pence n a plural of →
penny Since the decimalization of British currency and the introduction of the abbreviation p, as in 10p, 85p, etc., the abbreviation has tended to replace pence in speech, as in 4p (ˌfɔ:'pi:), 12p (ˌtwɛlv'pi:), etc.
Peter's pence , Peter pence
1 an annual tax, originally of one penny, formerly levied for the maintenance of the Papal See: abolished by Henry VIII in 1534
2 a voluntary contribution made by Roman Catholics in many countries for the same purpose
(C13: referring to St Peter, considered as the first pope)
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