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£sd (pronounced, and sometimes written, LSD) was the popular name for the pre-decimal currencies used in the United Kingdom, and in most of its Empire and colonies. Meaning "pounds, shillings and pence" the term originated from the Latin "librae, solidi, denarii" hence the use of the hatched "L" (£) for pounds and "d" for pence. Under this system there were 12d (12 pence) in a shilling and 20s (20 shillings) in a pound, making 240d in a pound. The penny (1d) was (until 1960) further divided into 4 farthings. Unlike modern currency systems, the pre-decimalization United Kingdom currency system was based on fractions (instead of decimals).