The penny is the oldest English coin, now made from bronze, having a value of one hundredth of a pound. Prior to decimalisation, the old penny had a value of one twelfth of a shilling.
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| | | British currency was decimalised in 1971.
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The English penny was first struck in silver in the 8th century and weighed 1/240th of the silver pound - a relationship which it maintained to the pound sterling.
Although the penny was frequently halved and quartered (see: Farthing) for smaller amounts, practically no other coins were used in England until the time of King Edward III.
The weight and value of the penny steadily decreased from 22� grains of silver under William I (the conqueror) to 7� grains under Elizabeth I. Silver pennies were last coined during the reign of Charles II but the first copper pennies did not appear until 1797; they weighed one ounce aviordupois and were worth 1/62 oz. of silver.
In 1860, bronze pennies weighing 1/3 oz. replaced the copper coins and the penny ceased to have any real intrinsic value.
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