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(Redirected from Pence)
:''For the NBA basketball player with the nickname, see Penny Hardaway.''
:''This article is about the unit of currency. Penny is also a familiar diminutive of the name Penelope. "Pennies" is a Smashing Pumpkins song, released on the ''Zero'' EP.
A 'penny' (pl. 'pence' or 'pennies') is a coin or a unit of currency used in several English-speaking countries.
The penny is among the lowest denomination of coins in circulation.
★ 1/100 of the British Pound Sterling (''see British one penny coin''), the former Irish pound, the Gibraltar pound, the Falkland Islands pound, or a coin with that value: see history of the English penny.
★ 1/240 of the British pound sterling or Irish pound prior to February 15, 1971, of the Pound Scots prior to 1707, and also the pre-decimalisation currencies of Australia, New Zealand and South Africa (1/12 of the shilling), or a coin of that value.
★ a common but unofficial name for the one-cent coin in the United States and in Canada, worth 1/100 of the dollar: see penny (U.S. coin), penny (Canadian coin). This word is not used by the United States Mint or the Royal Canadian Mint; they use 'cent'.
In addition, variants of the word ''penny'', with which they share a common root, are or were the names of certain units of currency in non-English-speaking countries:
★ A fening is 1/100 of a Bosnia and Herzegovina convertible mark
★ A pfennig was 1/100 of a German mark
★ A penni was 1/100 of a Finnish markka
In the United States and Canada, "penny" is normally used to refer to the coin - the quantity of money is a "cent." Elsewhere in the English-speaking world, the plural of "penny" is "pence" when referring to a quantity of money and "pennies" when referring to a number of coins. Thus a coin worth five times as much as one penny is worth five pence, but "five pennies" means five coins, each of which is a penny.
When dealing with British or Irish (pound) money, amounts of the decimal "new pence" less than £1 may be suffixed with "p", as in 2p, 5p, 26p, 72p. Pre-1971 amounts of less than 1/- (one shilling) were denoted with a "d" which derived from the term "denarius", as in 2d, 6d, 10d.
The British penny as a unit of currency dates back several hundred years. However, due to a shortage of coinage being minted, in 1797 Matthew Boulton set up a steam press in Soho, Birmingham minting large copper pennies. A total of 8,601,600 were struck. His work demonstrated the improvement gleaned from the application of steam power to the coining press. In addition to the copper penny being minted he also produced 722,160 copper twopence coins. All his coins were dated 1797 and many have survived to this day as collectors' pieces. The minting had to be halted in 1797 as these large coins had, at the time, a higher copper value than their face value. The pennies were exactly half the weight of the twopences. Again, in 1806 and 1807 lighter and thinner copper coins designed by Kuchler were struck at the Soho Mint. A total of 150 tons of copper was used for these two years.
It was not until 1825, during the reign of George IV, that minting restarted. Pennies were minted for three years during George IV's reign in 1825, 1826 and 1827 and depicted Britannia seated holding a trident on the 'tail' or reverse.
The entire mintage consignment of British 1827 pennies was allocated for use in Australia for the prison camps (Botany Bay Penal Colony) and, as a result, the shipment with the coins stored in wooden crates became badly corroded by salt water with literally only a handful surviving unscathed. Most suffered from corrosion and verdigris.
Only two known examples in UNCIRCULATED or 'mint' condition appear to have survived (one sold by a UK dealer for £8000 and the other owned by an American gentleman) with the remainder appearing in poor condition. However, a few coins have survived in non-corroded condition due to a tiny release in England at the time.
After 1827, it was not until the reign of William IV (Queen Victoria's uncle also known as the 'sailor king') that minting commenced again with copper pennies being minted in 1831, 1834 and 1837 (after the king had died). Victoria pennies continued to be minted in copper until 1859 when the Royal Mint decided to issue the coins in bronze. In 1860 the new bronze issue was minted with a beaded border on the coins. This proved unsuccessful and in the same year toothed border pennies were issued. The head or obverse of these coins depicted the young Queen Victoria with her hair tied in a bun. They became affectionately known as 'bun head' pennies and were issued until 1894.
From 1895 to the queen's death on 22nd January 1901, the pennies continued to show Britannia seated holding a trident with the 'head' or obverse showing the queen's veiled head.
1902 saw the introduction of Edward VII pennies and many people kept back this popular year. However, a smaller number were minted with a 'low tide' level in front of Britannia making them scarcer. Pennies continued to be minted into George V's reign between 1911 and 1936. The most famous and rarest of these is the 1933 penny.
There was no requirement for the Mint to produce any pennies in 1933 because there were already enough in circulation. Requests were, however, received for sets of coins dated 1933 to be placed under the foundation stones of buildings erected in that year, and the Mint obliged by striking a small number of coins. The result was to create a rarity that many people thought could turn up in their change.
The precise number struck was not recorded at the time but it is now thought to be certainly less than ten and probably seven. The surviving 1933 pennies are to be found in the Mint Museum, the British Museum, the University of London and two in private collections - see list below.
It has been reported that one example had been placed under the foundation stone of St. Mary’s Church, Hawksworth Wood, Kirkstall, Leeds, England. Three documented examples had been placed in foundation stones of buildings erected in 1933. In September 1970, during construction at Church of St. Cross, Middleton, one of these examples was stolen by thieves who managed to remove the coin from the church's cornerstone. In response, the Bishop of Ripon ordered that the St. Mary's Church 1933 Penny be unearthed and sold as a protective measure to prevent its theft. It was sold at Sotheby's Auction house on 24th November, 1972.
There are seven (now possibly eight) known examples of the 1933 penny. Here are their locations:
1. Royal Mint Museum at Llantrisant in South Wales
2. British Museum
3. Under the foundation stone of the University of London Building in Bloomsbury, London
4. Under the foundation stone of St Mary's Church, Hawksworth Wood, Kirkstall, Leeds - this one was part of a 1933 year set which was stolen circa 2003
5. Under the foundation stone of the Church of St Cross, Middleton - this one was part of a 1933 year set which was stolen in 1970
6. One held as part of the Norweb Private Collection in the USA (the one now sold by Mark Rasmussen last year)
7. One held in private hands here in the UK (this is the one being sold)
The are approximately 12 known 'Lavillier Patterns' of the 1933 penny. These are slightly more common and command a price of around 18-20k. They are not as sought after as the currency coin.
After George V's death in 1936, there were just two 1937 Edward VIII pattern pennies struck. During World War II, due to a metal shortage, no pennies were minted during 1941, 1942 and 1943. Mintage was resumed in 1944 until George VI's death in February 1952.
The 1950 (240,000 minted) and 1951 pennies (120,000 minted) were minted in very small numbers and, as such, were not issued for circulation in the UK but sent to Bermuda.
After her father's death, the present Queen Elizabeth had, apart from her Coronation Year in 1953, no pennies minted until 1961 with the exception of 1954 when just one coin was struck. During the period from 1961 to 1967, Elizabeth II pennies were struck in very high numbers resulting in an over production during the last year of mintage, 1967, when 654,564,000 were produced. This is now viewed upon as being unnecessary as Decimalisation had been planned a year later in 1968 when the new 5p and 10p coins were issued. Decimalisation was effective from 15th February, 1971.
The lettering "new pence" was changed to "pence" on British decimal coinage in 1982. Irish pound decimal coinage only used "p" to designate units (possibly as this sufficed for both the English word "pence", and Irish form "pingin").
In 2004, 530,110,000 United Kingdom pennies were issued, according to the Royal Mint.
To "spend a penny" in British idiom means to urinate. The etymology of the phrase is literal; some public toilets used to be coin-operated, with a pre-decimal penny being the charge levied. Eventually, at around the same time as the introduction of decimal coinage, British Rail gradually introduced better public toilets with the name ''Superloo'' and the much higher charge of 6d.[1] The government advised that in speech the new units should be called "pee" to distinguish them from the older "pennies" or "pence".[2]
Finding a penny is sometimes considered lucky and gives rise to the saying, "Find a penny pick it up, all the day you'll have good luck."
In the US, the length of a nail is designated by its ''penny size''. It is commonly believed that the origin of the term "penny" in relation to nail size is based on the old custom in England of selling nails by the hundred. A hundred nails that sold for six pence were "six penny" nails. The larger the nail, the more a hundred nails would cost. Thus the larger nails have a larger number for its ''penny size''. This classification system was still used in England in the 18th century, but is obsolete there.
The ''penny size'' is written with a number and the abbreviation '''d''' for penny (e.g. - 10d). '''D''' is an abbreviation for ''denarius'', a Roman coin similar to a penny; this was the abbreviation for a penny in the UK before decimalisation. A smaller number indicates a shorter nail and a larger number indicates a longer nail. Nails under 1¼ in., often called brads, are sold mostly in small packages with only a length designation (e.g. ½" (12 mm), 1" (28 mm), etc.).
The physical handling and counting of pennies creates transaction costs that may be higher than a penny per penny spent. Furthermore, as has been claimed for micropayments, due to mental transaction costs one cent may exceed the useful price granularity of almost all products and services sold over the counter—granularities of five or ten cents may be sufficient. Also, inflation periodically causes the metal value of pennies to exceed their face value, making them wasteful to mint.[3][4] Several nations have stopped minting equivalent value coins, and efforts have been made to end the routine use of pennies in the United States.[5]
★ Penny (British coin)
★
★ British one penny coin (pre-decimal)
★
★ British coinage
★ Penny (Canadian coin)
★ Irish penny coin
★
★ Irish penny (decimal coin)
★ Penny (United States coin)
★
★ United States coinage
★
★ History of the Lincoln cent
★
★ 1943 steel cent
★
★ 1955 doubled die cent
★
★ 1974 aluminum cent
★
★ Take a penny, leave a penny
★ Pfennig
★ Smashed penny
★ Legal Tender Modernization Act
★ Efforts to eliminate the penny in the United States
★ Penny (Inspector Gadget's niece)
1. BBC Nation on Film - Rise and Fall of LNER Mod Cons - Engines Must Not Enter the Potato Siding: "Spend a 6d in the superloo"
2. money slang history
3. New York Times, "AROUND THE NATION; Treasurer Says Zinc Penny May Save Million a Year", April 1, 1981
4. USA Today, Barbara Hagenbaugh, "Coins cost more to make than face value", May 10, 2006
5. Ban The Penny
★ The MegaPenny Project - A visualisation of what exponential numbers of pennies would look like.
★ Coin Collection - A wide variety of pennies to explore and analyse.
★ Silver Pennies - Pictures of English silver pennies from Anglo-Saxon times to the present.
★ Copper Pennies - Pictures of English copper pennies from 1797 to 1860.
:''For the NBA basketball player with the nickname, see Penny Hardaway.''
:''This article is about the unit of currency. Penny is also a familiar diminutive of the name Penelope. "Pennies" is a Smashing Pumpkins song, released on the ''Zero'' EP.
British One Penny Coin
A variety of "low value" coins, including an Irish 2p piece and many U.S. pennies.
Two British 2 pence coins (below) and a 5 pence coin (above)
A 'penny' (pl. 'pence' or 'pennies') is a coin or a unit of currency used in several English-speaking countries.
| Contents |
| Value |
| Other uses |
| Nails |
| Criticism |
| See also |
| References |
| External link |
Value
The penny is among the lowest denomination of coins in circulation.
★ 1/100 of the British Pound Sterling (''see British one penny coin''), the former Irish pound, the Gibraltar pound, the Falkland Islands pound, or a coin with that value: see history of the English penny.
★ 1/240 of the British pound sterling or Irish pound prior to February 15, 1971, of the Pound Scots prior to 1707, and also the pre-decimalisation currencies of Australia, New Zealand and South Africa (1/12 of the shilling), or a coin of that value.
★ a common but unofficial name for the one-cent coin in the United States and in Canada, worth 1/100 of the dollar: see penny (U.S. coin), penny (Canadian coin). This word is not used by the United States Mint or the Royal Canadian Mint; they use 'cent'.
In addition, variants of the word ''penny'', with which they share a common root, are or were the names of certain units of currency in non-English-speaking countries:
★ A fening is 1/100 of a Bosnia and Herzegovina convertible mark
★ A pfennig was 1/100 of a German mark
★ A penni was 1/100 of a Finnish markka
In the United States and Canada, "penny" is normally used to refer to the coin - the quantity of money is a "cent." Elsewhere in the English-speaking world, the plural of "penny" is "pence" when referring to a quantity of money and "pennies" when referring to a number of coins. Thus a coin worth five times as much as one penny is worth five pence, but "five pennies" means five coins, each of which is a penny.
When dealing with British or Irish (pound) money, amounts of the decimal "new pence" less than £1 may be suffixed with "p", as in 2p, 5p, 26p, 72p. Pre-1971 amounts of less than 1/- (one shilling) were denoted with a "d" which derived from the term "denarius", as in 2d, 6d, 10d.
The British penny as a unit of currency dates back several hundred years. However, due to a shortage of coinage being minted, in 1797 Matthew Boulton set up a steam press in Soho, Birmingham minting large copper pennies. A total of 8,601,600 were struck. His work demonstrated the improvement gleaned from the application of steam power to the coining press. In addition to the copper penny being minted he also produced 722,160 copper twopence coins. All his coins were dated 1797 and many have survived to this day as collectors' pieces. The minting had to be halted in 1797 as these large coins had, at the time, a higher copper value than their face value. The pennies were exactly half the weight of the twopences. Again, in 1806 and 1807 lighter and thinner copper coins designed by Kuchler were struck at the Soho Mint. A total of 150 tons of copper was used for these two years.
It was not until 1825, during the reign of George IV, that minting restarted. Pennies were minted for three years during George IV's reign in 1825, 1826 and 1827 and depicted Britannia seated holding a trident on the 'tail' or reverse.
The entire mintage consignment of British 1827 pennies was allocated for use in Australia for the prison camps (Botany Bay Penal Colony) and, as a result, the shipment with the coins stored in wooden crates became badly corroded by salt water with literally only a handful surviving unscathed. Most suffered from corrosion and verdigris.
Only two known examples in UNCIRCULATED or 'mint' condition appear to have survived (one sold by a UK dealer for £8000 and the other owned by an American gentleman) with the remainder appearing in poor condition. However, a few coins have survived in non-corroded condition due to a tiny release in England at the time.
After 1827, it was not until the reign of William IV (Queen Victoria's uncle also known as the 'sailor king') that minting commenced again with copper pennies being minted in 1831, 1834 and 1837 (after the king had died). Victoria pennies continued to be minted in copper until 1859 when the Royal Mint decided to issue the coins in bronze. In 1860 the new bronze issue was minted with a beaded border on the coins. This proved unsuccessful and in the same year toothed border pennies were issued. The head or obverse of these coins depicted the young Queen Victoria with her hair tied in a bun. They became affectionately known as 'bun head' pennies and were issued until 1894.
From 1895 to the queen's death on 22nd January 1901, the pennies continued to show Britannia seated holding a trident with the 'head' or obverse showing the queen's veiled head.
1902 saw the introduction of Edward VII pennies and many people kept back this popular year. However, a smaller number were minted with a 'low tide' level in front of Britannia making them scarcer. Pennies continued to be minted into George V's reign between 1911 and 1936. The most famous and rarest of these is the 1933 penny.
There was no requirement for the Mint to produce any pennies in 1933 because there were already enough in circulation. Requests were, however, received for sets of coins dated 1933 to be placed under the foundation stones of buildings erected in that year, and the Mint obliged by striking a small number of coins. The result was to create a rarity that many people thought could turn up in their change.
The precise number struck was not recorded at the time but it is now thought to be certainly less than ten and probably seven. The surviving 1933 pennies are to be found in the Mint Museum, the British Museum, the University of London and two in private collections - see list below.
It has been reported that one example had been placed under the foundation stone of St. Mary’s Church, Hawksworth Wood, Kirkstall, Leeds, England. Three documented examples had been placed in foundation stones of buildings erected in 1933. In September 1970, during construction at Church of St. Cross, Middleton, one of these examples was stolen by thieves who managed to remove the coin from the church's cornerstone. In response, the Bishop of Ripon ordered that the St. Mary's Church 1933 Penny be unearthed and sold as a protective measure to prevent its theft. It was sold at Sotheby's Auction house on 24th November, 1972.
There are seven (now possibly eight) known examples of the 1933 penny. Here are their locations:
1. Royal Mint Museum at Llantrisant in South Wales
2. British Museum
3. Under the foundation stone of the University of London Building in Bloomsbury, London
4. Under the foundation stone of St Mary's Church, Hawksworth Wood, Kirkstall, Leeds - this one was part of a 1933 year set which was stolen circa 2003
5. Under the foundation stone of the Church of St Cross, Middleton - this one was part of a 1933 year set which was stolen in 1970
6. One held as part of the Norweb Private Collection in the USA (the one now sold by Mark Rasmussen last year)
7. One held in private hands here in the UK (this is the one being sold)
The are approximately 12 known 'Lavillier Patterns' of the 1933 penny. These are slightly more common and command a price of around 18-20k. They are not as sought after as the currency coin.
After George V's death in 1936, there were just two 1937 Edward VIII pattern pennies struck. During World War II, due to a metal shortage, no pennies were minted during 1941, 1942 and 1943. Mintage was resumed in 1944 until George VI's death in February 1952.
The 1950 (240,000 minted) and 1951 pennies (120,000 minted) were minted in very small numbers and, as such, were not issued for circulation in the UK but sent to Bermuda.
After her father's death, the present Queen Elizabeth had, apart from her Coronation Year in 1953, no pennies minted until 1961 with the exception of 1954 when just one coin was struck. During the period from 1961 to 1967, Elizabeth II pennies were struck in very high numbers resulting in an over production during the last year of mintage, 1967, when 654,564,000 were produced. This is now viewed upon as being unnecessary as Decimalisation had been planned a year later in 1968 when the new 5p and 10p coins were issued. Decimalisation was effective from 15th February, 1971.
The lettering "new pence" was changed to "pence" on British decimal coinage in 1982. Irish pound decimal coinage only used "p" to designate units (possibly as this sufficed for both the English word "pence", and Irish form "pingin").
In 2004, 530,110,000 United Kingdom pennies were issued, according to the Royal Mint.
Other uses
To "spend a penny" in British idiom means to urinate. The etymology of the phrase is literal; some public toilets used to be coin-operated, with a pre-decimal penny being the charge levied. Eventually, at around the same time as the introduction of decimal coinage, British Rail gradually introduced better public toilets with the name ''Superloo'' and the much higher charge of 6d.[1] The government advised that in speech the new units should be called "pee" to distinguish them from the older "pennies" or "pence".[2]
Finding a penny is sometimes considered lucky and gives rise to the saying, "Find a penny pick it up, all the day you'll have good luck."
Nails
In the US, the length of a nail is designated by its ''penny size''. It is commonly believed that the origin of the term "penny" in relation to nail size is based on the old custom in England of selling nails by the hundred. A hundred nails that sold for six pence were "six penny" nails. The larger the nail, the more a hundred nails would cost. Thus the larger nails have a larger number for its ''penny size''. This classification system was still used in England in the 18th century, but is obsolete there.
The ''penny size'' is written with a number and the abbreviation '''d''' for penny (e.g. - 10d). '''D''' is an abbreviation for ''denarius'', a Roman coin similar to a penny; this was the abbreviation for a penny in the UK before decimalisation. A smaller number indicates a shorter nail and a larger number indicates a longer nail. Nails under 1¼ in., often called brads, are sold mostly in small packages with only a length designation (e.g. ½" (12 mm), 1" (28 mm), etc.).
Criticism
The physical handling and counting of pennies creates transaction costs that may be higher than a penny per penny spent. Furthermore, as has been claimed for micropayments, due to mental transaction costs one cent may exceed the useful price granularity of almost all products and services sold over the counter—granularities of five or ten cents may be sufficient. Also, inflation periodically causes the metal value of pennies to exceed their face value, making them wasteful to mint.[3][4] Several nations have stopped minting equivalent value coins, and efforts have been made to end the routine use of pennies in the United States.[5]
See also
★ Penny (British coin)
★
★ British one penny coin (pre-decimal)
★
★ British coinage
★ Penny (Canadian coin)
★ Irish penny coin
★
★ Irish penny (decimal coin)
★ Penny (United States coin)
★
★ United States coinage
★
★ History of the Lincoln cent
★
★ 1943 steel cent
★
★ 1955 doubled die cent
★
★ 1974 aluminum cent
★
★ Take a penny, leave a penny
★ Pfennig
★ Smashed penny
★ Legal Tender Modernization Act
★ Efforts to eliminate the penny in the United States
★ Penny (Inspector Gadget's niece)
References
1. BBC Nation on Film - Rise and Fall of LNER Mod Cons - Engines Must Not Enter the Potato Siding: "Spend a 6d in the superloo"
2. money slang history
3. New York Times, "AROUND THE NATION; Treasurer Says Zinc Penny May Save Million a Year", April 1, 1981
4. USA Today, Barbara Hagenbaugh, "Coins cost more to make than face value", May 10, 2006
5. Ban The Penny
External link
★ The MegaPenny Project - A visualisation of what exponential numbers of pennies would look like.
★ Coin Collection - A wide variety of pennies to explore and analyse.
★ Silver Pennies - Pictures of English silver pennies from Anglo-Saxon times to the present.
★ Copper Pennies - Pictures of English copper pennies from 1797 to 1860.
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psst.. try this: add to faves
Featured Companies
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Penny Companies
Below is the list of travel companies in Penny we have in our travel directory
- Travel Agents (5)
- Tours (2)
- Cruise (2)
- Accommodation (1)
- Golfing (1)
- Casinos (1)
