Prompt Cast
The Decimalization of British Currency in 1971
TLDR On February 15, 1971, the United Kingdom decimalized its currency, transitioning from the complex and confusing LSD system to a new decimalized system. This change involved the introduction of new coins, the conversion of bank accounts, and the updating of prices in shops, and it was a significant event for the British economy.
Timestamped Summary
00:00
On February 15, 1971, the United Kingdom decimalized its currency, changing from the LSD system of Pounds, Shillings, and Pennies to a decimalized system.
02:09
The British currency system before decimalization was based on the Sterling, with the Pound and Penny as units, and prices listed in Pence with the abbreviation D.
03:51
The British currency system before decimalization was complex and confusing, with various coins and fractions of a pound, as well as inflation issues.
05:36
Efforts to decimalize the pound in Britain date back to the early 19th century, but real change didn't start to happen until the 1960s when the Committee of the Inquiry on Decimal Currency was established and the decision was made to keep the pound and just change to a new penny.
07:09
The new penny, worth one-one-hundredth of a pound, was introduced alongside the 5 and 10 p coins in April 1968, followed by the 50p coin in October 1969, leading up to the official decimalization on Monday, February 15, 1971.
08:48
Decimalization of British currency in 1971 required the conversion of bank accounts and changing prices in shops, but went smoothly with the release of new coins and the retirement of old ones, and it was a significant event for the British economy as they were the largest economy in the world to undergo this process at the time.
10:27
The host acknowledges a listener's review and mentions an error he made regarding the appointment of Nelson Rockefeller by President Ford after Nixon's resignation.
