In 1972, Shand went into semi-retirement. From then he played only small venues in out-of-the-way places for a reduced fee. He was made a freeman of Auchtermuchty in 1974, North East Fife in 1980 and Fife in 1998. He became Sir Jimmy Shand in 1999. His portrait is in the Scottish National Gallery, close to Niel Gow. In 1983, he released a retrospective album with the cheeky title "The First 50 Years". At the age of 88, he recorded an album and video with his son, "Dancing with the Shands".