The 1p currency is the British decimal one penny coin, a fundamental unit within the UK's sterling currency system.
Understanding the 1p Coin
The 1p coin, often pronounced "one pee", is a small denomination coin used throughout the United Kingdom. It represents the lowest value coin currently in circulation in British currency. Its official name is the "British decimal one penny coin".
According to the reference provided, the 1p coin is a unit of currency and denomination of sterling coinage worth 1⁄100 of one pound. This means that one hundred 1p coins are equivalent to one British pound (£1).
Key Facts about the 1p Coin
- Value: 1 pence (1p)
- System: Decimal sterling coinage
- Relation to Pound: 1p = 1/100 of £1
- Country: United Kingdom
- Status: Legal tender
The 1p coin was introduced on 15 February 1971, known as Decimal Day, when the United Kingdom transitioned from the pre-decimal system (pounds, shillings, and pence, where 1 pound equalled 240 pence) to a decimal system (where 1 pound equals 100 pence).
Use and Significance
The 1p coin is commonly used for small transactions and giving change. While its individual value is low, it plays a crucial role in enabling precise pricing and facilitating everyday commerce. For instance, items priced at £X.99 require 1p coins for change.
| Denomination | Value in Pounds | Equivalent 1p Coins |
|---|---|---|
| 1p | £0.01 | 1 |
| 10p | £0.10 | 10 |
| £1 | £1.00 | 100 |
Understanding the value of the 1p coin as one-hundredth of a pound is key to navigating the British decimal currency system.
