The pound was a unit of account in Anglo-Saxon England, equal to 240 silver pennies and equivalent to one pound weight of silver. It evolved into the modern English currency, the pound sterling.
The accounting system of 12 pence = 1 shilling, 20 shillings = 1 pound was adopted from that introduced by Charlemagne to the Frankish Empire (see French livre). King Offa of Mercia is credited with causing the widespread adoption of the silver penny and the pound as a unit of account.
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