· Written by Connor Jones, Editor
Pre-1947 vs Post-1947 UK Silver: What Changed
UK circulating silver coins changed twice in the 20th century: from sterling silver (.925) to .500 silver in 1920, then from .500 silver to zero-silver cupronickel in 1947. These two transitions split British silver-bearing coinage into three distinct eras — each with different bullion value, collectability, and condition characteristics.
Last updated: 4 May 2026
Quick reference. Pre-1920 = .925 sterling silver. 1920-1946 = .500 silver. 1947 onwards
= cupronickel (zero silver). At today's silver spot, a pre-1920 shilling has roughly twice the melt value
of a 1920-46 shilling, and infinitely more than a 1947+ shilling.
The three eras of UK silver coinage
Era 1: Sterling silver (pre-1920)
From the Great Recoinage of 1816 through to 1919, UK silver coins were struck in sterling silver — .925 fineness (92.5% pure silver, 7.5% copper alloy). The alloy is the same as silverware, jewellery and silver flatware; the standard goes back to the 12th century. Sterling silver is bright, reflective, and tones predictably to deep grey or rainbow patina over decades.
- Crown 28.276 g sterling = 26.16 g pure silver
- Half crown 14.138 g sterling = 13.08 g pure silver
- Florin 11.310 g sterling = 10.46 g pure silver
- Shilling 5.655 g sterling = 5.23 g pure silver
- Sixpence 2.828 g sterling = 2.62 g pure silver
- Threepence 1.414 g sterling = 1.31 g pure silver
Era 2: .500 silver (1920-1946)
WWI economic pressure forced the Treasury to halve the silver content. From 1920, UK circulating silver coins were struck in .500 fineness (50% silver, 50% copper-nickel-zinc alloy). The total weight remained the same; only the alloy proportions changed. Visually, .500 coins are slightly duller and toned to a browner shade than sterling.
- Crown 28.276 g .500 = 14.14 g pure silver
- Half crown 14.138 g .500 = 7.07 g pure silver
- Florin 11.310 g .500 = 5.66 g pure silver
- Shilling 5.655 g .500 = 2.83 g pure silver
- Sixpence 2.828 g .500 = 1.41 g pure silver
- Threepence (silver) 1.414 g .500 = 0.71 g pure silver (silver threepence struck up to 1944, dual-issue with brass threepence from 1937)
Era 3: Cupronickel (1947 onwards)
From 1947, UK circulating silver coins moved entirely to cupronickel: 75% copper, 25% nickel, no silver. Coins struck 1947-1971 carried the same denominations (sixpence, shilling, florin, half-crown) but with zero precious metal content. Cupronickel doesn't tone, doesn't tarnish chemically, and has a slightly different ring than silver (a higher-pitched “clink” vs silver's low-pitched “ring”).
- Half crown 14.138 g cupronickel = 0 g silver
- Florin 11.310 g cupronickel = 0 g silver
- Shilling 5.655 g cupronickel = 0 g silver
- Sixpence 2.828 g cupronickel = 0 g silver
Side-by-side: silver content per coin
| Denomination | Pre-1920 (.925) | 1920-46 (.500) | 1947+ (CuNi) |
|---|---|---|---|
| Crown (5/-) | 26.16 g Ag | 14.14 g Ag | 0 g Ag |
| Half crown (2/6) | 13.08 g Ag | 7.07 g Ag | 0 g Ag |
| Florin (2/-) | 10.46 g Ag | 5.66 g Ag | 0 g Ag |
| Shilling | 5.23 g Ag | 2.83 g Ag | 0 g Ag |
| Sixpence | 2.62 g Ag | 1.41 g Ag | 0 g Ag |
What this means for valuation
- Pre-1920 sterling silver coins have the highest melt floor — their bullion value alone is often £2-£30 depending on size, scaling with silver spot.
- 1920-1946 .500 silver coins have half the silver content but still meaningful bullion floor — typically £1-£15 melt, plus modest numismatic premium.
- 1947+ cupronickel coins have negligible bullion value (a 1947 shilling melts for less than a penny). Value is purely numismatic.
- Identical face-value coins from 1946 vs 1947 can sell for very different prices — not from collector demand, but pure metal content. A worn 1946 shilling sells for £1-£3 (silver value); a worn 1947 shilling sells for face value (5p) or less.
Where this matters in the catalogue
Browse all UK silver coins by era using these filters:
- Pre-1920 sterling UK silver
- 1920-46 .500 UK silver
- Post-1947 cupronickel UK
- For melt-value calculations on any UK silver coin: silver melt calculator
Frequently asked questions
What's the silver content of pre-1947 vs post-1947 UK coins?
Pre-1920: .925 sterling silver (92.5% pure). 1920-1946: .500 silver (50% pure, 50% copper-nickel-zinc alloy). 1947 onwards: 0% silver — cupronickel (75% copper, 25% nickel). The 1947 transition was a Bretton Woods commitment to deliver silver to the United States to repay the Lend-Lease war debt; UK circulating silver was demonetised in alloy terms even though sixpence-to-half-crown remained legal tender at face value.
Why does this matter for collectors and stackers?
Three reasons. 1) Bullion floor: pre-1947 coins have intrinsic silver value that scales with spot price; post-1947 cupronickel has none. 2) Junk silver investing: bags of pre-1947 UK silver are tradeable as “coin silver” with predictable per-gram melt-value calculations. 3) Numismatic value: identical face-value coins from 1946 vs 1947 can have very different prices due to silver content alone, before considering grade or design.
How much silver is actually in a pre-1947 shilling?
Pre-1920 sterling shilling: 5.66 g total weight, .925 fineness = 5.23 g pure silver. 1920-1946 .500 silver shilling: 5.66 g total weight, .500 fineness = 2.83 g pure silver. At £25/oz silver spot: pre-1920 = £4.20 silver value; 1920-46 = £2.27 silver value. Post-1947 cupronickel shilling: zero silver, 5.66 g cupronickel.
Why did the silver content drop in 1920?
WWI economic strain. The Treasury reduced sterling (.925) to .500 silver in 1920 to economise on bullion needed for trade balance and war reparations. The new alloy contained 50% silver, with the remainder copper, nickel and zinc. Coins struck 1920-1946 are sometimes called “wartime silver” in collector circles, though the change spans the inter-war period entirely. The .500 alloy is darker, less reflective, and tones differently than sterling silver.
What happened to silver coins after 1947?
Sixpence, shilling, florin and half-crown went to cupronickel. Maundy money (the small ceremonial silver pieces given out by the monarch on Maundy Thursday) continued as sterling silver but was no longer issued for circulation. Silver crowns and modern silver Britannias resumed in the 1990s as commemorative-only issues. The 1947 break is therefore the last time UK coins struck for everyday circulation contained any silver content at all.
Can I tell pre-1947 from post-1947 silver by sight?
Reasonably well, with practice. Pre-1920 sterling has a bright, reflective look that ages to natural toning (deep grey or rainbow patina). 1920-46 .500 is duller silver with a slightly yellow undertone from the copper alloying; tones to a deeper grey or brown. Post-1947 cupronickel is silvery-white, doesn't tone, and has a slightly different ring when dropped. The reliable test is weight and density: silver is denser than cupronickel.
How does the magnet test work?
Both pre-1947 silver alloys (.925 and .500) and post-1947 cupronickel are non-magnetic. So a magnet won't distinguish them. The magnet test is useful only for spotting copper-plated steel post-1992 1p / 2p — those are weakly magnetic. For silver vs cupronickel, weight and edge-ring tests are more reliable.
What's “junk silver” and is it worth buying?
Junk silver = pre-1947 UK silver coins traded for melt content rather than numismatic value. Typically sold by weight in mixed bags (often described as “500 grams of pre-1947 UK silver” or similar). Worth buying for: 1) silver exposure at low premium over spot (typically 5-15% over melt), 2) high-trust authentication (UK silver coins are well-known and hard to counterfeit at this content), 3) historical interest. See our junk silver UK coins guide.
Are there exceptions in the 1947 transition?
Some 1946 coins were struck in 1947 still using the .500 silver alloy (the new dies and cupronickel didn't arrive simultaneously); some 1947-dated coins exist in silver (transitional / experimental strikes) at scarce mintages. These transitional pieces command numismatic premiums above pure melt. Conversely, all 1948+ coins are guaranteed cupronickel; no UK silver was struck for circulation thereafter.
How does this affect inherited collections?
A drawer of "silver shillings" inherited from a grandparent is usually a mix of pre-1920 sterling, 1920-1946 .500, and post-1947 cupronickel — in roughly equal proportions if collected over a lifetime. Sort by date: pre-1920 silver content is significant; 1920-46 has half the silver (and lower per-coin value but still trades close to melt for tarnished pieces); post-1947 is base metal worth face value or a slight premium for nice condition. See our inherited collection guide.
Related guides
- Junk silver UK coins — how to buy and sell pre-1947 silver as bullion
- Shilling values UK — full guide to UK shillings by date
- Florin values UK
- Silver melt calculator
- Live UK silver spot prices