100 pence equal 1 pound in British currency. The change was made in 1971, a process called "decimalization." Coinage comes in denominations of 1 penny, and then 2, 5, 10, 20 and 50 pence. One- and 2-pound coins are also minted.
Before decimalization, 12 pennies made a shilling, and 20 shillings were in a pound, which meant 240 pennies were in 1 pound. The pence and pound designations were kept the same, rather than using dollars and cents, for the new denominations.
Countries that use the pound include the United Kingdom, Guernsey, Isle of Man, and Jersey.