- Four farthing made a penny--otherwise known as a pence (or marked by d for denarius)
- Twelve pennies (or twelvepence) made a shilling
- Five shillings made a crown
- Twenty shillings made a pound
- Twenty-one shillings made a guinea
|Copper farthings and haypence, silver pennies, shillings and crows, and the tiny gold guineas.|
- gold for one, two, five and half-guinea coins
- silver for one, two, three, four, six penny (or pence), shilling and crown coins
- copper for half-pence and farthing coins
|1800 Maundy Silver Penny|
|1821 banknote --partially printed and handwritten|
Bank notes had been around for centuries, many of them private notes issued for gold deposits, and the Bank of England started to issue notes for such deposits in 1694. These were all hand written notes. By 1745 notes were being part printed in denominations ranging from £20 to £1,000. The £5 note came out in 1793, and the £1 and £2 notes in 1797. The first fully printed notes do not appeared until 1853--until then, cashiers had to fill in the name of the payee and sign each note. You can see why coins proved to be so much easier to use in transactions.
What this meant is that those with money did not carry money--coins are bulky and carrying a lot of them can also be heavy. Aristocrats would buy goods on credit and expect tradesmen to present bills. Someone who was traveling might have some coins with him--but a few coins went a very long way as well.
And then the expenses went up--a great house could cost between 5,000 and 6,000 pounds a year in maintenance, including housekeeping, repairs, stables, parklands, gardens, home farm costs, servants, and taxes.