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Later, in 1966, the UK Government decided to include in the Queen's Speech a plan to convert sterling into a decimal currency. [97] As a result of this, on 15 February 1971, the UK decimalised sterling, replacing the shilling and the penny with a single subdivision, the new penny , which was worth 2.4 d .
The price of gold, as denominated in US dollars, was stable until the collapse of the Bretton Woods system in the mid-1970s. The Bretton Woods system of monetary management established the rules for commercial relations among the United States, Canada, Western European countries, and Australia and other countries, a total of 44 countries [1] after the 1944 Bretton Woods Agreement.