Before decimalization in 1971, the British monetary system was based on the pound sterling. One pound (£) was worth 20 shillings (s.), and a shilling was worth 12 pennies or pence (d.). A halfpenny was worth half a penny, and a farthing a quarter of a penny. A crown was a coin worth 5s., and half a crown was worth 2s. 6d. A guinea was a gold coin worth 21 shillings (£1 1s. 0d.).