Coins of the pound sterling

"British coinage" redirects here. For ancient British coinage, see Celtic coins.
The Royal Shield reverse designs, introduced in 2008 (£2 coin uses original design).
Examples of the standard reverse designs minted until 2008 (£2 coin is not shown)

The standard circulating coinage of the United Kingdom is denominated in pounds sterling (symbol "£"), and, since the introduction of the two-pound coin in 1994 (to celebrate the 300th Anniversary of the Bank of England 1694–1994), ranges in value from one penny to two pounds. Since decimalisation, on 15 February 1971, the pound has been divided into 100 (new) pence. From the 16th century until decimalisation, the pound was divided into 20 shillings, each of 12 (old) pence. British coins are minted by the Royal Mint in Llantrisant, Wales. The Royal Mint also commissions the coins' designs.

As of 30 March 2010, there were an estimated 28 billion coins circulating in the United Kingdom.[1]

The first decimal coins were circulated in 1968. These were the five pence (5p) and ten pence (10p), and had values of one shilling (1/-) and two shillings (2/-), respectively, under the pre-decimal £sd system. The decimal coins are minted in copper-plated steel (previously bronze), nickel-plated steel, cupro-nickel and nickel-brass. The two-pound coin is bimetallic. The coins are discs, except for the twenty pence and fifty pence pieces, both of which have faces that are heptagonal curves of constant width. All the circulating coins have an effigy of Queen Elizabeth II on the obverse, and various national and regional designs, and the denomination, on the reverse. The circulating coins, excepting the two-pound coin, were redesigned in 2008, keeping the sizes and compositions unchanged, but introducing reverse designs that each depict a part of the Royal Shield of Arms and form (most of) the whole shield when they are placed together in the appropriate arrangement (see photo). The exception, the 2008 one-pound coin, depicts the entire shield of arms on the reverse. All current coins carry a Latin inscription whose full form is ELIZABETH II DEI GRATIA REGINA FIDEI DEFENSOR, meaning "Elizabeth II, by the grace of God, Queen and Defender of the Faith".

In addition to the circulating coinage, the UK also mints commemorative decimal coins (crowns) in the denomination of five pounds (previously 25p, i.e. five shillings).[2] Ceremonial Maundy money and bullion coinage of gold sovereigns, half sovereigns, and gold and silver Britannia coins are also produced. Some territories outside the United Kingdom, that use the pound sterling, produce their own coinage, with the same denominations and specifications as the UK coinage but local designs.

In the years just prior to decimalisation, the circulating British coins were the half crown (2/6), two shillings or florin (2/-), shilling (1/-), sixpence (6d), threepence (3d), penny (1d) and halfpenny (1⁄2d). The farthing (1⁄4d) had been withdrawn in 1960. There was also the Crown (5/-), which was (and still is) legal tender but only minted on special occasions and not normally circulated.

All modern coins feature a profile of the current monarch's head. The direction in which they face changes with each successive monarch, a pattern that began with the Stuarts. For the Tudors and pre-Restoration Stuarts, both left and right-facing portrait images were minted within the reign of a single monarch. In the Middle Ages, portrait images tended to be full face.

From a very early date, British coins have been inscribed with the name of the ruler of the kingdom in which they were produced, and a longer or shorter title, always in Latin; among the earliest distinctive English coins are the silver pennies of Offa of Mercia, which were inscribed with the legend OFFA REX, "King Offa". The English silver penny was derived from another silver coin, the sceat, of 20 troy grains weight, which was in general circulation in Europe during the Middle Ages. In the 12th century, Henry II established the sterling silver standard for English coinage, of 92.5% silver and 7.5% copper, replacing the earlier use of fine silver in the Middle Ages. The coinage reform of 1816 set up a weight/value ratio and physical sizes for silver coins. Silver was eliminated from coins, except Maundy coins, in 1947.

History

Manufacture

The history of the Royal Mint stretches back to AD 886.[3] For many centuries production took place in London, initially at the Tower of London, and then at premises nearby in Tower Hill. In the 1970s production was transferred to Llantrisant in South Wales.[4] Historically Scotland and England had separate coinage; the last Scottish coins were struck in 1709 shortly after union with England.[5]

Coins were originally hand-hammered — an ancient technique in which two dies are struck together with a blank coin between them. This was the traditional method of manufacturing coins in the Western world from the classical Greek era onwards, in comparison with Asia, where coins were traditionally cast. The first milled (that is, machine-made) coins were produced during the reign of Elizabeth I (1558–1603) and periodically during the subsequent reigns of James I and Charles I, but there was initially opposition to mechanisation from the moneyers who ensured that most coins continued to be produced by hammering. All British coins produced since 1662 have been milled.

Origins of the penny

The English penny first appeared in Anglo-Saxon times, as a silver coin. It was derived from another silver coin, the sceat, of 20 troy grains weight, which was in general circulation in Europe during the Middle Ages. The weight of the English penny was fixed at 22 1⁄2 troy grains (about 1.46 grams) by Offa of Mercia, an 8th-century contemporary of Charlemagne. The coin's designated value, however, was that of 24 troy grains of silver (one pennyweight, or 1⁄240 of a troy pound, or about 1.56 grams), with the difference being a premium attached by virtue of the minting into coins. Thus, 240 pennyweights made one troy pound of silver in weight, and the monetary value of 240 pennies also became known as a "pound". (240 actual pennies, however, weighed only 5400 troy grains, known as tower pound, a unit used only by mints. The tower pound was abolished in the 16th century.) The silver penny remained the primary unit of coinage for about 500 years.

The purity of 92.5% silver (i.e., sterling silver) was instituted by Henry II in 1158 with the "Tealby Penny" — a hammered coin.

Over the years, the penny was gradually debased until by the 16th century it contained about a third the silver content of a proper troy 24 grain pennyweight.

By 1915, a penny was worth around one-sixth what it had been worth during the Middle Ages. British government sources suggest that prices have risen over 61-fold since 1914, so a medieval sterling silver penny might have had purchasing power equivalent to £4.50 today, and a farthing (a quarter penny) would have the value of slightly more than today's pound (about £1.125).

Silver content

From the time of Charlemagne until the 12th century, the silver currency of England was made from the highest purity silver available. Unfortunately, there were drawbacks to minting currency of fine silver, notably the level of wear it suffered, and the ease with which coins could be "clipped", or trimmed, by those dealing in the currency.

In the 12th century a new standard for English coinage was established by Henry II — the Sterling Silver standard of 92.5% silver and 7.5% copper. This was a harder-wearing alloy, yet it was still a rather high grade of silver. It went some way towards discouraging the practice of "clipping", though this practice was further discouraged and largely eliminated with the introduction of the milled edge we see on coins today.

During the reign of Henry VIII, the silver content was gradually debased, reaching a low of one-third silver. However, in Edward VI's reign, silver purity was increased to sterling again and the first crowns and half-crowns were produced dated 1551. From this point onwards till 1920, sterling was the rule.

By 1696, the currency had been seriously weakened by an increase in clipping during the Nine Years' War[6] to the extent that it was decided to recall and replace all hammered silver coinage in circulation.[7] The exercise came close to disaster due to fraud and mismanagement,[8] but was saved by the personal intervention of Isaac Newton after his appointment as Warden of the Mint, a post which was intended to be a sinecure, but which he took seriously.[7] Newton was subsequently given the post of Master of the Mint in 1699. Following the 1707 union between the Kingdom of England and the Kingdom of Scotland, Newton used his previous experience to direct the 1707–1710 Scottish recoinage, resulting in a common currency for the new Kingdom of Great Britain. After 15 September 1709 no further silver coins were ever struck in Scotland.[9]

As a result of a report written by Newton on 21 September 1717 to the Lords Commissioners of His Majesty's Treasury[10] the bimetallic relationship between gold coins and silver coins was changed by Royal proclamation on 22 December 1717, forbidding the exchange of gold guineas for more than 21 silver shillings.[11] Due to differing valuations in other European countries this inadvertently resulted in a silver shortage as silver coins were used to pay for imports, while exports were paid for in gold, effectively moving Britain from the silver standard to its first gold standard, rather than the bimetallic standard implied by the proclamation.

The coinage reform of 1816 set up a weight/value ratio and physical sizes for silver coins.

In 1920, the silver content of all British coins was reduced from 92.5% to 50%, with a portion of the remainder consisting of manganese, which caused the coins to tarnish to a very dark colour after they had been in circulation for a significant period. Silver was eliminated altogether in 1947, except for Maundy coinage, which returned to the pre-1920 92.5% silver composition.

The 1816 weight/value ratio and size system survived the debasement of silver in 1920, and the adoption of token coins of cupro-nickel in 1947. It even persisted after decimalisation for those coins which had equivalents and continued to be minted with their values in new pence. The UK finally abandoned it in 1992 when smaller, more convenient, "silver" coins were introduced.

Monarch's head

All coins since the 17th century have featured a profile of the current monarch's head. The direction in which they face changes with each successive monarch, a pattern that began with the Stuarts, as shown in the table below:

Facing left Facing right
Cromwell 1653–1658[12] Charles II 1660–1685
James II 1685–1688 William and Mary 1689–1694
William III 1694–1702
Anne 1702–1714 George I 1714–1727
George II 1727–1760 George III 1760–1820
George IV 1820–1830 William IV 1830–1837
Victoria 1837–1901 Edward VII 1901–1910
George V 1910–1936
Edward VIII 1936 (uncirculated issues)
George VI 1936–1952 Elizabeth II 1952–present

For the Tudors and pre-Restoration Stuarts, both left- and right-facing portrait images were minted within the reign of a single monarch (left-facing images were more common). In the Middle Ages, portrait images tended to be full face.

There was a small quirk in this alternating pattern when Edward VIII ascended to the throne in January 1936 and was portrayed facing left, the same as his predecessor George V. This was because Edward thought his left to be his best side. However, Edward VIII abdicated in December 1936 and his coins were never put into general circulation. When George VI came to the throne, he had his coins struck with him facing the left, as if Edward VIII's coins had faced right (as they should have done according to tradition). Thus, in a timeline of circulating British coins, George V and VI's coins both feature left-facing portraits, although they follow directly chronologically.

Currently circulating coinage

Production and distribution

All UK coins are produced by the Royal Mint. The same coinage is used across the United Kingdom – Unlike banknotes, local issues of coins are not produced for different parts of the UK. The pound coin until 2008 has been produced in regional designs, but these circulate equally in all parts of the UK (see UK designs, below).

Every year, newly minted coins are checked for size, weight, and composition at a Trial of the Pyx. Essentially the same procedure has been used since the 13th century. Assaying is now done by the Worshipful Company of Goldsmiths on behalf of HM Treasury.

The 1p and 2p coins from 1971 are the oldest standard-issue coins still in circulation.

Coins from the British dependencies and territories that use the pound as their currency are sometimes found in change in other jurisdictions. Strictly, they are not legal tender in the United Kingdom; however, since they have the same specifications as UK coins, they are sometimes tolerated in commerce, and can readily be used in vending machines.

UK-issued coins are, on the other hand, generally fully accepted and freely mixed in other British dependencies and territories that use the pound.

An extensive coinage redesign was commissioned by the Royal Mint in 2005, and new designs were gradually introduced into the circulating British coinage from summer 2008. The pre-2008 coins will remain legal tender and are expected to stay in circulation for the foreseeable future.

Coins in circulation

Estimated as at March 2014

Denomination Number of pieces (m) Face value £m
Two pounds 417 834
One pound 1,553 1,553
Fifty pence 948 474
Twenty pence 2,765 553
Ten pence 1,631 163
Five pence 3,847 192
Two pence 6,557 131
One penny 11,278 113
Total 28,996 4,011

[13]

Dimensions

Stated as largest value

Denomination Diameter (mm) Thickness (mm)
Two pounds 28.4 2.5
One pound 22.5 3.15
Fifty pence 27.3 1.78
Twenty pence 21.4 1.7
Ten pence 24.5 1.85
Five pence 18.0 1.7
Two pence 25.9 2.03
One penny 20.3 1.65

UK decimal coinage history

Decimalisation

Since decimalisation on 15 February 1971 the pound (symbol "£") has been divided into 100 pence. (Prior to decimalisation the pound was divided into 20 shillings, each of 12 (old) pence; thus, there were 240 (old) pence to the pound. The value of the pound itself was unchanged by decimalisation.)

The first decimal coins – the five pence (5p) and ten pence (10p) — were introduced in 1968 in the run-up to decimalisation in order to familiarise the public with the new system. These initially circulated alongside the pre-decimal coinage and had the same size and value as the existing one shilling and two shilling coins respectively. The fifty pence (50p) coin followed in 1969, replacing the old ten shilling note. The remaining decimal coins – at the time, the half penny (1⁄2p), penny (1p) and two pence (2p) — were issued in 1971 at decimalisation. A quarter-penny coin, to be struck in aluminium, was proposed at the time decimalisation was being planned, but was never minted.

The new coins were initially marked with the wording NEW PENNY (singular) or NEW PENCE (plural). The word "new" was dropped in 1982. The symbol "p" was adopted to distinguish the new pennies from the old, which used the symbol "d" (from the Latin denarius, a coin used in the Roman Empire).

Post 1982

In the years since decimalisation, a number of changes have been made to the coinage. The twenty pence (20p) coin was introduced in 1982 to fill the gap between the 10p and 50p coins. The pound coin (£1) was introduced in 1983 to replace the Bank of England £1 banknote which was discontinued in 1984 (although the Scottish banks continued producing them for some time afterwards; the last of them, the Royal Bank of Scotland £1 note, is still in production as of 2013). The designs on the one pound coin change annually in a largely five-year cycle.

The decimal half penny coin was demonetised in 1984 as its value was by then too small to be useful. The pre-decimal sixpence, shilling and two shilling coins, which had continued to circulate alongside the decimal coinage with values of 2 1⁄2p, 5p and 10p respectively, were finally withdrawn in 1980, 1990 and 1993 respectively. However, the double florin and crown with values of 20p and 25p respectively have not been withdrawn.

In the 1990s, the Royal Mint reduced the sizes of the 5p, 10p, and 50p coins. As a consequence, the oldest 5p coins in circulation date from 1990, the oldest 10p coins from 1992 and the oldest 50p coins come from 1997. Since 1997, many special commemorative designs of 50p have been issued. Some of these are found fairly frequently in circulation and some are rare. They are all legal tender.

The specifications and dates of introduction of the 5p, 10p, and 50p coins refer to the current versions. These coins were originally issued in larger sizes in 1968 and 1969 respectively.

With their high copper content (97%), the intrinsic value of pre-1992 1p and 2p coins increased with the surge in metal prices of the mid-2000s, until by 2006 the coins would, if melted down, have been worth about 50% more than their face value.[14] (To do this, however, would be illegal, and they would have had to be melted in huge quantities to achieve significant gain.) In later years, the price of copper fell considerably. Copper plated steel coins were introduced to replace them.

A circulating bimetallic two pound (£2) coin was introduced in 1998 (first minted in, and dated, 1997). There had previously been unimetallic commemorative £2 coins which did not normally circulate. This tendency to use the two pound coin for commemorative issues has continued since the introduction of the bimetallic coin, and a few of the older unimetallic coins have since entered circulation.

There are also commemorative issues of crowns. Before 1990, these had a face value of twenty-five pence (25p), equivalent to the five shilling crown used in pre-decimal Britain. However, in 1990 crowns were redenominated with a face value of five pounds (£5)[15] as the previous value was considered not sufficient for such a high-status coin. The size and weight of the coin remained exactly the same. Decimal crowns are generally not found in circulation as their market value is likely to be higher than their face value, but they remain legal tender.

2008 redesign

In 2008, UK coins underwent an extensive redesign, which changed the reverse designs, and some other details, of all coins except the £2.[16] The original intention was to exclude both the £1 and £2 coins from the redesign because they were "relatively new additions" to the coinage, but it was later decided to include the £1 coin.[17] This was the first wholesale change to British coinage since the first decimal coins were introduced in April 1968. The new coins were initially to be put into circulation in early 2008,[18] although they did not actually start to appear until mid-2008.

The major design feature was the introduction of a reverse design shared across six coins (1p, 2p, 5p, 10p, 20p, 50p), that can be pieced together to form an image of the Royal Shield. This was the first time a coin design had been featured across multiple coins in this way.[16] Completing the set, the new £1 reverse features the Shield in its entirety. The effigy of the Queen, by Ian Rank-Broadley, continued to appear on the obverse of all the coins[16] until 2015 when it was replaced by the fifth and latest portrait, designed by Jody Clark.

On all coins, the beading (ring of small dots) around the edge of the obverses has been removed. The obverse of the 20p coin has also been amended to incorporate the year, which had been on the reverse of the coin since its introduction in 1982 (giving rise to an unusual issue of a mule version without any date at all[19]). The orientation of both sides of the 50p coin has been rotated through 180 degrees, meaning the bottom of the coin is now a corner rather than a flat edge. The numerals showing the decimal value of each coin, previously present on all coins except £2 and £1, have been removed, leaving the values spelled out in words only.

The redesign was the result of a competition launched by the Royal Mint in August 2005, which closed on 14 November 2005. The competition was open to the public and received over 4,000 entries.[16] The winning entry was unveiled on 2 April 2008, designed by Matthew Dent.[16] The Royal Mint stated the new designs were "reflecting a twenty-first century Britain".[18] An advisor to the Royal Mint described the new coins as "post-modern" and said that this was something that could not have been done 50 years previously.[20]

The redesign was criticised by some for having no specifically Welsh symbol (such as the Welsh Dragon), because the Royal Shield does not include a specifically Welsh symbol. Wrexham MP Ian Lucas, who was also campaigning to have the Welsh Dragon included on the Union Flag, called the omission "disappointing", and stated that he would be writing to the Queen to request that the Royal Standard be changed to include Wales.[21] The Royal Mint stated that "the Shield of the Royal Arms is symbolic of the whole of the United Kingdom and as such, represents Wales, Scotland, England and Northern Ireland."[21] Designer Dent stated "I am a Welshman and proud of it, but I never thought about the fact we did not have a dragon or another representation of Wales on the design because as far as I am concerned Wales is represented on the Royal Arms. This was never an issue for me."[21]

The designs were also criticised for not including a portrayal of Britannia, the female personification of Britain whose image has appeared on British coinage continuously since 1672.[22] In response to the concern over the loss of Britannia, the chairman of the Royal Mint Advisory Committee stated "There are 806 million Britannias in circulation at the moment [on the old 50p coin]. They will remain in circulation. They will see all of us out, until they die a natural death. So whatever happens, Britannia stays around".[16]

The Royal Mint's choice of an inexperienced coin designer to produce the new coinage was criticised by Virginia Ironside, daughter of Christopher Ironside who designed the previous UK coins. She stated that the new designs were "totally unworkable as actual coins", due to the loss of a numerical currency identifier, and the smaller typeface used.[23]

The German news magazine Der Spiegel claimed that the redesign signalled the UK's intention "not to join the euro any time soon".[24]

Steel 5p and 10p coins

As of 2012, 5p and 10p coins have been issued in nickel-plated steel, and much of the remaining cupro-nickel types withdrawn, in order to retrieve more expensive metals. The new coins are 11% thicker to maintain the same weight.[25][26]

There are heightened nickel allergy concerns over the new coins. Studies commissioned by the Royal Mint found no increased discharge of nickel from the coins when immersed in artificial sweat. However, an independent study found that the friction from handling results in four times as much nickel exposure as from the older-style coins. Sweden already plans to desist from using nickel in coins from 2015.[27] [28]

Summary of denominations

[29]

Specifications

Denomination Obverse Reverse Diameter Thickness Mass Composition Edge Introduced
One penny Queen Elizabeth II Segment of the Coat of Arms of the United Kingdom 20.3 mm 1.52 mm (bronze)
1.65 mm (copper-plated steel)		 3.56 g Bronze (1971 – Sept 1992)
Copper-plated steel (Sept 1992 – present)		 Smooth 1971
Two pence Segment of the Coat of Arms of the United Kingdom 25.9 mm 1.85 mm (bronze)
2.03 mm (copper-plated steel)		 7.12 g Bronze (97% copper, 2.5% zinc, 0.5% tin) – until September 1992
Copper-plated steel – since September 1992, except in 1998 when the 2p was made in both alloys		 1971
Five pence* Segment of the Coat of Arms of the United Kingdom 18 mm 1.7 mm (cupro-nickel)
1.89 mm (nickel-plated steel)		 3.25 g Cupronickel (75:25) (Nickel-plated steel from Jan 2012) Milled 1990
Ten pence* Segment of the Coat of Arms of the United Kingdom 24.5 mm 1.85 mm (cupro-nickel)
2.05 mm (nickel-plated steel)		 6.5 g Cupronickel (75:25) (Nickel-plated steel from Jan 2012) 1992
Twenty pence Segment of the Coat of Arms of the United Kingdom 21.4 mm 1.7 mm 5 g Cupronickel (84:16) Smooth, Reuleaux heptagon 1982
Twenty-five pence No standard reverse design 38.61 mm 2.89 mm 28.28 g Cupronickel Milled, with variable inscription 1972 (commemorative, not in general circulation)
Fifty pence* Segment of the Coat of Arms of the United Kingdom 27.3 mm 1.78 mm 8 g Cupronickel (75:25) Smooth, Reuleaux heptagon 1997
One pound Coat of Arms of the United Kingdom 22.5 mm 3.15 mm 9.5 g Nickel-brass Milled with variable inscription and/or decoration 1983
Two pounds† Design by Bruce Rushin 28.4 mm 2.5 mm 12 g Inner: Cupronickel
Outer: Nickel-brass		 Milled with variable inscription and/or decoration 1997 (issued 1998)
Five pounds No standard reverse design 38.61 mm 2.89 mm 28.28 g Cupronickel Milled, with variable inscription 1990 (commemorative, not in general circulation)
Twenty pounds No standard reverse design Silver Milled 2013 (commemorative, not in general circulation)
One Hundred Pounds Elizabeth tower 'Big Ben' Silver 2015 (commemorative, not in general circulation)

[30]

* The specifications and dates of introduction of the 5p, 10p, and 50p coins refer to the current versions. These coins were originally issued in larger sizes in 1968 and 1969 respectively.

†The specification and date of introduction of the £2 coin refers to the current version. This coin was originally issued in a smaller size in a single metal in 1986 for special issues only.

With their high copper content (97%), the intrinsic value of pre-1992 1p and 2p coins increased with the surge in metal prices of the mid-2000s, until by 2006 the coins, would, if melted down, have been worth about 50% more than their face value.[14] (To do this, however, would be illegal, and they would have had to be melted in huge quantities to achieve significant gain.) In subsequent years the price of copper fell considerably from these peaks.[31]

UK designs

Obverse

All modern British coins feature a profile of the current monarch's head on the obverse. There has been only one monarch since decimalisation, Queen Elizabeth II, so her head appears on all decimal coins, facing to the right (see also Monarch's head, above). However, five different effigies have been used, reflecting the Queen's changing appearance as she has aged. These are the effigies by Mary Gillick (until 1968), Arnold Machin (1968–1984), Raphael Maklouf (1985–1997), Ian Rank-Broadley (1998–2015), and Jody Clark (from 2015).[32]

All current coins carry a Latin inscription whose full form is ELIZABETH II DEI GRATIA REGINA FIDEI DEFENSOR, meaning "Elizabeth II, by the grace of God, Queen and Defender of the Faith". The inscription appears on the coins in any of several abbreviated forms, typically ELIZABETH II D G REG F D.

From 2008, the circle of dots between the lettering and the rim was removed from the 1p, 2p, 5, and 10p and £1. It was never on the 20p and 50p, and is retained on the £2.

Original reverse designs

The original standard-issue decimal coinage reverse designs are as follows:

Up until the 2008 redesign, the reverse designs of the one pound coin have followed a five-year cycle. This cycle successively represents, by using royal heraldic badges, each of the four constituent countries of the United Kingdom, namely Scotland, Wales, Northern Ireland and England, with the Royal Coat of Arms used in every fifth year. From 2008 until 2016, a single design based on the Royal Coat of Arms was issued every year, with additional designs representing the nations issued sporadically.

Royal designs Themed designs
ThemeScotlandWalesNorthern IrelandEngland
1983: Royal Coat of Arms National plants 1984: Thistle 1985: Leek 1986: Flax 1987: Oak
1988: Royal Shield & Crown 1989: Thistle 1990: Leek 1991: Flax 1992: Oak
1993: Royal Coat of Arms National symbols 1994: Lion Rampant 1995: Welsh dragon 1996: Celtic cross 1997: The Three Lions
1998: Royal Coat of Arms 1999: Lion Rampant 2000: Welsh dragon 2001: Celtic cross 2002: The Three Lions
2003: Royal Coat of Arms Bridges 2004: Forth Bridge 2005: Menai Suspension Bridge 2006: MacNeill's Egyptian Arch 2007: Gateshead Millennium Bridge
2008–2016: Royal Shield Capitals 2011: Edinburgh 2011: Cardiff 2010: Belfast 2010: London
National plants 2014: Thistle & bluebell stem 2013: Leek & daffodil plant 2014: Shamrock & flax stem 2013: Rose & oak twig
2015: Royal Coat of Arms[33] Heraldic beasts 2016: A unicorn (for Scotland), a dragon (for Wales), an Irish elk (for Northern Ireland) and a lion (for England).[34]

Royal Shield reverse

The 1p, 2p, 5p, 10p, 20p and 50p coin designs post 2008 each depicts a part of the Royal Shield, and form the whole shield when they are placed together in the appropriate arrangement. The Royal Shield is seen in its entirety on the £1 coin.[35]

Edge designs

The 1p, 2p, 20p and 50p coins have smooth edges. The 5p, 10p, £1 and £2 coins have milled edges. The milling, in combination with the non-circular shape of the 20p and 50p, serve as the primary means of identification and differentiation between coinage for blind or visually impaired people. Historically, milling also served to discourage coin clipping.

The £1 coin and £2 coins have, inscribed into the milling, words or a decoration related to their face design. Many issues of the £1 coin carry one of the following edge inscriptions:

The standard-issue £2 coin carries the edge inscription STANDING ON THE SHOULDERS OF GIANTS. Other designs of the coin are issued from time to time to commemorate special events or anniversaries. These may have special edge inscriptions relevant to the theme, or the edge inscription may be replaced by a decorative motif.

Commemorative designs

Circulating fifty pence and two pound coins have been issued with various commemorative reverse designs, typically to mark the anniversaries of historical events or the births of notable people.

Three commemorative designs were issued of the large version of the 50p: in 1973 (the EEC), 1992–3 (EC presidency) and 1994 (D-Day anniversary). Commemorative designs of the smaller 50p coin have been issued (alongside the Britannia standard issue) in 1998 (two designs), 2000, and from 2003 to 2007 yearly (two designs in 2006). For a complete list, see Fifty pence (British decimal coin).

Prior to 1997, the two pound coin was minted in commemorative issues only – in 1986, 1989, 1994, 1995 and 1996. Commemorative £2 coins have been regularly issued since 1999, alongside the standard-issue bi-metallic coins which were introduced in 1997. One or two designs have been minted each year, with the exception of none in 2000, and four regional 2002 issues marking the 2002 Commonwealth Games in Manchester. As well as a distinct reverse design, these coins have an edge inscription relevant to the subject. The anniversary themes are continued until at least 2009, with two designs announced. For a complete list, see Two pounds (British decimal coin).

Non-UK coinage

The British Islands (red) and overseas territories (blue) using the Pound or their local issue.

Outside the United Kingdom, the British Crown Dependencies of Jersey and Guernsey use the pound sterling as their currencies. However, they produce local issues of coinage in the same denominations and specifications, but with different designs. These circulate freely alongside UK coinage and English, Northern Irish, and Scottish banknotes within these territories, but must be converted in order to be used in the UK. The island of Alderney also produces occasional commemorative coins. (See coins of the Jersey pound, coins of the Guernsey pound, and Alderney pound for details.). The Isle of Man is a unique case among the Crown Dependencies, issuing its own currency, the Manx pound. While the Isle of Man recognises the Pound Sterling as a secondary currency, coins of the Manx pound are not legal tender in the UK.

The pound sterling is also the official currency of the British overseas territories of South Georgia and the South Sandwich Islands,[36] British Antarctic Territory[37] and Tristan da Cunha.[38] South Georgia and the South Sandwich Islands produces occasional special collectors' sets of coins.[39] In 2008, British Antarctic Territory issued a £2 coin commemorating the centenary of Britain's claim to the region.[40]

The currencies of the British overseas territories of Gibraltar, The Falkland Islands and Saint Helena/Ascension — namely the Gibraltar pound, Falkland Islands pound and Saint Helena pound — are pegged one-to-one to the pound sterling but are technically separate currencies. These territories issue their own coinage, again with the same denominations and specifications as the UK coinage but with local designs, as coins of the Gibraltar pound, coins of the Falkland Islands pound and coins of the Saint Helena pound.

The other British overseas territories do not use the pound as their official currency.

Non-circulating coins

25p and £5 coins

1981 commemorative twenty-five pence coin, celebrating the marriage of Prince Charles and Lady Diana Spencer.

Although these coins are in practice very rarely found in circulation, they are for convenience described with the circulating coins, above.

Maundy money

Maundy money is a ceremonial coinage traditionally given to the poor, and nowadays awarded annually to deserving senior citizens. There are Maundy coins in denominations of one, two, three and four pence. They bear dates from 1822 to the present and are minted in very small quantities. Though they are legal tender in the UK, they are never encountered in circulation. The pre-decimal Maundy pieces have the same legal tender status and value as post-decimal ones, and effectively increased in face value by 140% upon decimalisation. Their numismatic value is much greater.

Maundy coins still bear the original portrait of the Queen as used in the circulating coins of the first years of her reign.

Bullion coinage

The traditional bullion coin issued by Britain is the gold sovereign, formerly a circulating coin with a face value of one pound. The Royal Mint continues to produce gold sovereigns and half sovereigns, with 2013 list prices of, respectively, £495 and £250.[41]

Between 1987–2012 a series of bullion coins, the Britannia, was issued, containing 1-troy-ounce (31 g), 1⁄2-troy-ounce (16 g), 1⁄4-troy-ounce (7.8 g), and 1⁄10-troy-ounce (3.1 g) of fine gold at a millesimal fineness of 916 (22 carat) and with face values of £100, £50, £25, and £10.

Since 2013 Britannia bullion contains 1-troy-ounce (31 g) of fine gold at a millesimal fineness of 999 (24 carat).

Between 1997–2012 silver bullion coins have also been produced under the name “Britannias”. The alloy used was Britannia silver (millesimal fineness 958). The silver coins were available in 1-troy-ounce (31 g), 1⁄2-troy-ounce (16 g), 1⁄4-troy-ounce (7.8 g), and 1⁄10-troy-ounce (3.1 g) sizes.

Since 2013 the alloy used is silver at a (millesimal fineness 999). The silver coins are available in 1-troy-ounce (31 g) sizes.

The Royal Mint also issues silver, gold and platinum proof sets of the circulating coins, as well as gift products such as gold coins set into jewellery.

Pre-decimal coinage

Half crown, 1953
Shilling, 1956, showing English and Scottish reverses
For further information about the history of pre-decimal coinage, see Pound sterling. See also Decimal Day.

System

Before decimalisation in 1971, the pound was divided into 240 pence rather than 100, though it was rarely expressed in this way. Rather it was expressed in terms of pounds, shillings and pence, where:

Thus: £1 = 240 pence. The penny was further subdivided at various times, though these divisions vanished as inflation made them irrelevant:

Using the example of five shillings and sixpence, the standard ways of writing shillings and pence were:

The sum of 5/6 would be spoken as "five shillings and sixpence" or "five and six".

The abbreviation for the old penny, d, was derived from the Roman denarius, and the abbreviation for the shilling, s, from the Roman solidus. The shilling was also denoted by the slash symbol, also called a solidus for this reason, which was originally an adaptation of the long s.[42] The symbol "£", for the pound, is derived from the first letter of the Latin word for pound, libra.[43]

A similar pre-decimal system operated in France, also based on the Roman currency, consisting of the livre (L), sol or sou (s) and denier (d). Until 1816 another similar system was used in the Netherlands, consisting of the gulden (G), stuiver (s; 1⁄20 G) and duit, (d; 1⁄8 s or 1⁄160 G).

Denominations

2 shilling coin or florin
For an extensive list of historical pre-decimal coin denominations, see List of British banknotes and coins.

In the years just prior to decimalisation, the circulating British coins were:

The farthing (1⁄4d) had been demonetised on 1 January 1961, while the crown (5/-) was issued periodically as a commemorative coin but rarely found in circulation.

The crown, half crown, florin, shilling, and sixpence were cupro-nickel coins (in historical times silver or silver alloy); the penny, halfpenny, and farthing were bronze; and the threepence was a twelve-sided nickel-brass coin (historically it was a small silver coin).

Some of the pre-decimalisation coins with exact decimal equivalent values continued in use after 1971 alongside the new coins, albeit with new names (the shilling became equivalent to the 5p coin, with the florin equating to 10p), and the others were withdrawn almost immediately. The use of florins and shillings as legal tender in this way ended in 1990 and 1992 when the 5p and 10p coins were replaced with smaller versions. Indeed, while pre-decimalisation shillings were used as 5p coins, for a while after decimalisation many people continued to call the new 5p coin a shilling, since it remained 1⁄20 of a pound, but was now counted as 5p (five new pence) instead of 12d (twelve old pennies). The pre-decimalisation sixpence, also known as a sixpenny bit or sixpenny piece, was equivalent to 2 1⁄2p, but was demonetised in 1980.

Pre-decimal coins of the pound sterling
Five pounds Two pounds Sovereign
(Pound) 		Crown Half crown Florin Shilling Sixpence Groat Threepence Penny Halfpenny Farthing Half farthing Third farthing Quarter farthing
Five pounds 1 2 1⁄2 5 20 40 50 100 200 300 400 1200 2400 4800 9600 14400 19200
Two pounds 2⁄5 1 2 8 16 20 40 80 120 160 480 960 1920 3840 5760 7680
Sovereign
(Pound)		 1⁄5 1⁄2 1 4 8 10 20 40 60 80 240 480 960 1920 2880 3840
Crown 1⁄20 1⁄8 1⁄4 1 2 2 1⁄2 5 10 15 20 60 120 240 480 720 960
Half crown 1⁄40 1⁄16 1⁄8 1⁄2 1 1 1⁄4 2 1⁄2 5 7 1⁄2 10 30 60 120 240 360 480
Florin 1⁄50 1⁄20 1⁄10 2⁄5 4⁄5 1 2 4 6 8 24 48 96 192 288 384
Shilling 1⁄100 1⁄40 1⁄20 1⁄5 2⁄5 1⁄2 1 2 3 4 12 24 48 96 144 192
Sixpence 1⁄200 1⁄80 1⁄40 1⁄10 1⁄5 1⁄4 1⁄2 1 1 1⁄2 2 6 12 24 48 72 96
Groat 1⁄300 1⁄120 1⁄60 1⁄15 2⁄15 1⁄6 1⁄3 2⁄3 1 1 1⁄3 4 8 16 32 48 64
Threepence 1⁄400 1⁄160 1⁄80 1⁄20 1⁄10 1⁄8 1⁄4 1⁄2 3⁄4 1 3 6 12 24 36 48
Penny 1⁄1200 1⁄480 1⁄240 1⁄60 1⁄30 1⁄24 1⁄12 1⁄6 1⁄4 1⁄3 1 2 4 8 12 16
Halfpenny 1⁄2400 1⁄960 1⁄480 1⁄120 1⁄60 1⁄48 1⁄24 1⁄12 1⁄8 1⁄6 1⁄2 1 2 4 6 8
Farthing 1⁄4800 1⁄1920 1⁄960 1⁄240 1⁄120 1⁄96 1⁄48 1⁄24 1⁄16 1⁄12 1⁄4 1⁄2 1 2 3 4
Half farthing 1⁄9600 1⁄3840 1⁄1920 1⁄480 1⁄240 1⁄192 1⁄96 1⁄48 1⁄36 1⁄24 1⁄8 1⁄4 1⁄2 1 1 1⁄2 2
Third farthing 1⁄14400 1⁄5760 1⁄2880 1⁄720 1⁄360 1⁄288 1⁄144 1⁄72 1⁄48 1⁄36 1⁄12 1⁄6 1⁄3 2⁄3 1 1 1⁄3
Quarter farthing 1⁄19200 1⁄7680 1⁄3840 1⁄960 1⁄480 1⁄384 1⁄192 1⁄96 1⁄72 1⁄48 1⁄16 1⁄8 1⁄4 1⁄2 3⁄4 1
Visualisation of some British currency terms before decimalisation

Slang and everyday usage

Some pre-decimalisation coins or denominations became commonly known by colloquial and slang terms, perhaps the most well known being bob for a shilling, and quid for a pound. A farthing was a mag, a silver threepence was a joey and the later nickel-brass threepence was called a threepenny bit (/ˈθrʌpni/ or /ˈθrɛpni/ bit, i.e. thrup'ny or threp'ny bit – the apostrophe was pronounced on a scale from full "e" down to complete omission); a sixpence was a tanner, the two-shilling coin or florin was a two-bob bit. Bob is still used in phrases such as "earn/worth a bob or two",[44] and "bob‐a‐job week". The two shillings and sixpence coin or half-crown was a half dollar, also sometimes referred to as two and a kick. A value of two pence was universally pronounced /ˈtʌpəns/ tuppence, a usage which is still heard today, especially among older people. The unaccented suffix "-pence", pronounced /pəns/, was similarly appended to the other numbers up to twelve; thus "fourpence", "sixpence-three-farthings", "twelvepence-ha'penny", but "eighteen pence" would usually be said "one-and-six".

Quid remains as popular slang for one or more pounds to this day in Britain in the form "a quid" and then "two quid", and so on. Similarly, in some parts of the country, bob continued to represent one-twentieth of a pound, that is five new pence, and two bob is 10p.[45]

The introduction of decimal currency caused a new casual usage to emerge, where any value in pence is spoken using the suffix pee: e.g. "twenty-three pee" or, in the early years, "two-and-a-half pee" rather than the previous "tuppence-ha'penny". Amounts over a pound are normally spoken thus: "five pounds forty". A value with less than ten pence over the pound is sometimes spoken like this: "one pound and a penny", "three pounds and fourpence". The slang term "bit" has almost disappeared from use completely, although in Scotland a fifty pence is sometimes referred to as a "ten bob bit". Decimal denomination coins are generally described using the terms piece or coin, for example, "a fifty-pee piece", a "ten-pence coin".

Coins in the colonies

A 1 1⁄2d coin was circulated in Jamaica in the nineteenth century. Jamaicans referred to the coin as a "quatty".[46]

Minting errors reaching circulation

Coins with errors in the minting process that reach circulation are often seen as valuable items by coin collectors.

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".[19]

In June 2009, the Royal Mint estimated that between 50,000 and 200,000 dateless 20 pence coins had entered circulation, the first undated British coin to enter circulation in more than 300 years. It resulted from the accidental combination of old and new face tooling in a production batch, creating what is known as a mule, following the 2008 redesign which moved the date from the reverse (tails) to the obverse (heads) side.[19][47]

Titles

From a very early date, British coins have been inscribed with the name of the ruler of the kingdom in which they were produced, and a longer or shorter title, always in Latin; among the earliest distinctive English coins are the silver pennies of Offa of Mercia, which were inscribed with the legend OFFA REX "King Offa". As the legends became longer, words in the inscriptions were often abbreviated so that they could fit on the coin; identical legends have often been abbreviated in different ways depending upon the size and decoration of the coin. Inscriptions which go around the edge of the coin generally have started at the center of the top edge and proceeded in a clockwise direction. A very lengthy legend would be continued on the reverse side of the coin.

More recent legends include the following (the full unabbreviated text is given here):

A 1937 George VI penny

Mottos

In addition to the title, a Latin or French motto might be included, generally on the reverse side of the coin. These varied between denominations and issues; some were personal to the monarch, others were more general. Some of the mottos were:

See also

References

  1. ↑ Mintage Figures, Royal Mint
  2. ↑ "United Kingdom £5 Coin (Commemorative Crown)". The Royal Mint Limited. 3 March 2010.
  3. ↑ "Coins – Collector Gold & Silver Coins & Limited Edition Gifts – The Royal Mint". The Royal Mint.
  4. ↑ "Llantrisant". Royal Mint. 2012. Retrieved 28 January 2012. In April 1967 it was announced that the new Royal Mint would be built at Llantrisant in South Wales.
  5. ↑ "National Museums of Scotland - Balance and scales (detail)".
  6. ↑ The 1696 Recoinage (1696–1699), Richard Kleer, University of Regina, The Literary Encyclopedia
  7. 1 2 Newton and the Counterfeiter, Thomas Levenson, Faber & Faber, ISBN 978-0-571-22992-5
  8. ↑ The Scottish Mint after the recoinage, 1709–1836, Athol L Murray, Society of Antiquaries of Scotland, 1999
  9. ↑ Sir Isaac Newton and the Scottish recoinage, 1707–10, Athol L Murray, Society of Antiquaries of Scotland, 1997
  10. ↑ On the Value of Gold and Silver in European Currencies and the Consequences on the World-wide Gold- and Silver-Trade, Sir Isaac Newton, 21 September 1717.
  11. ↑ By The King, A Proclamation Declaring the Rates at which Gold shall be current in Payments reproduced in the numismatic chronicle and journal of the Royal Numismatic Society, Vol V., April 1842 – January 1843
  12. ↑ Coins with Cromwell's image were first minted in 1656 by Pierre Blondeau.
  13. ↑ "Mintage Figures". The Royal Mint.
  14. 1 2 "Why coppers are rising in value", The Times, 12 May 2006
  15. ↑ Corporate FAQs
  16. 1 2 3 4 5 6 "Royal Mint unveils coin designs". BBC News. 2 April 2008. Archived from the original on 15 September 2009. Retrieved 15 September 2009.
  17. ↑ New Coin Designs FAQ, Royal Mint
  18. 1 2 "New Designs, Spring of 2008". Royal Mint. Archived from the original on 1 May 2008. Retrieved 1 June 2008.
  19. 1 2 3 Poulter, Sean (29 June 2009). "Have you a 20p worth £50 in your pocket? Royal Mint error results in undated coins". Daily Mail. UK. Retrieved 29 June 2009.
  20. ↑ "Your Change is Changing". Bulletin (Royal Mint) (107): 6. 2008. [Stephen Raw said] "We couldn't have had post-modern designs like this 50 years ago – the public simply wouldn't have accepted them
  21. 1 2 3 "Wales short-changed by new coin designs", Daily Post (North Wales), 3 April 2008
  22. ↑ "Birmingham MP's crusade to bring back Britannia on coins", Birmingham Post, 9 February 2009
  23. ↑ "I hate the new coins. My father must be turning in his grave". The Independent (UK). 6 April 2008. Archived from the original on 15 September 2009. Retrieved 15 September 2009.
  24. ↑ "Make Way for Britain's New Coin Designs". Retrieved 17 May 2008.
  25. ↑ "Cupro Nickel Replacement Programme". Retrieved 1 September 2014.
  26. ↑ "Treasury 'should foot coin change bill'". BBC News. 5 November 2011. Retrieved 5 November 2011.
  27. ↑ "New 5p and 10p coins release FOUR times more nickel on the skin than previously expected and could trigger eczema and allergies". www.dailymail.co.uk. 31 May 2013. Retrieved 6 March 2014.
  28. ↑ Anna Lacey (June 22, 2013). "A bad penny? New coins and nickel allergy". BBC Health Check. Retrieved July 25, 2013.
  29. ↑ Five Pound Coin Royal Mint
  30. ↑ "One Penny Coin". The Royal Mint.
  31. ↑ Copper price graphs, LME
  32. ↑ The Fifth Definitive Coinage Portrait First Edition Royal Mint (www.royalmint.com). Retrieved on 2015-03-03.
  33. ↑ The Royal Arms 1-pound coin Royal Mint (www.royalmint.com). Retrieved on 10 January 2016.
  34. ↑ Blog: The 2016 UK coin designs revealed Royal Mint (www.royalmint.com). Retrieved on 10 January 2016.
  35. ↑ Royal Mint
  36. ↑ Foreign and Commonwealth Office country profiles: South Georgia and the South Sandwich Islands
  37. ↑ Foreign and Commonwealth Office country profiles: British Antarctic Territory
  38. ↑ Foreign and Commonwealth Office country profiles: Tristan da Cunha
  39. ↑ "Government of South Georgia & the South Sandwich Islands".
  40. ↑ The British Antarctic Territory Currency, Antarctic Heritage Trust
  41. ↑ The 2013 gold proof sovereign, Royal Mint
  42. ↑ Quiddities: An Intermittently Philosophical Dictionary, p. 126, W. V. Quine, 1989
  43. ↑ "Oxford Dictionaries - Dictionary, Thesaurus, & Grammar".
  44. ↑ ""bob or two" - Google Search".
  45. ↑ David Jones (7 April 2008). "Two Bob Trouble". Blogspot.
  46. ↑ Chalmers, Robert (1893). A History of Currency in the British Colonies. London, UK: Her Majesty's Stationery Office. p. 110. Retrieved 2014-11-15.
  47. ↑ Bingham, John (29 June 2009). "Mix-up at Royal Mint creates dateless 20p pieces worth £50". The Telegraph. Retrieved 29 June 2009.

External links

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