Historically, British currency was structured using pounds, shillings, and pence. In this system, one pound was divided into twenty shillings, and each shilling was worth twelve pence, making a total of 240 pence in one pound. This complex structure illustrates the intricacies of the old monetary system.
In contrast, the modern pound has simplified this system to 100 pennies, where each penny now holds a value that is 2.4 times greater than the old pence. This shift reflects the evolution of currency and the move towards a more straightforward decimal system.