Yes, correct. 12 pence to a shilling. The coin is what it is, 1/12 of a shilling. For example, I have a couple of 1/4 penny South African coins. I know that would equal a farthing, however I just let them be what it says on the coin.
Funny, for all of these years I have been collecting and it has been a long time, I never attempted to try and understand the British system.
It's rather easy but also easy to forget if one doesn't use it frequently. Now I just remember . . . farthing (1/4 penny) halfpenny (duh) penny (double duh) groat (four-pence) shilling (12-pence) and pound (240-pence - or 20 shillings) There are more between shilling and a pound (florin, crown, maybe something else) but I forget how many pence each is. I've got it written down somewhere on an index card but I can't seem to find it, which is the norm. EDIT & ADDITION - I just remembered that a guinea is 21 shillings. I read something recently that said guineas are used to price horses. I don't remember why that is done; maybe it didn't say.
From Denmark to Sweden with a 1983-U five-kronor (KM 853). Carl XVI Gustaf is the reigning king of the kingdom.