What Does 5 Bob Mean in Old British Money? Explained
Discover what 5 bob means in old British currency and how it relates to today's decimal system value.
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5 bob in old money refers to 5 shillings in pre-decimal British currency, which was in use until 1971. To give you a present-day context, 5 shillings would convert to 25 new pence in the decimal system, representing a quarter of a pound.
FAQs & Answers
- What was 'bob' in old British money? 'Bob' was a slang term used to refer to one shilling in the pre-decimal British currency system.
- How much is 5 shillings worth in today’s decimal currency? 5 shillings, or 5 bob, is equivalent to 25 new pence in the decimalized British currency system.
- When did Britain switch from shillings to decimal currency? Britain decimalized its currency on February 15, 1971, replacing shillings and pence with the new decimal system.
- Why was the term 'bob' used for shillings? The origin of the term 'bob' is unclear, but it was a common colloquial term for shilling in British English.