Since the decimalization of the pound in 1971, the pound has been divided into 100 pence (p). The pound (which is divided into 100 pence (p) in the same way that the dollar is divided into 100 cents. The single form of the word penny is 'penny.' Because the penny is represented by the letter 'p,' a sum such as 50p is sometimes referred to as 'fifty pee' rather than 'fifty pence.'