The British decimal penny (1p) is a denomination of sterling coinage worth 1⁄100 of one pound, or one penny. Its obverse featured the profile of Queen Elizabeth II since the coin's introduction on 15 February 1971, the day British currency was decimalised, until her death on 8 September 2022. A new portrait featuring King Charles III was introduced on 30 September 2022, designed by Martin Jennings. Four different portraits of the Queen were used on the obverse; the last design by Jody Clark was introduced in 2015. The second reverse, designed by Matthew Dent, features a segment of the Royal Shield and was used from 2008 to 2022. The third and current reverse, featuring a hazel dormouse, was introduced in 2023 following the accession of Charles III. The penny is the lowest value coin (in real terms) ever to circulate in the United Kingdom. The penny was originally minted from bronze, but since 1992 has been minted in copper-plated steel due to increasing copper prices. There are an estimated 10.5 billion 1p coins in circulation as of 2016, with a total face value of around £105,000,000. Decimal one penny coins are legal tender only for amounts up to the sum of 20p when offered in repayment of a debt; however, the coin's legal tender status is not normally relevant for everyday transactions.
Etymology The word penny is derived from the Old English word penig, which itself comes from the proto-Germanic *panninga. The plural of penny when referring to a number of penny coins is pennies; for example, "there were fifty pennies on the table". The plural of penny as a unit of currency is pence; for example, "the item cost fifty pence".
History Prior to 1971, the United Kingdom had been using the pounds, shillings, and pence currency system. Decimalisation was announced by Chancellor of the Exchequer James Callaghan on 1 March 1966; one pound would be subdivided into 100 pence, instead of 240 pence as previously was the case. This required new coins to be minted, to replace the pre-decimal ones. The original specification for the 1p coin was set out in the Decimal Currency Act 1969, which was replaced by the Currency Act 1971. Both mandated the weight of the coin to be 3.564 grams ±0.0750g, and 2.032 cm ±0.125 mm in diameter. Subsequently, the Currency Act 1983 allows for the standards of the 1p coin to be changed by royal proclamation. The new 1p coins began production in December 1968 in the newly built Royal Mint facility in Llantrisant, South Wales. 1,521,666,250 1p coins were minted between 1968 and the end of 1971. On 15 February 1971, the United Kingdom officially switched to a decimal currency and the new coins entered circulation. The coins continue to be minted at this facility today.
Metallic composition The coin was originally minted in bronze (composition 97% copper, 2.5% zinc, 0.5% tin) between 1971 and September 1992. However, increasing world metal prices necessitated a change of composition. Since 1992, the coins have been minted in steel and electroplated in copper, making them magnetic. Rising world prices for copper had caused the metal value of the pre-1992 copper 1p coin to exceed 1p (for example, in May 2006, the intrinsic metal value of a pre-1992 1p coin was about 1.5 pence). Melting coins is illegal in the United Kingdom and is punishable by a fine, or up to two years imprisonment.
Obverse designs
Elizabeth II During the reign of Queen Elizabeth II, four different obverses were used. The outer inscription on the coin is ELIZABETH II D.G.REG.F.D. 2013, where 2013 is replaced by the year of minting. In the original design both sides of the coin are encircled by dots, a common feature on coins, known as beading. Anticipation of a switch to a decimalised currency led to the commissioning of a new Royal Portrait by artist Arnold Machin, which was approved by the Queen in 1964. This featured the Queen wearing the 'Girls of Great Britain and Ireland' Tiara and was used until 1984. A modified form of this portrait has appeared on British Postage stamps since 1967. Between 1985 and 1997 a portrait by Raphael Maklouf was used. The portrait is couped, and depicts the Queen wearing the George IV State Diadem. Unlike previous portraits, the Queen is wearing jewellery, earrings and a necklace. The initials of Maklouf RDM are shown below the neck of the Queen. His middle name, David, is included so that the mark is not confused with the initials of the Royal Mint. In 1997, a competition to design the obverse of the 1997 Golden Wedding crown – a coin issued to celebrate the Queen's and Prince Philip's 50th wedding anniversary – was held. The standard of entry was so high that following this competition, the Royal Mint held another to design the new portrait. Ian Rank-Broadley won this competition, and his design was used between 1998 and 2015. His design again featured the tiara, with a signature-mark IRB below the portrait. This depiction of the Queen was seen as more realistic than those that came before it, with Rank Broadley himself saying “No need to disguise the matureness of The Queen’s years. There is no need to flatter her. She is a 70-year-old woman with poise and bearing.” In 2014, the Royal Mint again held a competition to design a new portrait. Designer Jody Clark won this competition, with a portrait of the Queen wearing the George IV State Diadem and the initials JC feature under the neck of the Queen. The portrait was sketched without an official sitting, only using reference material for inspiration.
Charles III In October 2023, a new design featuring a left facing uncrowned bust of the newly crowned King Charles III was revealed. The outer inscription on the coin is CHARLES III.DEI.GRA.REX.FID.DEF. 2023, where 2023 is replaced by the year of minting. The design of the 2023 proof and uncirculated sets also included a Tudor crown privy mark. Subsequent sets and coins struck for circulation do not include this mark. In 2023, 600,000 pennies with the King Charles III design were minted for circulation.
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