Timeline

• 29.07.1601
• English ordinance [Mint Indenture], fixes the weight of the Shilling at 62 pieces to the troy pound silver 11¹⁄₁₀ ounces; effective immediately
• 08.04.1603
• Royal proclamation, fixes the value ratio of the English and Scottish currencies as 1 English Shilling (Sterling) = 12 Shillings Scottish; effective immediately
• 26.08.1661
• Royal proclamation, revalues the gold coins against silver and introduces the Guinea (at 20 Shillings in silver) as new denomination; effective immediately
• 17.01.1696
• Recoinage Act [8 & 9 Will III, c.1] on the withdrawal of the hammered coins; effective 10.02.1696:
  - By proclamation of 10.06.1696 the old coinage was exchanged at 5 Shillings 8 Pence per troy ounce silver.
• 22.07.1706
• Treaty of Union between England and Scotland, in §16 the English currency is adopted as currency for the United Kingdom of Great Britain; effective 01.05.1707
• 28.03.1707
• Start of currency exchange in Scotland:
  - 28.03.1707: Proclamation of the exchange ratio: 1 English Shilling (Sterling) = 12 Shillings Scottish; effective 07.04.1717
  - 17.04.1707: End of exchange period and demonetization of the Scottish coinage.
• 22.12.1717
• Royal proclamation, fixes the rating of the Guinea at 21 Shillings silver
• 22.06.1816
• Coinage act [56 Geo III, c.56] on the switch to the gold standard with the Sovereign at 20 Shillings as base coin; effective 06.02.1817
• 10.02.1870
• Coinage act [33 & 34 Vict, c.10] on the standardization of the British coin weights (also in metric units); effective immediately:
  - 05.08.1891: Coinage act [54 & 55 Vict, c.72], amends the 1870 act; effective immediately
  - 28.03.1893: Coinage act [56 & 57 Vict, c.1], amends the 1870 ans 1891 acts; effective immediately.
• 06.08.1914
• Law [4 & 5 Geo V c.14, Currency & Banknote Act] suspends the gold standard and the convertibility of the per money; effective immediately
• 28.04.1925
• Law [15 & 16 Geo V, c.29, Gold Standard Act] on the restoration of the gold standard; effective immediately
• 1967-1971
• Decimalization of the sub-unit
  - 14.07.1967: Law [Decimal Currency Act] on the decimalization of the sub-unit; effective immediately
  - 16.05.1969: Law [Decimal Currency Act] on the implementation of the 1967 Decimal Currency Act; effective 15.02.1971
  - 15.02.1971: Start of issuance of the decimal subsidiary coins denominated "New Pence", the non-decimal coins were not demonetized
  - 02.02.1982: Law [Currency Act], abolishes the "New" from the coin denominations; effective immediately.

Valuation Regimes

• 1603-1817
• Metallic currency based on circulating silver coins, additional gold coins without fixed rate against silver. Base weight was the English troy pound / 12 ounces / 480 grains at 373.242 grams.
• 1817-1914
• Metallic currency based on circulating gold coins. Base weight was the English troy pound / 12 ounces / 480 grains at 373.242 grams.
• 1914-1925
• Variable rate
• 1925-1931
• Fixed rate against gold
• 1931-1940
• Variable rate
• 1940-1972
• Fixed rate against US Dollar
• 1972-
• Variable rate