Shilling

Shilling (A.S. scylling), a coin whose name is most probably derived from a root skil, 'to divide,' apparently because it was deeply marked with an indented cross, so as to allow of its being easily broken in four. The old Saxon coin of this name was worth about 5d. The shilling in our sense was first coined by Henry VII. in 1504; milled shillings were first coined by Charles II. in 1662. The silver shilling is nominally worth the twentieth part of a pound sterling. But the silver of which shillings are made contains 11 oz. 2 dwt. pure silver to 18 dwt. alloy; and a pound by weight of this compound is coined into 66 shillings; so that each shilling contains 80.727 grains fine silver, and its value as bullion is very much less than its nominal value. The shillings in the old coinages of various north European countries had usually a much smaller value—e.g. the Danish copper skilling and the silver schilling of Hamburg were each worth less than 1d.