What is a shilling? Meaning of the word, history

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 whole series of metal coins of Western European countries. In the XX century, the national monetary units of some Western European countries also bear such a name. It is from the shilling in the Old Russian language came the name of the coin "husks".

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

History

On the territory of modern Germany shilling began to be used in the XIV century. Since the fifteenth century, it is being used in the Danish Kingdom and Holland, and in the sixteenth century the shilling enters circulation on the territory of England.
English King Henry VII in 1502 ordered the minting of the first shilling in the British Isles. Initially, the coin was called "Teston". Only under King Edward VI did the coin acquire its now familiar name. British shilling was used in the country until 1971.

In addition to Great Britain, shilling was used in Austria (replaced by euro in 2002). To date, the shilling has been used as the official currency in a number of East African countries, such as Kenya, Somalia, Tanzania and Uganda. They are also joined by the self-proclaimed state of Somaliland.

British shilling. Coins

British shilling - a coin, which was used as a change of money in England. In the people he was nicknamed "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 equated to 5 pence.

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

Modern schillings. Course

Given the fact that shillings are no longer used in Europe, this article will provide information on the course used in the modern world. Kenyan shilling in rubles will be approximately 0.55, respectively, for one ruble you will receive about 1.8 KES. In comparison with the dollar, the Kenyan shilling rate will be about $ 0.01, that is, for one American dollar you will receive about 103 KES.

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

Approximately 0.01 Russian ruble 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 shilling of Somalia will be approximately $ 0.002.

One of the cheapest currencies in the world is Ugandan shilling, the cost of which is estimated at about 0.0003 US dollars, that is, for one dollar you will get as much 3600-3700 UGX! One ruble RF can be exchanged for approximately 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 applied. Three of the four states (Tanzania, Uganda, Somalia) are among the countries with the lowest per capita income, while Kenya, while looking more prosperous against its neighbors, is still a poor state. A complex political situation, crime, underdeveloped economy and almost universal poverty exert an extremely negative impact on the value of the national currency.

Exchange transactions. Collecting

All copies of West European shillings, which were relatively recently used in different countries of Europe, now represent only a collection and cultural value. However, numismatists and bonists from around the world are happy to acquire shillings in their collection.

The cost of shillings in the collectors' market is formed due to a number of factors: the year of coinage or printing, the country of existence, the denomination, the degree of preservation, the mint, and so on.

The situation with the modern shilling, that is, the African, is completely different. They are not something that collectors do not want to acquire, but even the inhabitants 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 currency units are very cheap and constantly depreciate, therefore, getting paid in local currency is not only unprofitable, but also risky, Because at any time there may be a devaluation of the state currency.

Therefore, 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. And it can be done both in official financial organizations and local moneylenders, who often exchange at a more favorable rate directly on the street.

Conclusion

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

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