The pound is one of the oldest currencies around, although the decimal system was only adopted in 1971. It was then that the pound was divided into 100 pence (not pences, if you please). One pound in money used to be equivalent to one pound / lb (453g) of silver. This was then divided into 20 shillings (the shilling was originally the value of a cow, in Kent), the shilling was then subdivided into 12 pennies, the penny was further subdivided into two halfpennies (or four farthings). A pound was therefore worth 240 pennies ! The symbol £ comes from the Latin librae, for weight and the basis of Sterling is open to debate. Not sure that anyone does want to call the British currency "Sterling Librae" but if they do, what can I do ?
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