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D-Day was February 15th 1971. On that day the United Kingdom changed from the centuries old tradition of using 12 pence to the shilling and 20 shillings to the pound to a new decimal 100 new pence to the pound. The penny and twopence coins have become insignificant in value in everyday transactions. However, these two denominations comprise the largest bulk of new coins minted at the Royal Mint, no less than 71% in 1998-99. The reason for this is simple - they are hoarded because of their low value, with pockets and purses being emptied of these relatively heavy coins each day. Read more