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With decimalisation, the pound kept its old value and name in each currency, but the shilling was abolished, and the pound was divided into 100 new pence (abbreviated to "p"). In the UK, the new coins initially featured the word “new”, but in due course this was dropped. Each new penny was worth 2.4 old pence ("d.") in each currency.
Malta also created a fractional unit worth 1 ⁄ 1000 of a pound, called the "mil", worth slightly less than a farthing (0.24 old pence). A new base unit (often called the "dollar") was created equal to ten shillings (half a pound), and subdivided into 100 fractional units, with one fractional unit (usually called the "cent") equal to 1 ⁄ 10 ...
The new coins were initially marked with the wording NEW PENNY (singular) or NEW PENCE (plural). The word "new" was dropped in 1982. The symbol "p" was adopted to distinguish the new pennies from the old, which used the symbol "d" (from the Latin denarius, a coin used in the Roman Empire).
Originally the term "new pence" was used; the word "new" was dropped from the coinage in 1983. The old shilling equated to five (new) pence, and, for example, £2 10s 6d became £2.52 + 1 / 2 . The symbol for the (old) penny, "d", was replaced by "p" (or initially sometimes "np", for new pence). Thus 72 pence can be written as £0.72 or ...
Prior to 1971, the United Kingdom had been using the pounds, shillings, and pence currency system. Decimalisation was announced by Chancellor James Callaghan on 1 March 1966; one pound would be subdivided into 100 pence, instead of 240 pence as previously was the case. [9] This required new coins to be minted, to replace the pre-decimal ones.
Australian currency was originally based on British pounds, shillings and pence. That changed in 1966, when the country converted to Australian dollars and cents, similar to the U.S. system.
The old pennies quickly went out of use after Decimal Day, 15 February 1971—there was no exact decimal equivalent of them, and the slogan "use your old pennies in sixpenny lots" explained that pennies and "threepenny bits" were only accepted in shops if their total value was six old pence (exactly 2 + 1 ⁄ 2 new pence). The old penny was ...
Since decimalisation on Decimal Day in 1971, the pound has been divided into 100 pence (denoted on coinage, until 1981, as "new pence"). The symbol for the penny is "p"; hence an amount such as 50p (£0.50) properly pronounced "fifty pence" is often pronounced "fifty pee" /fɪfti piː/.