1 pound equals 20 shillings should be right 1 shilling equals how many pence

1, 1 pound is equal to 100 pence, 1 shilling is equal to 5 pence.

2, the pound for the United Kingdom's local currency unit, by the Bank of England (Bank of England) was founded in 1694 issued. Auxiliary market units were shillings and pence, 1 pound is equal to 20 shillings, 1 shilling is equal to 12 pence, February 15, 1971, the Bank of England to implement a new currency system, the auxiliary currency unit changed to the new pence, 1 pound is equal to 100 new pence. Currently, banknotes in circulation are 5, 10, 20 and 50 denominations of pounds sterling, and there are also minted coins of 1, 2, 5, 10, 20, 50 new pence and 1 pound sterling.

The current unit of currency in the United Kingdom is the "pound - pence" system, 1 pound = 100 pence (penny). Previously, it was the "pound-shilling-penny" (? s., d. libra-solidus-denarius) system, i.e., 12 pence = 1 shilling, 20 shillings = 1 pound. This tradition dates back to the Saxons in the second half of the 8th century, when it took 1 pound (troy) of silver to mint every 240 sterling. After the Norman conquest of England, ￡1 was divided into 20 shillings or 240 pence for ease of calculation, a system which had the advantage of dividing the local currency into precise thirds.