The Pound Sterling. So far as record goes, this term was first established by William the Conqueror. It then applied to a pound weight of fine silver, which was divided into 20 shillings and 240 pence ; silver pieces, representing the latter denomiion, and called pennies, were the only coin issued by that monarch and his successors for several years. Although the quantity of line silver in these was progressively lessened, still they represented the same proportion of the pound sterling, which continued the term by which the value of nil exchangeable property in the kingdom was regulated. Groats, or pieces equal to four pennies, were next coined; and at last shillings, or pieces equal to twelve pennies, were issued to pass for one-twentieth of the pound sterling:. This these coins have continued to do, although the quantity of fine silver in them was gradually diminished until it became less than one-third of what was originally fixed. The proportion of fine silver equivalent to a penny has in consequence become so small that these coins have long been withdrawn from circulation, and their place supplied with copper pence.