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Under the new system, the pound was retained, but was divided into 100 new pence, denoted by the symbol p. New coinage was issued alongside the old coins. The 5p and 10p coins were introduced in April 1968 and were the same size, composition and value as the shilling and two shilling coins in circulation with them.
Since decimalisation on "Decimal Day", 15 February 1971, the pound has been divided into 100 pence. Originally the term "new pence" was used; the word "new" was dropped from the coinage in 1983. The old shilling equated to five (new) pence, and, for example, £2 10s 6d became £2.52 + 1 / 2 .
In 1983, the Royal Mint mistakenly produced some two pence pieces with the old wording "New Pence" on the reverse (tails) side, when the design had been changed from 1982 to "Two Pence". In 2016, a batch of double-dated £1 coins was released into circulation.
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 ]
The decision to decimalise was announced in 1966, with the pound to be redivided into 100, rather than 240, pence. [15] Decimal Day was set for 15 February 1971, and a whole range of new coins was introduced. Shillings continued to be legal tender with a value of 5 new pence until 31 December 1990. [2]
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The possibility of setting prices including an odd half penny also made it more practical to retain the pre-decimal sixpence in circulation (with a value of 2 + 1 / 2 new pence) alongside the new decimal coinage. The halfpenny coin's obverse featured the profile of Queen Elizabeth II; the reverse featured an image of St Edward's Crown ...