how much is a shilling in american money
Shilling In the thirteen British colonies that became the United States in 1776, British money was often in circulation. Each colony issued its own paper money, with pounds, shillings, and pence used as the standard units of account. Some coins were minted in the colonies, such as the 1652 pine-tree shilling in the Massachusetts Bay Colony. After the United States adopted the dollar as its unit of currency and accepted the gold standard, one British shilling was worth 24 US cents. Due to ongoing shortages of US coins in some regions, shillings continued to circulate well into the 19th century. Shillings are described as the standard monetary unit throughout the autobiography of Solomon Northup (1853)[9] and mentioned several times in the Horatio Alger, Jr. story, Ragged Dick (1868).[10][11]
United States dollar The United States dollar (sign: $; code: USD; also abbreviated US$ and referred to as the dollar, U.S. dollar, or American dollar) is the official currency of the United States and its insular territories per the United States Constitution. For most practical purposes, it is divided into 100 smaller cent (¢) units, but officially it can be divided into 1000 mills (₥). The circulating paper money consists of Federal Reserve Notes that are denominated in United States dollars (12 U.S.C. § 418).
Shilling (British coin) The shilling (1/-) was a coin worth one twentieth of a pound sterling, or twelve pence. It was first minted in the reign of Henry VII as the testoon, and became known as the shilling from the Old English scilling,[1] sometime in the mid-sixteenth century, circulating until 1990. The word bob was sometimes used for a monetary value of several shillings, e.g. "ten bob note". Following decimalisation on 15th February 1971 the coin had a value of five new pence. It was made from silver from its introduction in or around 1503 until 1947, and thereafter in cupronickel.
United States dollar Unlike the Spanish milled dollar, the U.S. dollar is based upon a decimal system of values. In addition to the dollar the coinage act officially established monetary units of mill or one-thousandth of a dollar (symbol ₥), cent or one-hundredth of a dollar (symbol ¢), dime or one-tenth of a dollar, and eagle or ten dollars, with prescribed weights and composition of gold, silver, or copper for each. It was proposed in the mid-1800s that one hundred dollars be known as a union, but no union coins were ever struck and only patterns for the $50 half union exist. However, only cents are in everyday use as divisions of the dollar; "dime" is used solely as the name of the coin with the value of 10¢, while "eagle" and "mill" are largely unknown to the general public, though mills are sometimes used in matters of tax levies, and gasoline prices are usually in the form of $X.XX9 per gallon, e.g., $3.599, more commonly written as $3.59​9⁄10. When currently issued in circulating form, denominations equal to or less than a dollar are emitted as U.S. coins while denominations equal to or greater than a dollar are emitted as Federal Reserve notes (with the exception of gold, silver and platinum coins valued up to $100 as legal tender, but worth far more as bullion). Both one-dollar coins and notes are produced today, although the note form is significantly more common. In the past, "paper money" was occasionally issued in denominations less than a dollar (fractional currency) and gold coins were issued for circulation up to the value of $20 (known as the "double eagle", discontinued in the 1930s). The term eagle was used in the Coinage Act of 1792 for the denomination of ten dollars, and subsequently was used in naming gold coins. Paper currency less than one dollar in denomination, known as "fractional currency", was also sometimes pejoratively referred to as "shinplasters". In 1854, James Guthrie, then Secretary of the Treasury, proposed creating $100, $50 and $25 gold coins, which were referred to as a "Union", "Half Union", and "Quarter Union",[18] thus implying a denomination of 1 Union = $100.