The value of money and purchasing power in the 1880s were significantly different from today’s standards, and historical context should be considered when comparing prices and monetary values across different time periods.
In 1880, the currency of the United Kingdom was the British pound (£), which was divided into 20 shillings, and each shilling was further divided into 12 pennies or pence. This system of currency, known as the pound sterling, or £sd, has a long history in the UK and was used in various forms for centuries.
The testimonies found on this site are transcribed exactly as in the source document and show money in the following form: 7L. 13s. 6d. L standing for £, s for shillings and d for pence.
Coins were commonly used for everyday transactions and there were several denominations of coins in circulation at the time. The most common coins were the penny, halfpenny, threepence, sixpence, shilling, and florin (two shillings). There were also gold sovereigns and half-sovereigns, which were larger denominations used for larger transactions and savings.
Banknotes, which were issued by private banks in the UK, were also in circulation in 1880, but they were not as common as coins for everyday transactions. Banknotes were typically used for larger transactions, such as paying bills or making significant purchases. The design and appearance of banknotes varied depending on the issuing bank, and they often featured intricate designs, portraits of notable individuals, and denominations in pounds or guineas (one guinea was equivalent to one pound and one shilling).
It’s important to note that the value of money and purchasing power in the 1880s was significantly different from what it is today due to inflation and changes in the economy over time. Inflation, which is the general rise in prices of goods and services, has eroded the purchasing power of money over the years, meaning that the same amount of money would have bought more in 1880 than its monetary equivalent would today.