The pound sterling (symbol: £; ISO code: GBP), commonly known simply as the pound, is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, South Georgia and the South Sandwich Islands, the British Antarctic Territory, and Tristan da Cunha. It is subdivided into 100 pence (singular: penny).
On 15 February 1971, the UK decimalised (switched from the old, non-decimal Pound Sterling), replacing the shilling and penny with a single subdivision, the new penny. £1 12s 6d became £1.62½. The word "new" was omitted from coins after 1981.