The Old Penny: History and Collectability

Introduction: Why the Old Penny Matters

Few British coins occupy as prominent a place in the national consciousness as the old penny. Heavy, copper-red, and bearing the stern profile of the reigning monarch, it was the working coin of everyday Britain for well over a century. You could buy a newspaper with one, post a letter, or settle a debt on the factory floor. Today, withdrawn from circulation since Decimal Day on 15th February 1971, it has become one of the most popular entry points for anyone starting a British coin collection.

The appeal is understandable. Old pennies are widely available, relatively affordable, and exist in sufficient variety to sustain a lifetime of collecting. A single reign alone – say, Queen Victoria’s – offers dozens of distinct types, varieties, and mintmarks. Yet the barrier to entry is low enough that a beginner can pick up their first decent example for a pound or two at a coin fair or antique market. This article covers everything a newcomer needs to know: the coin’s history, how to identify what you have, how to grade condition, where to buy and sell, and how to store and organise your growing collection properly.

A Brief History of the British Penny

The penny has roots stretching back to the silver denarius of Anglo-Saxon England. King Offa of Mercia introduced a silver penny around 757 AD, and the denomination remained in silver for centuries. The story of the copper and later bronze penny, however, begins in earnest with the Great Recoinage of 1797, when Matthew Boulton’s Soho Mint in Birmingham struck the famous “cartwheel” pennies – large, thick coins of pure copper, two of which weighed exactly two ounces. They were revolutionary in concept, if slightly awkward in the pocket.

Throughout the nineteenth century the penny changed substantially. George III, George IV, and William IV each appeared on versions of the coin, but it was Queen Victoria’s reign from 1837 to 1901 that produced the greatest variety. The young head portrait, the bun head, and the old or veiled head designs are all distinct and collectible in their own right. Victoria’s pennies also saw the introduction of bronze as the standard alloy in 1860, replacing the earlier pure copper strikes. Bronze – 95% copper, 4% tin, and 1% zinc – proved more durable and gave the coins their familiar warm reddish-brown colour.

Edward VII, George V, George VI, and finally Elizabeth II followed in succession. The last British pre-decimal penny was struck in 1967, dated for that year, though coins from 1965, 1966, and 1967 were all minted in large quantities in preparation for decimalisation. Elizabeth II pennies dated 1953 to 1967 are plentiful and make an ideal starting point. Earlier reigns require more careful searching but are still within easy reach of the beginner with a modest budget.

Understanding Coin Types and Key Dates

Before spending any money, it is worth learning to distinguish between the major types. For the bronze penny series running from 1860 to 1967, collectors generally separate coins by reign and then by design type within each reign. A few specific dates stand out as genuinely scarce and are worth knowing from the start.

Within the Victorian bronze series, the 1869 and 1882 H pennies are considered key dates – coins produced in smaller quantities or with distinctive mintmarks that command a premium even in worn grades. The 1933 penny is perhaps the most famous rarity in the entire British series. Only seven examples are known to exist, all of them official presentation or commemorative pieces. You will not find one in a junk box, and any coin offered as a “genuine 1933 penny” at a low price should be treated with extreme scepticism.

More realistically, the 1869, 1871, 1872, and 1875 pennies in the Victorian bun head series are genuinely scarce and worth identifying. The 1926 Modified Effigy penny under George V and the 1951 proof penny under George VI are also noteworthy. A good printed reference, such as the Standard Catalogue of British Coins published by Spink, will list mintage figures and current valuations for every date and variety.

How to Grade Your Coins

Condition is everything in coin collecting, and the difference between a coin graded Fine and one graded Extremely Fine can mean a tenfold difference in value. The British grading system uses a scale that runs from Poor through to Fleur de Coin (FDC), the latter reserved for absolutely perfect, mint-fresh examples. The grades most commonly encountered for circulated old pennies are as follows:

• Fair / Poor: The coin is heavily worn. The date and monarch may be barely legible. Generally of low value except for very rare dates.
• Good (G): Considerable wear throughout. Major design features visible but flat. Legends readable.
• Fine (F): Moderate to considerable wear on high points. Hair detail mostly flat on the monarch’s portrait, but the overall design is clear.
• Very Fine (VF): Light to moderate wear on the high points only. Hair strands visible. Legends sharp. A respectable coin.
• Extremely Fine (EF): Only slight wear on the very highest points. Much original lustre may remain. An attractive, desirable example.
• Uncirculated (Unc): No wear at all. The coin may have bag marks or minor contact marks from storage but has never been used in commerce.
• Fleur de Coin (FDC): Absolutely perfect in every respect. Rare and expensive.

Grading takes practise. Handling as many coins as possible – at coin fairs, in dealers’ trays, at the British Museum’s coin room – is the fastest way to develop an accurate eye. Photographs in catalogues help, but nothing replaces physical handling.

Where to Buy Old Pennies in the UK

The good news for beginners is that sources of old pennies are plentiful across Britain. The challenge is knowing which sources offer genuine value and which carry inflated prices or, in rarer cases, outright fakes.

Coin fairs are among the best starting points. The London Coin Fair, held regularly at the Holiday Inn Bloomsbury, attracts dealers from across the country. The Birmingham Coin Fair and regional events in York, Edinburgh, and Manchester bring the market closer to collectors outside the capital. You can handle coins directly, compare prices between dealers, and ask questions in person – all invaluable when you are learning.

Specialist coin dealers offer a higher level of assurance than auction sites or car boot sales. Established names such as Spink & Son in London’s St James’s, Baldwin’s of St James’s, and Coincraft on Great Russell Street near the British Museum have long reputations to protect and are good places to buy with confidence. Many also sell online with clear grading and photographs.

Online auction platforms, principally eBay, offer enormous variety but require caution. Always check a seller’s feedback score and number of completed transactions. Read the description carefully – terms like “nice” or “good condition” mean nothing in numismatic terms. Look for sellers who use recognised grading language and provide clear, high-resolution photographs of both the obverse and reverse.

Coin clubs across the UK – many affiliated with the British Numismatic Society or the Royal Numismatic Society – are another excellent resource. Members regularly buy, sell, and swap coins at meetings, and experienced collectors are usually generous with advice for those just starting out.

How to Start Your Collection: A Step-by-Step Approach

Rather than buying randomly, a structured approach will save you money and make your collection more coherent and satisfying. The following steps are recommended for anyone beginning with old pennies:

1. Choose a collecting scope. You cannot sensibly collect every old penny at once. Consider limiting yourself initially to one reign – George VI pennies from 1937 to 1952, for example, or the Elizabeth II series. A complete date run of Elizabeth II pennies (1953-1967) in Fine or better condition is an achievable first project.
2. Buy a good reference catalogue. The Spink Standard Catalogue of British Coins, updated annually, is the standard reference. The Coincraft Standard Catalogue of English & UK Coins is another solid choice. Both list every date, mintage figure, and current market value at standard grades.
3. Acquire basic equipment. You will need a magnifying loupe of at least 10x magnification to inspect detail and spot cleaning or damage. Coin holders – either cardboard 2×2 flips or rigid capsules – protect your coins. Never use PVC-based holders, as the off-gassing damages bronze coins over time. Acid-free cardboard and Mylar flips are safe.
4. Handle coins correctly from the start. Always hold a coin by its edges. Fingerprints deposit oils that cause long-term damage. Work over a soft cloth or a padded surface so that dropped coins do not receive edge knocks.
5. Never clean your coins. This cannot be stated firmly enough. Cleaning – whether with metal polish,
   household chemicals, or even a gentle rub with a soft cloth – destroys the original surface patina that collectors and graders prize. A cleaned coin is almost always worth significantly less than an uncleaned one in the same grade. The natural toning and patina that develops on old pennies over decades is part of their character and their history; removing it is irreversible.
6. Store coins in stable conditions. Humidity and temperature fluctuations are the enemies of bronze coinage. Aim for a cool, dry environment with consistent conditions. Silica gel sachets placed inside storage boxes help control moisture. Avoid attics, garages, or anywhere subject to damp or extreme seasonal variation.

Grading is the other pillar of informed collecting. The standard scale runs from Poor (P-1) at the bottom, through Fair, About Good, Good, Very Good, Fine, Very Fine, Extremely Fine, and About Uncirculated, up to Mint State or Uncirculated at the top. For Victorian and Edwardian pennies, even a coin grading Fine (F-12) represents a presentable, collectable example; coins grading Very Fine or above command noticeably higher prices. Key areas to examine on a penny are the high points of the portrait — particularly the hair above the ear and the eyebrow — and, on the reverse, the raised lettering and the fine detail of Britannia’s shield and trident. Wear on these areas determines grade more than anything else.

Finding old pennies for your collection is straightforward enough once you know where to look. Reputable coin dealers, both on the high street and online, offer graded stock with honest descriptions. Auction houses — from the major specialist sales run by firms such as Baldwin’s or Spink to smaller regional house sales — can yield excellent finds, sometimes at prices that reflect local rather than national demand. Car boot sales and antique fairs remain happy hunting grounds for the patient collector, though you must do your homework before paying over the odds for a common date. Reference guides such as Spink’s Coins of England and the United Kingdom are the standard starting point for understanding valuations and mintage figures, and no serious collector of British copper should be without a copy.

The old penny rewards those who approach it with patience and curiosity. It spans centuries of British history, from the early hammered issues of medieval monarchs through the elegant milled coinage of the Georgian era and into the long Victorian and Edwardian sequences that most collectors begin with today. Each coin passed through countless hands, financing markets, settling debts, and turning up in children’s pockets on the way to the sweet shop. Building a collection — whether a type set of major designs, a complete date run of Victorian bun pennies, or a careful study of a single reign — is as much an exercise in understanding British social and economic history as it is a pursuit of attractive objects. Handle them with respect, store them with care, research before you buy, and the old penny will prove a deeply satisfying area of the hobby for years to come.