On 15 February 1971, Britain changed to decimal currency. The pound was now divided into 100 new pence instead of 240 old pence.
The new 5p and 10p coins had the same size and value as the old shilling and florin. The old coins therefore stayed in circulation beside them. They were withdrawn only when smaller 5p and 10p coins came in, in 1990 and 1992. The word “new” stayed on the coins until 1982.