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According to one calculation, a pound sterling in 1400 was worth 542 pounds in 1999. Inflation since 1999 makes that 820 pounds and 53 pence in 2014. A shilling was therefore worth about 41 pounds in 2014 money and a penny was worth 3.5 pounds. You can see why they divided pennies into groats.

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∙ 12y ago

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