1 penny is equal to 0.087584 yuan. The penny is a minor unit of British currency and the denomination of each coin may vary. Similar to the Chinese "fen". Implemented since 1971, 1 pound = 100 new pennies; because: 1 pound = 100 pennies; 1 pound = 8.7584 yuan; therefore: 1 penny = 8.7584÷100 = 0.087584 yuan. The pence was a small silver coin in the Middle Ages, and its name is as familiar as the dinar and the denier.

All coins in the UK feature the British monarch on the obverse. In addition to the currency value on the reverse, coins minted in different administrative regions have different designs. However, no matter which administrative region the coins are minted, they are universally accepted throughout the country.

British banknotes are divided into 1 pound (out of circulation in 1988), 5 pounds, 10 pounds, 20 pounds and 50 pounds. Banknotes of all denominations have the portrait of the British monarch, serial number and currency value printed on the front. Banknotes of different denominations have different portraits of British celebrities printed on the back. The pound sterling is the legal tender of the United Kingdom of Great Britain and Northern Ireland. The British pound is the fourth most traded currency in the world's foreign exchange market. In the UK, the pound is also known as quid.

Because the United Kingdom was the first country to industrialize in the world and once dominated the international financial industry, the pound was once the most widely used currency for pricing and settlement in international settlement business. The pound is mainly issued by the Bank of England, but there are other issuing agencies. The symbol most commonly used to represent pounds sterling is ￡.