British shillings made prior to 1919 are 92 1/2 percent silver and had a market melt value of $3.15 U.S. as of September 2014. Shillings made after 1919 are only 50 percent silver and had a market melt value of $1.70 U.S. as of September 2014.
The British shilling was equivalent to one-twentieth of a pound, or the same value ratio as the nickel to the dollar in U.S. monetary terms. The shilling was eliminated from British currency in 1971. Other nations, including Australia, New Zealand, Ireland and Jamaica, also formerly utilized shilling coins. The shilling is still a monetary unit used in Kenya, Somalia, Tanzania and Uganda,