "Bob".

One British pound sterling was divided into 20 shillings. In 1971, the shilling, the photo of which you can see above, was replaced by pence. One shilling was equal to 5 pence.

The most common coins in England were two (florin) and five (crown) shillings. In addition to metal coins, ten shilling paper notes were also issued.

Modern shillings. Course

Given the fact that shillings are no longer used in Europe, this article will provide information on the exchange rate used in the modern world. The Kenyan shilling in rubles will be approximately 0.55, respectively, for one ruble you will receive about 1.8 KES. Compared to the dollar, the Kenyan shilling exchange rate will be about $ 0.01, that is, for one US dollar you will get about 103 KES.

The situation is completely different with the Tanzanian shilling, which is valued at approximately $0.0004, that is, for one dollar you will be given about 2,200 TZS. One Russian ruble is estimated at approximately 40 Tanzanian shillings.

Approximately 0.01 Russian rublethere is a Somali shilling, therefore, for one ruble they give about ten SOS. One US dollar contains about five hundred and eighty SOS. In dollars, one Somali shilling is approximately $0.002.

One of the cheapest currencies in the world is the Ugandan shilling, the value of which is estimated at approximately 0.0003 US dollars, that is, for one dollar you will get as much as 3600-3700 UGX! One Russian ruble can be exchanged for about 63-63 UGX, and for one Ugandan shilling you will be given no more than 0.02 rubles.

Such a low rate of African shillings is associated with the extreme poverty of the states where these monetary units are used. Three out of four countries (Tanzania, Uganda, Somalia) are among the countries with the lowest per capita income, and Kenya, although it looks more prosperous compared to its neighbors, is still a poor state. The difficult political situation, crime, an underdeveloped economy and almost universal poverty have an extremely negative impact on the value of the national currency.

Exchange transactions. Collectibles

All copies of Western European shillings, which were relatively recently used in different European countries, now represent only a collection and cultural value. However, numismatists and bonists from all over the world are happy to purchase shillings for their collection.

The cost of shillings on the collectors' market is formed due to many factors: the year of minting or printing, the country of origin, denomination, degreepreservation, mint, etc.

The situation with modern shillings, that is, African ones, is completely different. Not only are collectors unwilling to acquire them, but even residents of those countries where they are in official circulation are not particularly eager to receive their currency. They are much more attracted by the opportunity to receive foreign money: dollars, euros, British pounds, etc. This is due to the fact that local currencies are very cheap and constantly depreciate, so receiving payment in national currency is not only unprofitable, but also risky, because the devaluation of the state currency can happen at any moment.

So if you decide to come to countries where this money is used, then you need to know what shillings are. In these countries, you can easily exchange dollars, euros, pounds and almost any other currency. Moreover, this can be done both in official financial organizations and with local moneylenders, who often exchange at a more favorable rate right on the street.

Conclusion

So what is a shilling? This is the name of the banknotes used by different countries in different historical periods.

Shillings are so different that they have only the name and origin in common. Therefore, before answering the question: "What is a shilling?", It is necessary to clarify which country's shilling and in what historical period is meant.