This FAQ covers everything you need to know about the 1p coin, the smallest denomination of British pound sterling. From its history and physical characteristics to its legal tender status and practical uses, find clear answers to common questions.

What is a 1p coin?

The 1p coin, also known as a one-penny coin, is the lowest-denomination coin of the British pound sterling, with a value of one hundredth of a pound (£0.01). It is legal tender in the United Kingdom and is currently minted in copper-plated steel.

First introduced in 1971 with decimalisation, the 1p coin replaced the old penny. It has a diameter of 20.3mm, a thickness of 1.65mm, and weighs 3.56 grams. The coin features the profile of the reigning monarch on the obverse and various reverse designs, including the portcullis and chains, which have been used since 2008.

How much is a 1p coin worth?

A 1p coin is worth exactly one penny, or £0.01, in face value. However, its collector value can be significantly higher, especially for rare dates or error coins.

For example, the 1983 'New Pence' 1p coin is famous for being accidentally struck with the old 'New Pence' inscription instead of 'One Penny', and can sell for hundreds or even thousands of pounds at auction. Other valuable 1p coins include those from 1971 and certain proof coins.

Why is the 1p coin being discontinued?

The 1p coin is not being discontinued; it remains legal tender and is still minted. However, there have been discussions about its future due to the cost of production exceeding its face value.

A 1p coin costs about 1.6p to make, leading to a loss for the Royal Mint. Some economists have called for the coin to be withdrawn, similar to what happened with the halfpenny in 1984. Yet, public sentiment and the impact on prices (which often end in .99) have kept it in circulation for now.

When was the 1p coin introduced?

The modern 1p coin was introduced on 15 February 1971, known as Decimal Day, when the UK adopted decimal currency. It replaced the old penny, which was worth 1/240 of a pound.

Initially, the 1p coin was struck in bronze, but in 1992 the composition was changed to copper-plated steel to reduce costs. The coin's design has evolved over the years, with the latest obverse featuring King Charles III, who began appearing on coins in 2022.

What are the pros and cons of keeping the 1p coin?

Pros of keeping the 1p coin include its usefulness in transactions for prices ending in .99, its role in charitable collections, and the fact that it keeps prices lower by allowing psychological pricing.

Cons include the high production cost relative to face value, inconvenience of carrying many coins, and the fact that many 1p coins sit unused in jars. Some argue that eliminating the coin would simplify cash handling and reduce costs for businesses.

1p coin vs 2p coin: What's the difference?

The 1p and 2p coins are both copper-coloured, but they differ in size, weight, and value. The 1p coin is smaller and lighter than the 2p coin.

  • Size: 1p is 20.3mm, 2p is 25.9mm.
  • Weight: 1p weighs 3.56g, 2p weighs 7.12g.
  • Thickness: 1p is 1.65mm, 2p is 1.85mm.
  • Value: 1p is £0.01, 2p is £0.02.

Both are legal tender, but the 2p coin is often used in vending machines and for larger small transactions.

How to collect 1p coins: Best tips?

Start by checking your change for rare dates and error coins, such as the 1983 'New Pence' variety. Use a magnifying glass to spot details.

  • Look for coins with the 'New Pence' inscription (pre-1982).
  • Check for coins with a date before 1992 (bronze composition).
  • Look for coins with mint errors, like misaligned dies or double strikes.
  • Store coins in protective holders to preserve condition.

Join online numismatic communities and consult price guides to know what to look for. Building a complete collection by year can be a fun and affordable hobby.

Is the 1p coin legal tender?

Yes, the 1p coin is legal tender in the United Kingdom for payments up to 20 pence. This means it can be used to settle debts up to 20p, but beyond that, creditors are not obliged to accept it.

Legal tender status is a technical concept that applies to settling debts, and in practice, shops can refuse any coin if they choose. However, the 1p coin remains widely accepted in everyday transactions.

Final Thoughts

In summary, the 1p coin is a small but significant part of British currency, with a rich history and a practical role. Despite debates about its cost, it remains in circulation and is likely to stay for the foreseeable future.

Whether you're a collector hunting for rare varieties or just curious about the coin in your pocket, understanding its features and value adds depth to your knowledge of UK money. Keep an eye on future changes, as the Royal Mint may adjust designs or compositions as needed.