History of Penny in Timeline
The penny, a coin often representing the smallest denomination in a currency system, traces its roots to the Carolingian denarius. Today, it's formally used in Britain (p) and informally in the US (¢) and Ireland (€1 cent). Due to inflation, pennies hold minimal purchasing power, posing a cost burden to various entities like businesses and governments.
1960: British coin sizes used in South Africa
In 1960, the sizes and denominations of British coins introduced in 1816 were still being used in South Africa, with the exception of the four-penny coins.
1982: British coins marked 'new penny'
In 1982, British coins continued to be marked with 'new penny' following the decimalization process.
1985: Irish coins marked 'new penny'
In 1985, Irish coins were marked with 'new penny' as part of the decimalization effort.
1990: New Zealand demonetises one-cent coins
In 1990, New Zealand officially demonetised one-cent coins, removing them from circulation.
1992: Australia withdraws one-cent coins
In 1992, Australia withdrew one-cent coins from circulation, making them no longer a part of daily use.
1992: UK changes composition of penny coins
Since 1992, the UK has made one- and two-penny coins from copper-plated steel, making them magnetic, instead of bronze.
2012: Canada adopts 5¢ as lowest denomination
In 2012, Canada adopted 5¢ as its lowest denomination, reflecting a shift in coin usage practices.
2012: Canada removes one-cent coins from circulation
In 2012, Canada decided to remove one-cent coins from circulation, marking an end to the usage of pennies in everyday transactions.
