Hate to disagree with Anon, but lbs stood for libs or libbies. I was never too sure which. I knew there were pounds, but you didn't use those in stores. Just when you weighed people.
A childhood belief about going shopping

others believed things like this
- I used to think that the abbreviation lb (for pounds) stood for Lilla-blams (like Kilograms)— Jake
- On this site when people sign "Anon" I thought Anon was one person who believed in a lot of weird things...— Slow to catch on.
- I used to believe that the people that worked in stores slept right there on the floor and lived there. Anon
- I used to think that pounds were called lubs since they are notated as lbs..— Katie
- When I was little i thought lb for pounds was pronounced lubs, and i called them that for 2 years. Anon
- I used to beleive in stores that were open 24/7 , that the people that worked there worked 24/7 nonstop.Anon