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Prior to decimalisation in 1971, there were 12 pence (written as 12d) in a shilling (written as 1s or 1/-) and 20 shillings in a pound, written as £1 (occasionally "L" was used instead of the pound sign, £). There were therefore 240 pence in a pound. For example, 2 pounds 14 shillings and 5 pence could have been written as £2 14s 5d or £2/14/5
The pound is the main unit of sterling, [4] [c] and the word pound is also used to refer to the British currency generally, [7] often qualified in international contexts as the British pound or the pound sterling. [4] Sterling is the world's oldest currency in continuous use since its inception. [8]
l - The number of pounds; s - The number of shillings; d - The number of pence; g - The number of guineas; m - The number of marks; round - The number of digits after the decimal point to which the result is rounded; Round has a default value of 2, while all other parameter values default to zero. Aliases {}, but not {} {{GBP-Decimalise
The pound remained the base unit (in Malta, using the Maltese name "lira"), but was subdivided into new fractional units of 1 ⁄ 100 of a pound. The new fractional unit (called the "new penny" in the UK and Ireland and the "cent" in Malta ) was worth 2.4 old pence.
For higher powers of ten, naming diverges. The Indian system uses names for every second power of ten: lakh (10 5), crore (10 7), arab (10 9), kharab (10 11), etc. In the two Western systems, long and short scales, there are names for every third power of ten. The short scale uses million (10 6), billion (10 9), trillion (10 12), etc.
At the time of independence (in 1947), India's currency was pegged to pound sterling, and the exchange rate was a shilling and six pence for a rupee — which worked out to ₹13.33 to the pound. [23] The dollar-pound exchange rate then was $4.03 to the pound, which in effect gave a rupee-dollar rate in 1947 of around ₹3.30.
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Amounts over a pound are normally spoken thus: "five pounds forty". A value with less than ten pence over the pound is sometimes spoken like this: "one pound and a penny", "three pounds and fourpence". The slang term "bit" has almost disappeared from use completely, although in Scotland a fifty pence is sometimes referred to as a "ten bob bit".
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