Here are £5 in pound coins.
This is 5 × 100 p = 500 p.
Here are 50 pence in silver coins.
There are two 20 p coins and one 10 p coin.
This is 2 × 20 p + 1 × 10 p = 40 p + 10 p = 50 p.
Here are 4 pence in penny coins.
This is 4 x 1 p = 4 p.
Altogether, we have 500 p + 50 p + 4 p = 554 p.
This is also £5.54.
We say that:
£5.54 is the same as 554 p.