I can add very little to Tim's wonderful explanation. But I would point out
the underlying logic:
Long ago, penny coins were minted in silver. Each coin weighed 1/240 of a
pound, so if you had
240 pennies you literally had "one pound sterling." 12 pennies to a
shilling and 20 shillings to the
pound preserved that ratio. "New Pence" minted after 1970 are of course 100
to the pound.
Cheers, Tom
For which of you, desiring to build a tower, doesn't first sit down and
count the cost, to see if he has enough to complete it? Or perhaps, when he
has laid a foundation, and is not able to finish, everyone who sees begins
to mock him. -Luke 14.28-2
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