It is 0.005
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The UK currency used immediately before decimal currency was called pre-decimal currency and at various times had the following denominations:farthing (quarter penny)half penny (slang ha'penny)pennythreepence (threpenny bit)sixpenceshilling (bob, twelve pennies)two shilling piece (florin, twobob bit)half crown (two shillings and six pence)crown (five shillings)ten shilling note (ten bob)pound note (20 shillings)guinea (21 shillings) still used in the horse trade and racing.five pound notes and multiples thereof to 20 pounds.
half of a penny
A half of one pound fifty is equivalent to 0.5 times 1.50, which equals 0.75 pounds. In decimal form, this would be written as 0.75 lbs. Alternatively, in fractional form, this would be written as 3/4 of a pound.
It sounds like someone glued or soldered a U.S. half dollar to a British pre-decimal penny. The two coins are very similar in size. It's an odd novelty.
A penny represents .01 in a decimal amount relating to a dollar.