The basic unit of currency in medieval England was the silver penny or sterling, weighing ¹⁄₂₄₀ of a tower pound. 240 of these coins made a "pound of sterlings". This term (shortened to "pound sterling" in later usage) continued to be used for a sum of 240 pence even after the sterling had ceased to circulate. The modern pound sterling is equivalent to 100 new pence.