Under the English currency system used from 1066 until Feb. 15, 1971, the shilling was divided into 12 pence; therefore a single pence, called a penny, was worth 1/12 of a shilling or approximately 8 percent of a shilling.
The word "pence" is simply the plural form of the word "penny." The single pence or penny, was further divided into two halfpence, and a halfpenny was divided into two farthings. In 1971, the United Kingdom adopted a new form of currency that simplified the monetary system and introduced the British Pound. The pound is worth 20 shillings, and a shilling is still worth 12 pennies or 12 pence. Therefore, the current pound is worth 240 Pence.