What Is the Value of Shilling Coins? A Guide

Posted by: Ian • 19 Sep 2025

Ever stumbled across an old shilling and wondered if you've hit the jackpot? The answer can be anything from its modern-day equivalent of 5p to, in some rare cases, thousands of pounds. It all comes down to what kind of shilling you're holding. The key is figuring out whether you've got a common coin or a genuine collector's treasure.

Unpacking a Shilling's True Worth

So, you’ve found an old shilling. Is it a small fortune? The truth is, a single coin can have three completely different types of value. Getting to grips with these is the first step in discovering what your find might really be worth.

Think of it like valuing a car. A standard, modern run-around has a clear functional value for getting you from A to B. But a classic vintage car from a limited production run? That’s a different story entirely. Its worth comes from its history, rarity, and design—things that appeal to collectors. Shillings are much the same; their value depends entirely on which category they fall into.

The Three Tiers of Coin Value

To get a real sense of a shilling's value, you need to look at it from three angles. Each one tells a different part of the coin's story and gives a clue to its potential price.

Face Value: This is the most basic valuation. After decimalisation in 1971, a shilling became worth five new pence (5p). For most common, modern shillings made of cupronickel, this is often as far as their value goes.
Bullion Value: This is all about the metal it's made from. British shillings minted before 1920 were made of 92.5% sterling silver. This gives them an intrinsic value based on the current market price of silver, regardless of their date or condition.
Numismatic Value: Here’s where things get interesting. This is the collector's value, and it can be the most unpredictable. It’s driven by rarity, historical importance, condition, and how much collectors want it. A shilling with a rare date or one in pristine, uncirculated condition can be worth far, far more than its silver content.

A Hassle-Free Way to Convert Old Currency

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The Story of the British Shilling Through Time

To really get a feel for a shilling’s value, you have to understand its incredible journey through British history. A coin isn’t just a lump of metal; it’s a tiny time capsule, holding the story of the economy, art, and politics of its day. The shilling’s story stretches back centuries, witnessing the reigns of Britain’s most famous monarchs and playing a part in the daily lives of millions.

This rich past is exactly why some shillings are worth so much more than others. A coin struck during a period of chaos or featuring a short-lived design can become a real prize for collectors. By digging into its history, we can see how an everyday bit of change transformed into a valuable piece of the past.

The Dawn of the Shilling

The shilling’s story begins back in the Tudor period, a time of massive change in Britain. The coin we now know as the shilling first appeared under a different name: the testoon. These early versions, minted under Henry VII and later his son, Henry VIII, were a big deal—they were some of the first English coins to show a proper, true-to-life portrait of the king, not just a generic, stylised figure.

It was a major leap forward, but the testoon had a rough start. Under Henry VIII, the infamous ‘Great Debasement’ saw the silver content in coins slashed to pay for his wars. People were left with poor-quality currency and a deep mistrust of the money in their pockets, a problem that badly needed fixing.

The British shilling was historically worth one-twentieth of a pound sterling, or 12 pence. Its numismatic history dates back to the early 16th century, though the earliest coins officially called 'shillings' appeared around 1548 under Edward VI. Before that, it was known as a testoon. You can discover more insights about the shilling's long history here.

From Tudors to the Commonwealth

It wasn't until the reign of Henry VIII’s son, Edward VI, that the coin was officially named the ‘shilling’ and its silver content was restored to a respectable level. This single act helped rebuild trust in the nation’s currency. For the next 400 years, the shilling was a cornerstone of the British monetary system, its design changing with every new king or queen.

These coins are like a gallery of royal portraits, from the iconic profile of Elizabeth I to the troubled face of Charles I. The English Civil War period is especially fascinating for collectors. Coins were struck by both Parliamentarian and Royalist forces, often in makeshift mints set up across the country, which led to all sorts of rare and historically important variations.

After Charles I was executed, the monarchy was temporarily abolished, and the Commonwealth of England was born. The coins from this short, republican period are completely unique. They feature a simple shield design and have inscriptions in plain English instead of the traditional Latin, making them highly collectible today.

A New Era and the Road to Decimalisation

When the monarchy was restored under Charles II, the shilling’s design went back to a more familiar style, with the king’s portrait front and centre. Over the next few centuries, the shilling became the workhorse of the British economy. It was used for everything, from paying wages to buying groceries. Its practical size and value made it an incredibly popular, everyday coin.

The final chapter for the shilling began in the 20th century. As the price of silver shot up, its composition had to change. In 1920, it went from 92.5% silver down to 50% silver, and then in 1947, it was changed completely to cupronickel (a copper-nickel mix).

Although shilling production stopped when Britain went decimal, the coin actually remained legal tender until 1990, with a value of five new pence. It formed a unique bridge between the old pre-decimal world and the new decimal era. This long and colourful history is what gives every single shilling its unique character and, of course, its potential value.

What Collectors Look For When Valuing Shillings

When an expert appraises a shilling, they're looking at it like a detective examining clues. Every single mark, the metal it’s made from, and even the tiniest scratches tell a story that shapes its final value. Grasping these factors is the key to moving beyond face value and seeing a coin through a collector's eyes.

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This helpful infographic shows the key factors that contribute to a shilling's rising value, from its basic metal content to its numismatic premium.

As you can see, a coin's journey from common currency to a valuable collectible involves multiple layers of assessment. Factors like rarity and condition build upon its foundational metal worth, creating its final market price.

To give you a clearer picture, here’s a quick summary of what makes a shilling valuable.

Shilling Value Determinants at a Glance

Factor	Low Value Indicator	High Value Indicator
Metal Content	Cupronickel (post-1946)	92.5% sterling silver (pre-1920)
Date	Common year with high mintage	Rare year with low mintage
Mint Mark	London (no mark)	Rare colonial mint mark (e.g., 'M' for Melbourne)
Condition	Heavily worn, scratched, cleaned	Uncirculated, with original mint lustre
Rarity	Common monarch, widely available	Key date, error coin, or rare variety

This table shows how each element can push a coin’s value from just a few pence to potentially hundreds of pounds. Now, let's break down each of these factors in more detail.

Monarch and Date: The First Clues

The first things anyone notices on a coin are the monarch's portrait and the year it was minted. These details give you immediate historical context and are the starting point for any valuation. A shilling from the reign of Queen Victoria, for example, tells a very different story from one minted under George VI.

The date is crucial because it helps determine the coin's mintage—that is, how many were produced that year. A coin from a year with a low production run is instantly scarcer and, therefore, often more desirable to collectors.

Metal Content: Silver or Not?

One of the biggest factors in a shilling’s base value is what it’s made of. This is where a clear line is drawn between coins with intrinsic worth and those without.

Pre-1920 Sterling Silver: Shillings minted before this date are made of 92.5% sterling silver. This means they have a built-in "bullion value" based on the day's silver price. Even in poor condition, they will always be worth at least their weight in silver.
1920-1946 50% Silver: During this period, the silver content was slashed to 50%. These coins still have bullion value, just less than their sterling counterparts.
Post-1946 Cupronickel: From 1947 onwards, shillings were made from a copper-nickel alloy and contain no precious metal. Their value is almost entirely numismatic, meaning it depends solely on rarity and condition.

This distinction is fundamental. A worn-out 1918 shilling has inherent value from its silver, whereas a worn-out 1950 shilling might only be worth its 5p face value. The concept of metal content also applies to other denominations; you can see this in the value of two shillings, often known as a florin, which followed a similar timeline of metal changes.

Mint Marks: The Smallest Details Matter Most

Mint marks are tiny letters stamped onto a coin that show where it was produced. While the Royal Mint in London didn't always use a mint mark, its branches in other parts of the world did. These small marks can have a massive impact on a shilling's value.

For instance, some coins were minted in colonial mints like those in Australia or South Africa. A shilling with a small 'M' for Melbourne or 'S' for Sydney can be significantly rarer than one minted in London in the same year. Spotting these is a key skill for collectors looking for hidden gems.

A coin’s grade is not just about how it looks; it is a standardised measure of its preservation. Even a small difference, such as from 'Extremely Fine' to 'Uncirculated,' can multiply a coin’s value several times over.

Condition and Grade: From Worn to Perfect

Finally, the condition, or "grade," of a coin is perhaps the most critical factor in its numismatic value. Collectors pay a huge premium for well-preserved coins that look as close as possible to the day they were minted. The grading scale ranges from 'Poor' (barely identifiable) to 'Uncirculated' (perfect, with no signs of wear).

Here’s a simplified breakdown:

Poor (P) / Fair (F): Heavily worn, with most details smoothed over.
Good (G): Very worn, but the main design and date are visible.
Very Good (VG): Significant wear, but more details are visible.
Fine (F): Moderate wear, with clear details throughout.
Very Fine (VF): Light wear, with sharp details.
Extremely Fine (EF): Very light wear, visible only on the highest points.
Uncirculated (UNC): No signs of wear at all, with original mint lustre.

A common shilling in 'Good' condition might be worth very little, but the exact same coin in 'Uncirculated' condition could be worth hundreds of pounds. This is why properly handling and storing old coins is so important—every scratch or blemish can reduce their potential worth. For anyone looking to convert foreign coins and banknotes, understanding that condition dictates value is essential.

Why Rarity Matters More Than Age

It's one of the biggest myths in coin collecting: older means more valuable. Simple, right? But it's not quite true. While a coin's age is a big part of its story, it isn’t what drives the price up. The real key to a shilling's value is its rarity, and that almost always comes down to one thing: how many were made in the first place?

Let's imagine you have two shillings. One is from the 1890s, a time when millions were struck to keep the British Empire running. The other is from the 1950s—much newer, but from a year when the Royal Mint produced only a small batch. It might seem backwards, but that "newer" 1950s coin could be worth hundreds of times more than the Victorian one, simply because there are far fewer of them to go around.

Mintage Figures: The Secret to Scarcity

Mintage is the official term for the total number of coins of a specific type and date that a mint produces. This number is the single most important piece of data for figuring out a coin’s rarity. A high mintage figure means the coin was common and plenty of them are likely still out there. A low mintage, on the other hand, tells you it was scarce from day one.

Think of it like limited-edition prints from an artist. A print from a run of 10,000 will never be as valuable as one from a run of just 100. The supply is completely different, and it's that scarcity that gets collectors excited and pushes the price up. Once you learn to look past the date and check the mintage figures, you'll start spotting the hidden gems in any pile of coins.

For anyone with a jumble of old coins, maybe mixed in with leftover foreign currency, digging into these details can feel like a chore. That’s where our service comes in. It’s designed to be fast, easy, and completely hassle-free. You don't need to sort through anything or research mintage data—we do all the work for you. We are trusted by major brands, including charities, supermarkets, airports, and police forces, to exchange foreign coins and banknotes efficiently.

A Real-World Example: Queen Elizabeth II Shillings

The shillings produced during the reign of Queen Elizabeth II are a perfect example. Shillings were minted almost every year from her coronation in 1953 until the final issues before decimalisation in the early '70s. But the value of these coins varies wildly, all because of their production numbers.

Between 1953 and 1970, the Royal Mint produced millions of shillings. Annual figures could be as low as 750,000 for proof coins in 1970, or soar to over 45 million in other years. This massive difference in output has a direct impact on their value today. Coins from low-mintage years are much harder to find, making them more desirable for collectors and worth a premium. You can learn more about the shilling's minting history here).

A 1954 shilling, for instance, had a mintage of over 45 million. It’s a very common coin and, unless it's in absolutely perfect condition, it doesn't have much value beyond its history. In contrast, coins from other years with much smaller mintages are the ones collectors are really after.

Rarity isn't just about how many coins survived over the decades; it's about how few were made to begin with. A low-mintage coin was rare the moment it left the mint, and that’s what collectors are willing to pay for.

This is what separates treasure from old pocket change. Understanding this simple rule is essential if you want to accurately assess the value of shilling coins. Instead of just looking at the date, the smart collector always asks, "How many were made?" This simple question can change your entire perspective and help you see the real potential hiding in a collection.

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Common Mistakes to Avoid When Selling Old Coins

Before you even think about cashing in on a collection of old shillings, it’s crucial to know what not to do. Selling old coins isn't just about finding a buyer; it's about protecting the value you already have. A few common missteps can quickly turn a promising find into a costly mistake, seriously cutting into what you get back.

This bit of insider advice will help you sidestep the most frequent pitfalls and make smarter decisions. Understanding these mistakes also shows why using a trusted, professional service for a fair valuation is so important, especially when you're dealing with a mixed bag of old currency.

The Number One Mistake Never to Make

The single biggest error you can make is cleaning your old coins. I know, it sounds counterintuitive. You’d think polishing up a tarnished shilling to make it look shiny and new would be a good thing, but in the world of coin collecting, it’s a cardinal sin. That dark, aged layer is called a patina, and it’s a natural part of the coin’s history that collectors truly value.

Scrubbing, polishing, or using chemicals strips away this patina, leaving behind tiny, unnatural scratches and an artificial gleam. This damage is irreversible and can instantly slash a coin's value. A professional appraiser would much rather see a coin in its original, untouched state than one that has been ruined by a well-intentioned but misguided cleaning.

Rushing into the First Offer

Another classic mistake is jumping at the first valuation you receive without doing your homework. The market for old coins can be complex, and not all buyers will offer a price that reflects a coin's true numismatic worth. Some might only offer its scrap metal value, completely ignoring its rarity or condition.

It's crucial to get a valuation from a reputable source that understands the difference between bullion and collector value. A hurried sale often means leaving money on the table.

Misidentifying Your Coins

Finally, getting the identification wrong can lead to huge disappointment. It’s surprisingly easy to overlook small details like a faint mint mark or a minor design variation—the very things that could signal a rare and valuable variety. Without the right knowledge, a key-date shilling could easily be mistaken for a common one, costing you a small fortune.

For a more detailed look at your options, check out our guide on the best places to sell old coins.

It's also worth remembering the shilling's journey. With decimalisation in 1971, it was revalued as five new pence and stayed in circulation until 1990. Its transition from silver to cupronickel reflects the changing economic landscape that shapes a coin's history and value. You can read more about the transition of British currency on Statista.com.

How to Exchange Shillings and Other Foreign Currency

So, you’ve learned all about the history and potential value of your shilling coins. Now for the practical part: turning them, and any other foreign money you have lying around, into actual cash. Whether it’s a jar of old shillings, a bag of leftover holiday money, or even obsolete banknotes, getting them exchanged doesn't have to be a chore.

A lot of people put this job off, thinking it’ll be a time-consuming hassle. The good news is, there’s a modern solution designed to be fast, easy, and completely stress-free. You can finally clear out that drawer of forgotten currency and unlock its value without the usual headache.

The Easiest Way to Convert Foreign Coins and Banknotes

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Donating Your Leftover Currency to a Good Cause

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Shilling Coin FAQs

Let's wrap things up by tackling some of the most common questions people have about shilling coins. Think of this as a quick-reference guide to help you on your way.

Are All Old Shilling Coins Made of Silver?

Not at all, and this is a crucial point that directly impacts their value. The metal composition of shillings changed dramatically over the years.

Before 1920: Shillings were minted from 92.5% Sterling silver. These are the ones with a significant intrinsic metal value.
1920 to 1946: The silver content was slashed to 50%.
After 1946: Production switched to a cupronickel alloy, meaning these shillings contain no silver whatsoever.

Should I Clean My Shilling Coins Before Selling Them?

Absolutely not. It's one of the biggest mistakes you can make. Cleaning old coins, especially with anything abrasive, can permanently scratch the surface and strip away the natural patina—that aged layer that collectors actually want to see. This will almost always tank a coin's numismatic worth. It's always best to leave them as you found them.

A professional knows how to handle aged coins properly. Never, ever attempt to polish or scrub them. You could destroy their historical and financial value in an instant.

What's the Difference Between an English and a Scottish Shilling?

During Queen Elizabeth II's reign, the Royal Mint produced shillings with two different designs on the back. The English version features three lions (passant guardant), while the Scottish one displays a single, bold lion (rampant). Both were legal tender across the whole of the UK, but their values can sometimes differ slightly today based on how many were minted in a particular year and what collectors are currently looking for.

How Can I Exchange My Shillings and Other Leftover Currency Easily?

The most straightforward, hassle-free way is to use a specialist currency exchange service like ours. At We Buy All Currency, we offer a fast, easy, and 100% guaranteed service that’s trusted by major UK brands, including well-known charities, supermarkets, airports, and even police forces.

The best part? You don't need to spend hours sorting through piles of coins. Just send us your collection of shillings, leftover holiday money, and any other foreign coins and notes you have lying around, and we handle the entire process. It’s the perfect way to convert foreign coins and banknotes into usable cash without any of the usual stress.

At We Buy All Currency, we turn your forgotten money into real value. Our process is simple, transparent, and trusted by leading UK organisations. To get started with our fast and easy service, visit www.webuyallcurrency.com.