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Before the British currency reform, there were 12 pence in a shilling, and 20 shillings in a pound, so there were 240 pence in a pound. That system was dropped in 1971, when the UK converted to "new pence" (worth 2.4 old pence), making 100 new pence per pound. The shilling was replaced with a 5 new pence coin (worth the same amount as the former shilling, 1/20th of a pound).

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