In practice, people seldom spoke of ordinary amounts of money in terms of pounds, unless it was in thousands, like the annual value of an estate, or a special "voluntary" tax.
Ordinary, daily expenses were a few shillings and pence.
A pair of gloves would cost around 7 shillings.
For smaller items, like food and drink, a few pennies would suffice. A pot of ale would cost about a penny or two.
A household servant's salary was about £2-5 per year.

Elizabethan Era England Life: This site gives information on various aspects of life during Elizabethan Times in England.

It covers Elizabethan Costumes/Clothing for men and women, Elizabethian Fashion, Crime, Torture, Theater/Stage, Arts and Culture, Family, Children, Family, Sports/Games, Education, Medicine and many other facts about the Elizabethan Period. Elizabethan Age is considered as a golden Era in English History. There is also information on Famous Pirates, Famous Woman Pirates, Pirate Costumes, Pirate Ships, Famous Explorers and Spanish Armada