How many pence equal 1 pound?

As of September 2014, 100 pence equal 1 pound in British currency. The change was made in 1971, a process called "decimalization." Coinage comes in denominations of 1 penny, and then 2, 5, 10, 20 and 50 pence. One- and 2-pound coins are also minted.

Before decimalization, 12 pennies made a shilling, and 20 shillings were in a pound, which meant 240 pennies were in 1 pound. The pence and pound designations were kept the same, rather than using dollars and cents, for the new denominations.

As of September 2014, 1 pound is worth approximately $1.63, and $1 is worth 0.61 pound, or 61 pence. Countries that use the pound include the United Kingdom, Guernsey, Isle of Man and Jersey.