Penny (British decimal coin)

The penny (plural: pence, abbreviated p) is a unit of currency equaling one-hundredth of a pound sterling (£). It is the smallest denomination of sterling currency in circulation. The official symbol for the penny is "p."

Following decimalisation in 1971, the United Kingdom introduced a decimal currency system replacing the old system of pounds, shillings, and pence. The new penny was introduced to replace the pre-decimal penny, worth approximately 2.4 old pence.

The penny has undergone several design changes since its introduction. The obverse typically features a portrait of the reigning monarch, while the reverse has featured various designs, reflecting British history, culture, and symbols. The material composition has also changed over time, initially being made of bronze, then copper-plated steel, and now nickel-plated steel.

The penny is used in everyday transactions throughout the United Kingdom and its dependencies. Its value is such that it is often used to round prices or for charitable donations. Though its purchasing power has decreased significantly since its introduction, it remains a legal tender.