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The British decimal one penny (1p) coin is a unit of currency and denomination of sterling coinage worth 1 ⁄ 100 of one pound.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.
Since decimalisation, on 15 February 1971, the pound has been divided into 100 pence (minted on coins as new until 1981). Before decimalisation, twelve pence made a shilling, and twenty shillings made a pound. British coins are minted by the Royal Mint in Llantrisant, Wales. The Royal Mint also commissions the coins' designs however they also ...
The United States of America was among the first to drop the £sd system and adopt a decimal currency in 1792, 10 years after independence from the British Empire, but retains many other aspects of the customary units for length and weight. Australia, on the other hand, only changed to using a decimal currency on 14 February 1966, 65 years ...
Prior to decimalisation in 1971, there were 12 pence (written as 12d) in a shilling (written as 1s or 1/-) and 20 shillings in a pound, written as £1 (occasionally "L" was used instead of the pound sign, £). There were therefore 240 pence in a pound. For example, 2 pounds 14 shillings and 5 pence could have been written as £2 14s 5d or £2/14/5
The pound is the main unit of sterling, [4] [c] and the word pound is also used to refer to the British currency generally, [7] often qualified in international contexts as the British pound or the pound sterling. [4] Sterling is the world's oldest currency in continuous use since its inception. [8]
Before this date, both the British pound sterling and the Irish pound (symbol "£") were subdivided into 20 shillings, each of 12 (old) pence, a total of 240 pence. With decimalisation, the pound kept its old value and name in each currency, but the shilling was abolished, and the pound was divided into 100 new pence (abbreviated to "p").
Penny is first attested in a 1394 Scots text, [n 1] a variant of Old English peni, a development of numerous variations including pennig, penning, and pending. [n 2] The etymology of the term "penny" is uncertain, although cognates are common across almost all Germanic languages [n 3] and suggest a base *pan-, *pann-, or *pand-with the individualizing suffix -ing.
The British pre-decimal penny was a denomination of sterling coinage worth 1 ⁄ 240 of one pound or 1 ⁄ 12 of one shilling. Its symbol was d, from the Roman denarius. It was a continuation of the earlier English penny, and in Scotland it had the same monetary value as one pre-1707 Scottish shilling. The penny was originally minted in silver ...