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Each new penny was worth 2.4 old pence ("d."). A coin of half a new penny, a halfpenny, was introduced to maintain the approximate granularity of the old penny, but was dropped in 1984 as inflation reduced its value. An old value of 7 pounds, 10 shillings, and sixpence, abbreviated £7-10-6 or £7:10s:6d. became £7.52 1 / 2 p. Amounts ...
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Similarly, in some parts of the country, bob continued to represent one-twentieth of a pound, that is five new pence, and two bob is 10p. [ 49 ] The introduction of decimal currency caused a new casual usage to emerge, where any value in pence is spoken using the suffix pee : e.g. "twenty-three pee" or, in the early years, "two-and-a-half pee ...
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Because the term "new penny" was defined in law, a change in the law would be needed for coins to keep up with common parlance. The Act changed the definition in the 1967 Act so that the denominations of money in the currency would be the "pound sterling and the penny or new penny", [3] with the word "New" being with the value of the coin (e.g.
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So one new penny was worth the same as 2.4 old pence, and the new halfpenny (later withdrawn) was worth 1.2 old pence. As for whether you could still use old pennies for a time after D-day, I believe so but I was not around then. How was the rounding worked out? E.g. could you pay for something costing 8 new pence with, say, a new 5p piece ...