I actually did some more research on the rationale behind using pence (bizzarely):
The problem was in the common currency created in 1707 by Article 16 of the Articles of Union, which continued in use until decimalisation in 1971. In the traditional pounds, shillings and pence system, there were 20 shillings per pound and 12 pence per shilling, and thus there were 240 pence in a pound.
This is why LSE kept using pence. Imagine comparing the following:
- 1 Pound - 7 Shillings - 10 pence VS 2 Pounds - 15 Shillings - 8 Pence
- 334 Pence VS 668 Pence
In each case, the second option is the double of the first, but clearly they had an argument for using pence before 1971.
Why it was not adapted to the decimalisation and harmonised with the rest of the world for the last 47 years - no idea. No logic.