Shillings
| 252px A historical shilling coin | |
| ISO 4217 | |
|---|---|
| Code | Template:ISO 4217/code/format |
| Subunit | Template:ISO 4217/code-minor-unit/format |
| Denominations | |
| Subunit | |
| 1/100 | Cent |
| Demographics | |
| User(s) | United Kingdom, Kenya, Tanzania, Uganda, Somalia, Austria (historical) |
The shilling is a unit of currency that has been used in various countries, primarily in the British Empire and its former colonies. The term "shilling" originates from the Old English word "scilling," which was a unit of account in Anglo-Saxon England.
History[edit | edit source]
The shilling has a long and varied history, with its origins tracing back to the Anglo-Saxon period in England. It was originally a unit of account rather than a coin, representing a value of 12 pence. The first shilling coins were minted in the reign of Henry VII in 1504.
United Kingdom[edit | edit source]
In the United Kingdom, the shilling was a coin worth one-twentieth of a pound, or 12 pence. It was used in the UK until decimalization in 1971, when the currency was restructured, and the shilling was replaced by the five new pence coin.
East Africa[edit | edit source]
The shilling was introduced to East Africa during the colonial period. The East African shilling was used in Kenya, Tanzania, and Uganda until these countries gained independence and established their own currencies. Today, the shilling remains the official currency in Kenya, Tanzania, and Uganda.
Austria[edit | edit source]
In Austria, the shilling was the currency from 1924 to 1938 and again from 1945 until 2002, when it was replaced by the euro. The Austrian shilling was divided into 100 groschen.
Current Usage[edit | edit source]
Today, the shilling is still used as the official currency in several countries:
- Kenyan shilling (KES) - The currency of Kenya.
- Tanzanian shilling (TZS) - The currency of Tanzania.
- Ugandan shilling (UGX) - The currency of Uganda.
- Somali shilling (SOS) - The currency of Somalia.
Design and Features[edit | edit source]
Shilling coins and banknotes have varied designs depending on the country of issue. Common features often include national symbols, historical figures, and important landmarks. For example, the Kenyan shilling often features images of prominent leaders such as Jomo Kenyatta.
Economic Significance[edit | edit source]
The shilling plays a crucial role in the economies of the countries where it is used. It is involved in daily transactions, savings, and is a key part of monetary policy.
Also see[edit | edit source]
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Contributors: Prab R. Tumpati, MD
