Farthing (British Coin) - End of The Farthing

End of The Farthing

In 1953 a correspondent wrote to The Times that a bus conductor refused to accept eight farthings for a twopenny bus fare, and that a newspaper vendor had become abusive when offered six farthings for a newspaper. Although a subsequent letter pointed out that the farthing was still legal tender in sums up to one shilling, by 1956 it was apparent that due to inflation the farthing had outlived its usefulness, and minting ceased after that year. The farthing ceased to be legal tender after 31 December 1960.

The current (new) penny coin, which was introduced when decimalisation of British coinage took effect in 1971, is almost the same size as the last minted farthings, but at a hundred to the pound is nominally worth 9.6 times as much. However (as of 2010), inflation has given the current British (new) penny a purchasing power of less than half that of a farthing as it was on the eve of the latter's withdrawal in 1960.