here is all the info you will ever need on pre decimal currency these would also count for Ireland even after indepence.
Another site this time with a bit more structure to it and proper pronuciation too
Imagine also if you have five separate one penny coins then you say you have 5 pence or you can say I have 5 penny coins it's just another way to say the smaller divisible units. You would never generally say I have two thrupenny bits instead you would say I have six pence but neither is wrong, it's just that people used it merely cos it's easier in daily life.
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