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Lb. is an abbreviation of Libra, an old Roman unit of weight equal to 12 ounces. The word Pound is Germanic, and describes approximately the same weight (an apothecary's pound is actually 12 ounces). When the British system of weights and measures was established, the word "Pound" was in common usage - English is a Germanic language. However, the abbreviation for "Libra" was borrowed from the Romans, since Latin was still considered the standard language of Europe. This is similar to using the Germanic names for elements (gold, silver, lead) but using their abbreviated Latin names for their symbols (Au, Ag, Pb).
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