Why is the UK currency called pound?
In the Anglo Saxon period, about 1200 years ago, the normal currency was a penny and everything was priced in pennies or parts of a penny. 240 pennies weighed 1 pound so as prices increased over the years, a pound of pennies was needed more often. Eventually, banknotes were issued in £1 pound denomination which was still worth 240 pennies. There continued to be 240 pennies in a pound until 1971 when decimalisation was introduced. The pound was retained, but was now split into 100 pennies instead of the original 240.