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Isn't the smallest denomination of a U.K. note £5? In the U.S. it's $1, which is currently worth about £0.60.

Gee, I got U.S. quarters ($0.25) as a kid.

same, if I was lucky it was a half dollar.

You must always take inflation into account in these comparisons.

$0.25 in 1970 has equivalent purchasing power of 1.48$ right now.

And $0.50 in 1985 matches to pretty much exact $1 right now.