History of the British penny (1901–1970)
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The British penny (1⁄240 of a pound sterling), a large, pre-decimal coin which continued the series of pennies which began in about the year 700,[1] was struck intermittently during the 20th century until its withdrawal from circulation after 1970. From 1901 to 1970, the obverse ("heads" side) of the bronze coin depicted the monarch who was reigning at the start of the year. The reverse, which featured an image of Britannia seated with shield, trident, and helm, was created by Leonard Charles Wyon based on an earlier design by his father, William Wyon. The coins were also used in British colonies and dominions that had not issued their own coins.
In 1895 the design on the reverse was modified by the Engraver of the Royal Mint George William de Saulles and after Queen Victoria's death in 1901, de Saulles was called upon to create a design for the obverse which would feature Edward VII. This feature appeared on the version of the penny which went into circulation in 1902, and it remained in circulation until the year of Edward's death, 1910. An obverse version of the penny designed by Sir Bertram Mackennal and depicting George V went into circulation in 1911, and it remained in circulation with some modifications until the year of the king's death, 1936. No new pennies were produced for commerce in 1933, because a sufficient number were already in circulation, but at least seven were struck that year, mostly for placement beneath foundation stones and in museums; today they are valuable. Edward VIII's short reign is only represented by a single pattern coin, dated 1937. That year, a new obverse design by Humphrey Paget which depicted George VI went into use. From 1941 to 1943, during the Second World War, pennies were only struck for the colonies; these are all dated 1940 which was the most recent year of production in the United Kingdom. After the war, demand for the penny began to diminish. Most of the 1950 and 1951 pieces were sent to Bermuda, where many of them were retrieved from circulation and repatriated by British coin dealers because of their relative scarcity.
Although commerce did not require them in 1953, pennies which bore the likeness of Elizabeth II were minted in sets which were sold to the public, using an obverse design by Mary Gillick. One 1954 penny was struck, for internal Mint purposes. By 1961, new pennies were needed again for circulation, and they were produced in large numbers. The officials who planned to introduce decimalisation in the 1960s did not favour keeping the large bronze penny, the value of which had been eroded by inflation. The last pennies which went into circulation were dated 1967—a final proof set was dated 1970. The old pennies quickly went out of use after Decimal Day, 15 February 1971—there was no exact decimal equivalent of them, and the slogan "use your old pennies in sixpenny lots" explained that pennies and "threepenny bits" were only accepted in shops if their total value was six old pence (exactly 2+1⁄2 new pence). The old penny was demonetised on 31 August of that year.