Pence is a unit of currency used in the United Kingdom, representing one-hundredth of a pound sterling. It is commonly denoted by the symbol "p" and is used in everyday transactions, such as buying food or clothing. Coins come in various denominations, including 1p, 2p, 5p, 10p, 20p, 50p, and £1. The term "pence" is the plural form of "penny." In addition to the UK, some other countries also use similar terms for their currency. The value of pence can fluctuate based on economic conditions, but it remains a fundamental part of the British monetary system.