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Two pence (British decimal coin)

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Two pence
United Kingdom (UK)
Value£0.02
Mass7.12 g
Diameter25.9 mm
Thickness
EdgePlain
Composition
  • Bronze (1971–1992, 1998)
  • Copper-plated steel (1992–present)
Years of minting1971–present
Obverse
DesignQueen Elizabeth II
DesignerJody Clark
Design date2015
Reverse
DesignSegment of the Royal Shield
DesignerMatthew Dent
Design date2008

The British decimal two pence coin (often shortened to 2p in writing and speech) is a denomination of sterling coinage equalling 2100 of a pound. Since the coin's introduction on 15 February 1971, the year British currency was decimalised, its obverse has featured four profiles of Queen Elizabeth II.[1] In 2008 the design on its reverse changed from the original depiction of a plume of ostrich feathers with a coronet to a segment of the Royal Shield.

The two pence coin was originally minted from bronze, but changed in 1992 to copper-plated steel.

As of March 2014 there were an estimated 6.55 billion 2p coins in circulation, corresponding to a value of £131 million.[2]

Two pence coins are legal tender for amounts only up to the sum of 20p when offered in repayment of a debt; however, the coin's legal tender status is not normally relevant for everyday transactions.[citation needed]

Composition

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From its first minting in 1971 until 1992, two pence coins were made from bronze. In 1992, this was changed to copper-plated steel because of the increasing price of copper used to make bronze.[3] Both the bronze and steel versions were made in 1992 as it was the transition year, however in 1998 a small quantity of bronze two pences were made alongside the standard copper-plated steel. The number of bronze two pences from this year was 98,676,000 versus the 115,154,000 copper-plate steel. [4]

By May 2006 the pre-1992 (97% copper) coins contained 3p worth of copper each.[5] In May 2006, about 2.55 billion such coins remained in circulation,[5] and the Royal Mint warned that tampering with coinage is illegal in the UK.[6] During 2008, the value of copper fell dramatically from these peaks.[7]

Design

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Reverse: 1982–2008

Reverse

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The original reverse of the coin, designed by Christopher Ironside, and used from 1971 to 2008, is the Badge of the Prince of Wales: a plume of ostrich feathers within a coronet, above the German motto ICH DIEN ("I serve"). The numeral "2" is written below the badge, and either NEW PENCE (1971–1981) or TWO PENCE (from 1982) is written above. A small number of 1983 mintage coins exist with the "New Pence" wording. It was originally planned that an alternative version of the 2p would be minted with a design representing Northern Ireland;[8] these plans never came to fruition. The same design was also re-cut in 1993 producing two minor varieties for that year.[9]

In August 2005 the Royal Mint launched a competition to find new reverse designs for all circulating coins apart from the £2 coin.[10] The winner, announced in April 2008, was Matthew Dent, whose designs were gradually introduced into the circulating British coinage from mid-2008.[11] The designs for the 1p, 2p, 5p, 10p, 20p and 50p coins depict sections of the Royal Shield that form the whole shield when placed together. The shield in its entirety was featured on the now-obsolete round £1 coin. The re-designed 2p coin depicts the second quarter of the shield, showing the Lion Rampant from the Royal Banner of Scotland, with the words TWO PENCE above.

The beading was removed from both sides of the coin in the 2008 re-design.

In October 2023 the King Charles III two-pence coin was presented; the coin features a red squirrel. [12][13]

Obverse

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To date, five different obverses have been used: four different portraits and the removal of the beaded border in 2008.[9] In all cases, the inscription is ELIZABETH II D.G.REG.F.D. 2013,[9] where 2013 is replaced by the year of minting. In the original design both sides of the coin are encircled by dots, a common feature on coins, known as beading.

Four different portraits of the Queen have been used on the coin:

Mintages

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Number of two pence coins minted for circulation by year[15]
Year Number minted Composition Portrait Reverse
1971 1,454,856,250 Bronze Machin Ironside
1972 In sets only
1973 In sets only
1974 In sets only
1975 145,545,000
1976 181,379,000
1977 109,281,000
1978 189,658,000
1979 260,200,000
1980 408,527,000
1981 353,191,000
1982 In sets only
1983 In sets only
1984 In sets only
1985 107,113,000 Maklouf
1986 168,967,500
1987 218,100,750
1988 419,889,000
1989 359,226,000
1990 204,499,700
1991 86,625,250
1992 102,247,000
Copper-plated steel
1993 235,674,000
1994 531,628,000
1995 124,482,000
1996 296,278,000
1997 496,116,000
1998 98,676,000 Bronze Rank-Broadley
115,154,000 Copper-plated steel
1999 353,816,000
2000 563,659,000
2001 551,880,000
2002 168,556,000
2003 260,225,000
2004 356,396,000
2005 280,396,000
2006 170,637,000
2007 254,500,000
2008 10,600,000
241,679,000 Dent
2009 150,500,500
2010 99,600,000
2011 144,300,000
2012 67,800,000
2013 40,600,000
2014 247,600,020
2015 85,900,000
2015 139,200,000 Clark
2016 185,600,000
2017 16,600,000
2018 0
2019 0
2020 0
2021 117,700,000
2022 0

Mint Sets have been produced since 1982; where mintages on or after that date indicate 'none', there are examples contained within those sets.

References

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  1. ^ Bignell, C P. "Post decimalisation". Retrieved 2006-05-23.
  2. ^ "Mintage Figures". Royal Mint. Retrieved 28 December 2015.
  3. ^ a b "2p Coin Designs and Specifications | The Royal Mint". www.royalmint.com. Retrieved 2022-01-08.
  4. ^ "Two Pence Mintage Figures". Royal Mint. Retrieved 31 August 2023.
  5. ^ a b "Your small fortune: 2p coins that could be worth 3p each", Telegraph, 12 May 2006
  6. ^ "Mint warns against melting coins", BBC News, 12 May 2006
  7. ^ London Metal Exchange copper price graphs Archived 2008-11-07 at the Wayback Machine
  8. ^ "50 New Penny Piece", Hansard, 20 December 1968
  9. ^ a b c Clayton, Tony. "Decimal Coins of the UK – Two Pence". Retrieved 2015-01-18.
  10. ^ "Royal Mint seeks new coin designs", BBC News, 17 August 2005
  11. ^ "Royal Mint unveils new UK coins" Archived 2008-09-07 at the Wayback Machine, 2 April 2008
  12. ^ BBC
  13. ^ The Royal Mint
  14. ^ a b c "1p Coin". British Royal Mint. Archived from the original on 2006-04-27. Retrieved 2006-05-23.
  15. ^ "2p Two Pence Mintage Figures". www.royalmint.com. Retrieved 2023-09-02.
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