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For those not familiar with decimalisation, it was a radical overhaul of the monetary system which happened on “Decimal Day” - 15 February 1971. Almost overnight the UK moved from 240 pence in the pound to 100 pence in the pound. Previously there were twelve pence in a shilling and twenty shillings in a pound and values were expressed in pounds, shillings and pence (£/s/d – the latter two are from Latin: solidus and denarius). After decimalisation only pounds and pence remained (£p – p being penny).

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