Shillings (Old U.K Currency) & Pounds (New U.K Currency)

The shilling was a former unit of currency in the United Kingdom before decimalization in 1971.

1 pound (£1) = 20 shillings (20s)

1 shilling = 12 old pence (12d)

Therefore, £1 = 240 old pence. 

When the UK switched to decimal currency on 15 February 1971, the shilling was given the value of 5 new pence (5p). Shilling coins continued to circulate as 5p coins until 1990, when they were withdrawn because a smaller 5p coin replaced them. 

The shilling was commonly nicknamed a "bob." For example:

"10 bob" = 10 shillings

"5 bob" = 5 shillings (25p in decimal value)