The 1971 New One Penny
Year Issued: 1971
Estimated Value: 1.36
In 1971, the United Kingdom officially decimalised its currency. This change got rid of the shilling and made one pound equal to 100 new pence. The introduction of this system meant new coins were to be brought into circulation, including the 1971 New Penny. The coin was worth one penny and included the inscription of ‘NEW PENNY’ to help the general population understand that this coin was in fact new.
The iconic design on the reverse of the coin, by Christopher Ironside, features a crowned portcullis with chains. Between 1971 and 1981 the inscription ‘NEW PENNY’ was used, until 1982 when the decision was made to change it to ‘ONE PENNY’.
Despite such a large mintage figure, the 1971 New Penny still remains a collectable coin due to it being from the first year of its production. The majority of these coins at the time would’ve been worn and thrown away or simply forgotten about, as is usual with copper coins in England. This means that they can actually sell for above face value (1p) regularly, but don’t expect to make a small fortune anytime soon.
There are many vendors who attempt to sell these coins at high prices on eBay, so be wary of getting scammed if you should choose to buy one of these coins.