How is raising interest rates supposed to help with the kind of inflation we are having now?

[brogdale]

Why would it say 20 shillings? That's just a pound surely.

Yes, but in the olden times folk did tend to think in the functional unit of shillings or “bob”; I certainly recall older relies talking about something costing 20 bob.

 

[JimW]

Was there a guinea note ever or was it just a conventional amount for horse trades and whatnot? Seem to recall a coin but much earlier.

 

[brogdale]

Was there a guinea note ever or was it just a conventional amount for horse trades and whatnot? Seem to recall a coin but much earlier.

The coin lost coin of the realm status in 1816, so it would probably only be Sass who would remember that!

 

[JimW]

The coin lost coin of the realm status in 1816, so it would probably only be Sass who would remember that!

Kept his first pay packet, next to the king's shilling.

 

[Puddy_Tat]

Would hope so. A ten shilling note was with 50p

oops

 

[8ball]

I do like that wallet

Real hide too.

That’s a few avocado-on-toasts right there.

 

[stdP]

I think I read somewhere that, when introduced, the 50p piece was the equivalent of something like £8 in today's money. Now someone needs to post up one of those menus from 1971 where only the steak cost over a quid...

Edit: BoE inflation checker pegs £1 in 1969 being worth £14.49 today so presumably 50p then was worth around £7.25 now.

 

[8ball]

I think I read somewhere that, when introduced, the 50p piece was the equivalent of something like £8 in today's money. Now someone needs to post up one of those menus from 1971 where only the steak cost over a quid...

Edit: BoE inflation checker pegs £1 in 1969 being worth £14.49 today so presumably 50p then was worth around £7.25 now.

I found another source saying 50p would be £10.52 in today’s money (this was Google rather than BoE, though…).

Different things changing price at different rates makes things tricky.

Either way, much respect to those relatives who would press a 50p into my paw when I was a wee ‘un.

 

[PR1Berske]

 

[Funky_monks]

Was there a guinea note ever or was it just a conventional amount for horse trades and whatnot? Seem to recall a coin but much earlier.

A guinea these days is £1.01, the 1p being commission at 1%, so where you hear of livestock or a horse being sold for x guineas, this is what it means.

 

[JimW]

A guinea these days is £1.01, the 1p being commission at 1%, so where you hear of livestock or a horse being sold for x guineas, this is what it means.

Ah, always assumed it was slightly more than that; used to be an extra shilling didn't it?

 

[Funky_monks]

Ah, always assumed it was slightly more than that; used to be an extra shilling didn't it?

oh yes sorry its £1.10...long day
commission is 10%

 

[Elpenor]

View attachment 499599

Do you have any views to share on this?

 

[planetgeli]

A guinea these days is £1.01, the 1p being commission at 1%, so where you hear of livestock or a horse being sold for x guineas, this is what it means.

This is bollocks. A guinea was, and always has been, £1 and one shilling. £1.05

It has nothing to do with commission but it was an attempted price trickery, sort of like saying something is 4.99, not 5 quid.

 

[Funky_monks]

This is bollocks. A guinea was, and always has been, £1 and one shilling. £1.05

It has nothing to do with commission but it was an attempted price trickery, sort of like saying something is 4.99, not 5 quid.

That's what it means now - when you have x bull sold for 25,000gns in the farming press..... that's what it means. Only at actions obvs, private sales don't get announced nor to they have to pay an auctioneer.

 

[planetgeli]

It's £1.05 and the commission (5%, not 10) is a quite new thing done by some auctioneers.

It's not what guinea traditionally came to mean, which is 1.05.

Interestingly it started off as equivalent to £1 but fluctuated with the gold price. Guinea itself coming from the country Guinea, which is where gold was mainly coming from.

Eventually they settled on 1.05.

 

[Funky_monks]

It's £1.05 and the commission (5%, not 10) is a quite new thing done by some auctioneers.

It's not what guinea traditionally came to mean, which is 1.05.

Interestingly it started off as equivalent to £1 but fluctuated with the gold price. Guinea itself coming from the country Guinea, which is where gold was mainly coming from.

Eventually they settled on 1.05.

Its been done like that as long as I've had anything to do with livestock...... which is about 30 years now, admittedly in the more "traditional breed society sales", less so just generally in the mart where your commission is just deducted on your remittance sheet.

Might be 5p, but I am almost certain livestock auctioneers take 10%, so am reasonably sure its 10