How Much Is a Shilling Worth? A Look at Its Value

The shilling has a long history in currency, referring to both a former British coin and the current monetary unit in several East African nations. Its value has shifted considerably over time, moving from a fixed denomination to a collectible item or a fluctuating national currency. Understanding a shilling’s worth today requires looking at its historical context, its material composition for older coins, and its present-day exchange rates.

The British Shilling’s Historical Value

The British shilling played a central role in the United Kingdom’s pre-decimal monetary system for centuries. This system, abbreviated as £sd, divided one pound sterling (£) into 20 shillings (s), with each shilling further subdivided into 12 pence (d). The shilling coin itself was first minted around the early 16th century during the reign of Henry VII, initially known as a “testoon” before being renamed the shilling by the mid-16th century.

The shilling was a widely used and convenient denomination. Before decimalization, approximately 1,000 million shillings were in circulation. The British government announced the decision to decimalize its currency in 1966, aiming to simplify monetary calculations. Decimal Day officially occurred on February 15, 1971, when the pound was redivided into 100 new pence instead of 240.

Following decimalization, the shilling was assigned an equivalent value of 5 new pence. Although no new shillings were minted after 1966, the existing coins continued to be legal tender alongside the new 5-pence coin due to their identical size and value. This coexistence lasted until December 31, 1990, when the old shilling coins, along with the larger 5-pence coins, were finally withdrawn from circulation.

Determining a Shilling’s Current Value

For historical British shillings, their value today is not their original face value but depends on whether they are sought after by collectors or have a bullion value based on their metal content. Numismatic value, which is the value to collectors, is influenced by several factors. Rarity, often determined by the mintage number (how many coins were produced), impacts worth. Coins from mints with lower production numbers are generally rarer and more valuable.

The condition, or “grade,” of a coin is another primary factor. Coins are graded on a scale, typically from 1 to 70, with higher grades indicating better preservation and less wear, leading to higher prices. Mint marks, which identify the mint where the coin was produced, can also affect value, particularly if a specific mint produced fewer coins or has historical significance. Specific design varieties or errors can make a coin more desirable to collectors.

Beyond numismatic appeal, the bullion value of a shilling depends on its silver content. British shillings minted before 1920 were composed of 92.5% silver, also known as sterling silver. This high silver purity makes these older shillings more valuable for their metal content.

Shillings produced between 1920 and 1946 had a reduced silver content of 50%. After 1946, British shillings were made from cupronickel (an alloy of 75% copper and 25% nickel) and contain no silver, meaning they typically have no bullion value.

The Shilling in Contemporary Currencies

Today, the shilling remains the official monetary unit in several East African nations, including Kenya, Somalia, Tanzania, and Uganda. While they share the name “shilling,” each country’s currency operates independently with its own distinct value and exchange rate.

In these countries, the shilling is generally divided into 100 cents. However, due to varying rates of inflation, cent denominations are sometimes rarely used or no longer in circulation. For example, as of early August 2025, one Kenyan Shilling (KES) is approximately 0.0077 US Dollars. The Somali Shilling (SOS) is valued at roughly 0.0017 US Dollars per shilling. The Tanzanian Shilling (TZS) has an approximate exchange rate of 0.0004 US Dollars per shilling. One Ugandan Shilling (UGX) is worth about 0.00028 US Dollars. These exchange rates are subject to fluctuations based on market conditions, economic news, and global events.