The British currency ‘the pound’ has been in continuous use since first introduced in the 8th century, making it the oldest currency in the world. Modeled on an older system introduced by the Romans, its name derives from the Latin word Libra for weight or balance, via the construction Libra Pondo, meaning a pound weight. While the word ‘libra’ has long since been discarded, it makes its presence felt in both the £ symbol, an ornate L, and the abbreviational system for the unit of mass, lb. Its value originally equated to the price of a pound of silver. A pound was originally divided into 20 shillings and 240 silver pennies, but now is based on the decimal system.
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