The penny sterling or penny (symbol: p; plural: pence) is a subdivision of pound sterling, the currency for the United Kingdom. It is currently of a pound; before UK currency was decimalised on 15 February 1971, the symbol used for a penny was d (from Latin denarius) and referred to a physically larger but less valuable coin worth of a shilling, which is of a pound. The historical name penny was retained for the present British penny, distinguished as New Penny (plural New Pence) from the original . From 1982 onwards, coins have been minted without the word 'new'.
Stocks are often traded in pence rather than pounds. Stock exchanges often use GBX (or GBp) to indicate that this is the case for the given stock rather than the ISO 4217 currency symbol GBP for pound sterling.
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