As of now (14 October 2010) it is an incorrect statement.
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Each weighs 1 gram, 454 grams to 1 pound, so $454 is a pound!
One pound equals 16 ounces
1 UK Pound = 1.51 US Dollars
To subtract 75p from 1 pound, you first need to convert both amounts to the same unit. Since 1 pound is equal to 100 pence, you have 100p - 75p, which equals 25p. Therefore, 1 pound take away 75p is equal to 25 pence.
Yes, 100 cents equals a dollar. Although, in some countries, 100 cents are worth a Euro.