01/03/1964 UK announces adoption of decimal currency system
15th February 1971: The UK and Ireland decimalise their currency
The adoption of decimal currency system was announced in March 1964, and in February 1971, the UK decimalized the pound sterling, replacing the shilling and penny with a single subdivision, the new penny. For example, a price tag of £1 12s 6d became £1.62 1⁄2. The word "new" was omitted from coins minted after 1981.