"Decimal currency" refers to a monetary system in which the basic unit of currency is divided into 100 smaller units. Some synonyms for "decimal currency" include "base-ten currency" - as opposed to older monetary systems like the British Pound which were not based on the number 10 - or "hundredths currency" which emphasizes the division of the basic unit into 100 smaller parts. Another synonym could be "centesimal currency" which derives from the Latin word centesimus, meaning "hundredth." Decimal systems were introduced in many countries in the mid to late 20th century to simplify currency calculations and provide greater flexibility in financial transactions.