What Is Pin Money? Its History and Modern Meaning

Defining Pin Money

“Pin money” refers to a specific financial allowance historically provided for a person’s personal, non-essential expenditures. This sum was typically intended for small items like adornment or clothing, rather than for household expenses. The term’s origin is rooted in the historical value of pins, which were once expensive and considered a significant personal item. Pins were so costly in the 14th century that English law restricted their sale to only two days a year, prompting husbands to provide special funds for their purchase.

Over time, as pins became more affordable, the meaning of “pin money” broadened to encompass any small sum for discretionary personal spending. This money was distinct from household funds, generally given for an individual’s private use, allowing purchases without direct accountability. For instance, a wife might use it for personal grooming, charitable contributions, or gifts.

Historical Context

Historically, “pin money” was prevalent, particularly among upper and middle classes, and primarily associated with allowances given to women by their husbands or male guardians. This practice emerged in the 16th century, with some of the earliest references appearing in wills from the 1500s. It provided women with a limited form of financial control at a time when their legal rights to property and income were severely restricted.

Often, “pin money” was formally included within marriage settlements, legal agreements outlining a marriage’s financial terms. These could stipulate an annual sum for the wife’s personal use, ensuring her access to funds without needing approval for every small purchase. While it offered some autonomy, the amount was generally intended to maintain the wife’s appearance and social standing, reflecting upon her husband’s status. This arrangement served as a safety net for women, even appearing in provisions for widows or in cases of separation.

Pin Money in Modern Context

While the literal term “pin money” is less common today, its underlying concept of money for personal, discretionary expenses persists in modern financial practices. Contemporary equivalents often fall under “personal allowance” or “discretionary spending” within a household budget. This involves allocating funds for non-essential items and activities after covering necessary expenses like housing, utilities, and groceries.

For individuals and couples managing finances, setting aside a personal allowance prevents overspending and allows for enjoyment without compromising financial stability. This discretionary budget can be used for various “wants” such as dining out, hobbies, entertainment, or personal care items. The modern interpretation emphasizes personal choice and financial well-being, contrasting with the historical necessity that often underpinned the original concept.