Saturday, 8 October 2011

Silver guineas and copper shillings

Silver is currently about £21 a troy ounce - £252 per troy pound. That makes a silver penny - 1/240th of a pound - worth about £1.05, or in old terms, a guinea. If the world goes into financial meltdown and paper currency as valuable as woodpulp, we may yet still see silver and copper making a comeback. The old penny was 9.4g - and with copper prices at about £5/kg worth nearly 5p - or a shilling in old money. 240 copper pennies are worth £11.28, not far off the metal price of 10 silver guineas.


Oh well, I'm sure we'll work it all out if it happens, and the youngsters will have to get used to £4-10/6d and suchlike. 

4 comments:

English Pensioner said...

Surely copper is making a comeback with the huge number of thefts of copper cables around the country.

right_writes said...

That is indeed the problem, money has to have an intinsic value in itself, trust is just not good enough.

Especially when one is referencing Cameron et al.

Ed P said...

Use a magnet to identify older 1 & 2 pence pieces - the more recent ones are copper-plated steel, so magnetic. The older, non-magnetic cupro-nickel ones are worth more than their face value - I'm hoarding them.

Anonymous said...

If I had a penny for every time I heard that.......