How much was was 7 guineas worth in 1837?

Search: english money

Why: In the song "Boy for Sale" from Oliver! (at 1:05):

Boy for sale, he's going cheap
Only seven guineas
That or thereabout

Boy for sale for one thousand pennies
You can work it out
That's four pounds, three and four
Slightly under four guineas
-Knocked down from seven guineas
-Three pounds, ten shillings
-Three pounds WHAT, sir? Certainly not siiiiiiiir

Shrug!

Answer: Well, first, some history:

Until 15th February, 1971, Great Britain had much more interesting system of money, known as the pounds, shillings and pence system, or Lsd - the L coming from the latin word libra, the d coming from the latin word denarius (a Roman coin). The penny has been the basic unit of currency from about 775. In 1971, the system was changed to follow the Russian model - the pound being divided into 100 'new' pennies. Inflation followed...

So before 1971:

• 12 pence = 1 shilling
• 20 shillings = 1 pound
• 240 pence = 1 pound
  

But now:

• 100 pence = 1 pound sterling (pound, GBP, £)
  

• Current coins are:

1 penny
2 pence
5 pence
10 pence
20 pence
50 pence
1 pound
2 pounds

• Current bank notes are:

5 pound
10 pound
20 pound
50 pound

• Old money and conversions are:

1/2 penny (ha'penny)
6 pence (sixpence or tanner) = 2 1/2 p
1 shilling (bob) = 5 p
1/2 crown (2 shillings & sixpence) = 12 1/2 p
1 crown = 5 shillings
1 guinea = 21 shillings or £1.05

• But there were also:

Farthing = 1/4 penny, last made in 1956
2 pence (tuppence) - only made in 1797
3 pence - known as a "threpney bit"
Groats = 4 pence (fuppence), made 1836-1888
Florin = 2 shillings (2 bob bit), made 1849-1971
1/2 sovereign = 10 shillings
1 sovereign = 1 pound

The guinea was introduced in 1663, made in gold obtained from Guinea (Ghana) in Africa, its value being fixed at 21 shillings in 1717 (before that date, its value depended on the current price of gold).

The florin was introduced in 1849 as a first step towards decimalization, which took another 122 years to implement.

The coins of 1849 said 'one florin' and 'one tenth of a pound' on the reverse (tail). They were known as the 'godless' type, as they didn't say Dei Gratia on them.

Anyway, back to Oliver! So in 1837, when the book was written,

• if 1 guinea = £1 - 1s
• then 7 guineas (the original asking price) was £7 - 7s
  

According to this thing that I can't really figure out, that comes out to

• £7 - 7s (1937) = £554 (2009)
• and £554 = something like $880 (today)
  

And the offer that Mr. Bumble scoffed at:

• £3 - 10s (1837) = £264 (2009)
• and £264 = something like $420
  

That is pretty cheap, I guess.

Source: English Weights and Measures, Understanding the British Pound Money, Measuring Worth

The More You Know: Fun fact: The £ sign is shifted above the 3 on an English keyboard. What's above the 3 on an American keyboard?