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In 1773, 1 pence was equivalent to 1/240th of a British pound, as the pound was subdivided into 20 shillings, and each shilling contained 12 pence. Therefore, 1 pence represented a small fraction of a pound. In terms of purchasing power, it would have been worth significantly more than 1 pence today, though exact conversion to modern currency varies based on the context of goods and services.

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