The British decimal one penny (1p) coin, produced by the Royal Mint, was issued on 15 February 1971, the day the British currency was decimalised.^[1] In practice, it had been available from banks in bags of £1 for some weeks previously. The coin, known at first as a "new penny", was initially minted from bronze, but since 1992 it has been minted in copper-plated steel.^[2] As this is less dense than bronze, post-1992 coins have been slightly thicker, as well as becoming magnetic. The coin weighs 3.56 grams and has a diameter of 20.32 millimetres.^[3]

One penny and two pence coins are legal tender only up to the sum of 20p; this means that it is permissible to refuse payment of sums greater than this amount in 1p and 2p coins in order to settle a debt.^[4]

As of December 2005 there were an estimated 10,576 million 1p coins in circulation.^[5]

In recent years the value of the copper in the pre-1992 coins (which are 97% copper) has exceeded the coins' face value. For example, at the start of April 2008, copper was trading at around £4300/tonne,^[6] making the intrinsic value of the 1p coin about 1.5p.

Design

The original reverse of the coin, designed by Christopher Ironside, and used from 1971 to 2008, is a crowned portcullis with chains (an adaptation of the Badge of Henry VII which is now the Badge of the Palace of Westminster),^[2] with the numeral "1" written below the portcullis, and either NEW PENNY (1971?1981) or ONE PENNY (1982?2008) above the portcullis.^[2]

To date, three different obverses have been used. In all cases, the inscription is ELIZABETH II D.G.REG.F.D. year.^[3] In the original design both sides of the coin are encircled by dots.

1971–1984

1980 coin: head by Arnold Machin

Between 1971 and 1984 the head of Queen Elizabeth II by Arnold Machin was used,^[2] in which the Queen wears the 'Girls of Great Britain and Ireland' Tiara.

The words NEW PENNY were used up until 1981. From 1982 the inscription changed to ONE PENNY.

This version was minted in bronze.

1985?1997

Between 1985 and 1997 the head by Raphael Maklouf was used,^[2] in which the Queen wears the George IV State Diadem.

This version was minted in bronze until 1992. From 1992 copper plated steel has been used.

1998?2008

Since 1998 the head by Ian Rank-Broadley has been used,^[2] again featuring the tiara, with a signature-mark IRB below the portrait.

2008?

2008: reverse by Matthew Dent

The coin's obverse remains largely unchanged, but the beading (the ring of dots around the coin's circumference), which no longer features on the coin's reverse, has also been removed from the obverse.

Mintages

• 1971 ~ 1,521,666,250
• 1972 ~ none
• 1973 ~ 280,196,000
• 1974 ~ 330,892,000
• 1975 ~ 221,604,000
• 1976 ~ 300,160,000
• 1977 ~ 285,430,000
• 1978 ~ 292,770,000
• 1979 ~ 459,000,000
• 1980 ~ 416,304,000
• 1981 ~ 301,800,000
• 1982 ~ 100,292,000
• 1983 ~ 243,002,000
• 1984 ~ 154,759,625
• 1985 ~ 200,605,245
• 1986 ~ 369,989,130
• 1987 ~ 499,946,000
• 1988 ~ 793,492,000
• 1989 ~ 658,142,000
• 1990 ~ 529,047,500
• 1991 ~ 206,457,600

composition changed to bronze-plated steel

• 1992 ~ 253,867,000
• 1993 ~ 602,590,000
• 1994 ~ 843,834,000
• 1995 ~ 303,314,000
• 1996 ~ 723,840,060
• 1997 ~ 396,874,000
• 1998 ~ 739,770,000
• 1999 ~ 891,392,000
• 2000 ~ 1,060,364,000
• 2001 ~ 928,802,000
• 2002 ~ 601,446,000
• 2003 ~ 539,436,000
• 2004 ~ 739,764,000
• 2005 ~ 378,752,000

See also

• History of the British penny (1714-1901)
• History of the British penny (1901-1970)

References

• Coincraft's Standard Catalogue English & UK Coins 1066 to Date, Richard Lobel, Coincraft. ISBN 0-9526228-8-2

External links

• Royal Mint – 1p coin
• British Penny Pictures
• Coins of the UK - Decimal One Penny on www.coins-of-the-uk.co.uk
• Pictures of Coins of the UK - Decimal One Penny on www.ukcoinpics.co.uk

hu:Brit egypennys érme no:One Penny