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The pound has been one of the basic denominations of the English currency for over a millennium. Until replaced by the present system in 1971, there were 12 pence to the shilling and 20 shillings (or 240 pence) to the pound.
Pounds and shillings were monies of account; only the penny was a coin.
For more detail on the coinage, see R.H.M. [Michael] Dolley, The Norman Conquest and the English coinage (1966).