Penny sterling

The penny sterling or penny (symbol: p; plural: pence) is a subdivision of pound sterling, the currency for the United Kingdom. It is currently 1⁄100 of a pound; before UK currency was decimalized on 15 February 1971,[1] the symbol used for a penny was d (from Latin denarius) and referred to a physically larger but less valuable coin worth 1⁄12 of a shilling, which is 1⁄240 of a pound. The historical name penny was retained for the present British penny, distinguished as New Penny (plural New Pence) from the original (old) penny sterling. From 1982 onwards, coins have been minted without the word 'new'.[2]

Stocks are often traded in pence rather than pounds. Stock exchanges often use GBX (or GBp) to indicate that this is the case for the given stock rather than the ISO 4217 currency symbol GBP for pound sterling.

See also

References
  1. "Decimalisation". The Royal Mint. Retrieved 1 April 2022.
  2. "I have a 2p piece with the inscription 'NEW PENCE' on it. ..." The Royal Mint. Retrieved 1 April 2022.


This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.