What Is a Pence?
A pence is a piece of currency from the United Kingdom that bears some similarity to the penny in the United States, in that 100 pence is equal to 1 pound. Before the decimalization of the U.K. monetary system in 1971, 12 pence were equal to 1 pound.
Although currency prices fluctuate, 1 pence is usually equivalent to the monetary value of two U.S. cents. British coin currency currently comes in denominations of 1 pence (also called a penny), 2 pence, 5 pence, 10 pence, 20 pence, 50 pence, 1 pound and 2 pounds. As of 2014, pounds and pence are more prevalent in the United Kingdom than the Euro.