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The British decimal two pence coin (often shortened to 2p in writing and speech) is a denomination of sterling coinage equalling 2 ⁄ 100 of a pound. Since the coin's introduction on 15 February 1971, the year British currency was decimalised , its obverse has featured four profiles of Queen Elizabeth II . [ 1 ]
Prior to 1971, the United Kingdom had been using the pounds, shillings, and pence currency system. Decimalisation was announced by Chancellor James Callaghan on 1 March 1966; one pound would be subdivided into 100 pence, instead of 240 pence as previously was the case. [8] This required new coins to be minted, to replace the pre-decimal ones.
The British twopence (2d) (/ ˈ t ʌ p ə n s / or / ˈ t uː p ə n s /) coin was a denomination of sterling coinage worth two pennies or 1 / 120 of a pound.It was a short-lived denomination in copper, being minted only in 1797 by Matthew Boulton's Soho Mint.
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In 1971, a new penny would have been worth 9.6 farthings (making a farthing slightly more than 0.1 new pence). Similarly, the old halfpenny and the half-crown were not converted [clarification needed] in the UK either, [citation needed] having been withdrawn in the run-up to decimalisation, although the half-crown was worth exactly 12 1/2 new ...
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Initially, sterling coin circulated, in units of a pound subdivided into 20 shillings, each of 12 pence. Specific issues of banknotes have been made for the Falkland Islands since 1899. [1] In 1971, the pound was decimalised and subdivided into 100 (new) pence. Coins have been minted specifically for the Falklands since 1974. [2]