A “bob” was a slang term for a shilling, a unit of currency used in Great Britain until the adoption of decimalization in 1971. In the 800s, the term “bob” was not yet in use, as the shilling did not exist as a separate denomination until the 16th century.
During the 800s, the main unit of currency in Great Britain was the penny, which was divided into four farthings. This system of currency was inherited from the Roman Empire and continued to be used throughout the medieval period.
At the time, the penny was a relatively valuable coin, and it was not uncommon for a laborer to earn only a few pennies a day for their work. Prices for goods and services were also relatively low, with a loaf of bread costing just a few pence and a pint of ale costing around a penny.
However, the value of the penny varied over time, and inflation was a constant problem. As the supply of silver, which was used to mint coins, fluctuated, the value of the penny could rise or fall. In the 900s, for example, the value of the penny fell sharply, and by the end of the century, it was worth only a quarter of its original value.
To counteract the effects of inflation, monarchs would occasionally issue new coins with a higher silver content, which would be worth more than the older coins. However, this was not a long-term solution, and inflation continued to be a problem throughout the medieval period.
It wasn’t until the 16th century that the shilling was introduced as a separate denomination, worth 12 pennies. The term “bob” eventually came into use as a slang term for the shilling, and it remained in common use until decimalization in 1971, when the shilling was replaced by the new 5p coin.
In conclusion, while the term “bob” did not exist in the 800s, the main unit of currency at the time was the penny, which was divided into four farthings. The value of the penny varied over time, and inflation was a constant problem. It wasn’t until the 16th century that the shilling was introduced as a separate denomination, and the term “bob” eventually came into use as a slang term for the shilling.