Honestly, if you just found a dusty old coin in a jar or under a floorboard, the answer to how much is a shilling worth today in pounds isn't as simple as a quick currency conversion. It’s a bit of a "how long is a piece of string" situation.
Basically, you have to look at this from three completely different angles: what it’s worth as legal tender (spoiler: basically nothing), what it would buy you if you hopped in a time machine, and what a collector might actually pay you for it.
Most people think of the shilling as a relic of a bygone era. And they’re right. But that doesn't mean it’s worthless.
The Boring Math: Face Value in 2026
Let’s get the technical stuff out of the way first. When the UK went decimal back in 1971—a day known as "Decimal Day"—the shilling didn't just vanish overnight. It was repurposed. Because it was the exact same size and weight as the new 5p coin, it stayed in circulation for decades.
In terms of raw face value, one shilling is worth exactly 5 pence.
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You can't spend them at Tesco anymore, though. The Royal Mint officially demonetized the old-style shillings in 1990 when they shrunk the 5p coin to the tiny version we use now. If you take a bag of them to a high street bank today, they aren't legally obligated to swap them for "real" money, though some might do it out of the goodness of their hearts if you're a long-standing customer.
The "Time Machine" Value: Purchasing Power
This is where things get interesting. If you’re asking how much is a shilling worth today in pounds because you’re reading an old novel or looking at a 1950s grocery receipt, you’re looking for "purchasing power."
Inflation is a beast. Back in the early 20th century, a shilling could actually buy you something substantial.
- In 1900, a shilling had the purchasing power of roughly £7.50 in today's money. You could get two cinema tickets and still have change.
- By 1950, that same shilling was worth about £2.10 in modern terms. Enough for a decent, modest meal.
- By the time 1970 rolled around, right before decimalization, a shilling was only worth about £0.95. Basically, it could buy you a bus fare or a couple of newspapers.
So, if a character in a Dickens novel is complaining about losing a shilling, they aren't crying over 5p. They're crying over what would be a round of drinks or a nice lunch today.
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The Collector’s Jackpot: Is Your Shilling Rare?
If you’re holding a physical coin, forget the 5p conversion. You need to look at the date and the "lustre." This is where the real money is.
Most shillings minted between 1947 and 1970 are made of cupro-nickel (a mix of copper and nickel). These are super common. Unless they are in "Mint State"—meaning they look like they were made yesterday—they are usually only worth £1 to £5 to a collector.
But, if your coin is older, things get spicy.
The Silver Factor
Before 1947, British shillings were actually made of silver.
Coins dated between 1920 and 1946 are 50% silver. At current 2026 silver prices (roughly £2.17 per gram), the melt value alone is about £12 to £15.
If your shilling is dated 1919 or earlier, it’s "Sterling Silver" (92.5% pure). These are heavier on the wallet, often worth £20 to £50 just for the metal, even if the coin is beat up.
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Rare Dates to Watch For
Some years are just "better" than others. For instance, an 1850 Shilling is a bit of a holy grail. One recently sold at auction for over £2,700. Why? Because they barely made any that year.
If you have a 1504 Henry VII Testoon (the very first type of shilling), you aren't looking at pocket change. You're looking at a house deposit. Those can fetch £30,000 to £50,000 at major auction houses like Spink or Heritage.
How to Value Your Shilling Right Now
Don't just take my word for it. If you want to know exactly how much is a shilling worth today in pounds for the specific coin in your hand, follow this rough checklist:
- Check the Date: Anything pre-1947 is silver. Anything pre-1920 is high-grade silver.
- Look at the Monarch: Is it Queen Victoria? King George V? Each era has different "key dates" that collectors crave.
- Condition is Everything: If the Queen's hair is worn smooth, it's "Fine" or "Very Good" (which actually means "not great"). If you can see every individual strand of hair and the fields are shiny, it’s "Uncirculated." The price difference can be hundreds of pounds.
- Check for "Errors": Sometimes the mint messed up. Upside-down letters or weird spacing can turn a £2 coin into a £200 coin.
It’s easy to get caught up in the nostalgia. The shilling was the "Bob." It was the backbone of British pockets for centuries. While its official value is a measly 5p, its history—and its potential value in silver or rarity—makes it worth so much more.
Actionable Next Steps:
- Sort by date: Separate any shillings dated 1946 or earlier. These are your "silver" stash.
- Use a magnifying glass: Check the edges of the coins for "milling" (the ridges). If the ridges are sharp, the coin hasn't been handled much, which increases the value.
- Avoid cleaning them: Seriously. Never, ever scrub an old coin with polish or vinegar. You will strip the "patina" and destroy 90% of the collector value instantly.
- Search "Sold" listings on eBay: Don't look at what people are asking for a shilling; look at what people actually paid by filtering for "Sold Items." This gives you the most accurate 2026 market price.