Old penny
| United Kingdom | |
| Value | 1⁄240 pound sterling |
|---|---|
| Diameter | (Bronze) 31 mm |
| Edge | Plain |
| Composition | (1707–1796) Silver (1797–1859) Copper (1860–1970) Bronze |
| Years of minting | 1707–1970 |
| Obverse | |
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| Design | Profile of the monarch (George V design shown) |
| Reverse | |
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| Design | Britannia (crowned I on earlier mintages) |
| Designer | Leonard Charles Wyon |
| Design date | 1860 |
The pre-decimal penny (1d) was a coin worth 1/240th of a pound sterling. 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, but from the late 18th century it was minted in copper, and then after 1860 in bronze.
The plural of "penny" is "pence" when referring to a quantity of money and "pennies" when referring to a number of coins. Thus 8d is eight pence, but "eight pennies" means specifically eight individual penny coins.
Before Decimal Day in 1971 twelve pence made a shilling, and twenty shillings made a pound, hence 240 pence in one pound. Values less than a pound were usually written in terms of shillings and pence, e.g. 42 pence would be three shillings and sixpence (3/6), pronounced "three and six". Values of less than a shilling were simply written in terms of pence, e.g. eight pence would be 8d.
This version of the penny was made obsolete in 1971 by decimalisation, and was replaced by the decimal penny. Since the decimal penny is 1/100 of a pound, as opposed to 1/240 of a pound for the old penny, the decimal penny is 2.4 times, or 240%, of the old--an increase of 140%. The value of the old penny works out to 41.666 % of the decimal penny.
The kingdoms of England and Scotland were merged by the 1707 Act of Union to form the Kingdom of Great Britain. The exchange rate between the pound scots and the English pound sterling had been fixed at 12:1 since the Union of the Crowns in 1603, and in 1707 the pound Scots ceased to be legal tender, with the pound sterling to be used throughout Great Britain. The penny replaced the shilling of the pound scots.
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