The penny sterling (plural pence, abbreviation p) is a subdivision of pound sterling, the currency for the United Kingdom. It is currently 1⁄100 of a pound, but historically was 1⁄240 of a pound (old penny sterling). Its name is carried by the present British penny.
Stocks are often traded in pence rather than pounds and stock exchanges often use GBX to indicate that this is the case for the given stock rather than use the ISO 4217 currency symbol GBP for pounds sterling.
Read more about Penny Sterling: See Also
Famous quotes containing the words penny and/or sterling:
“As long as learning is connected with earning, as long as certain jobs can only be reached through exams, so long must we take this examination system seriously. If another ladder to employment was contrived, much so-called education would disappear, and no one would be a penny the stupider.”
—E.M. (Edward Morgan)
“[Research has found that] ... parents whose children were “baby altruists” by two years firmly prohibited any child aggression against others. Adults not only restated their rule against hitting, for example, but they let the little one know that they would not tolerate the child hurting another.”
—Alice Sterling Honig (20th century)