Definition of small change

The phrase "small change" refers to coins or notes of small denominations, such as pennies, nickels, dimes, or quarters. The origin of this expression dates back to the 18th century when British sterling currency consisted of pounds, shillings, and pence. At that time, "change" referred to the difference in value between the amount tendered and the amount due. For instance, if a customer paid 1 pound and 1 shilling (equivalent to 126 pence) for an item valued at 1 pound and 3 pence (equivalent to 139 pence), the difference was 13 pence, which was called "small change." Eventually, the term "small change" came to signify the coins and notes of denominations smaller than a shilling (12 pence), which became insignificant compared to the larger denominations. Today, the expression "small change" is still used in both British and American English to denote coins and notes with low face values.