OLD PENCE Meaning and
Definition
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Old pence refers to a denomination of currency used in the United Kingdom prior to decimalization. Before the introduction of the decimal system in 1971, the British monetary system was based on pounds (£), shillings (s), and pence (d).
Old pence, often abbreviated as "d," refers to the smallest unit of currency in the British pre-decimal monetary system. There were 240 old pence in one pound and 12 old pence in one shilling. This system had its roots in medieval England and had been in place for centuries.
Old pence coins were made of copper or bronze and came in various denominations, such as halfpenny (½d), penny (1d), threepence (3d), sixpence (6d), and so on. These coins were commonly used for everyday transactions, such as buying food, paying fares, or purchasing goods.
The phrase "old pence" is now used to distinguish the pre-decimal currency from its decimal counterpart, which was introduced in 1971. This transition replaced old pence coins with the new decimalized pence, where 100 new pence made up one pound. The old pence system became obsolete, and the coins were gradually withdrawn from circulation.
Today, old pence coins are mainly of historical interest and are collected by numismatists or individuals interested in British history and culture.
Etymology of OLD PENCE
The word "pence" itself originated from the Old English "pening", which meant "a coin". The term "old pence" refers specifically to the pre-decimalization currency used in the United Kingdom before 1971.
In this system, there were twelve pence in a shilling, and twenty shillings in a pound. The "old" in "old pence" is simply used to differentiate it from the decimalized currency that replaced it.
The term "old pence" became less common after the decimalization of the British currency in 1971. Today, it is often used in historical or nostalgic contexts to refer to the currency system that preceded the decimalized pound.
