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History of the British penny (1901–1970)
The penny of King Edward VII (1901–1910) is of the same technical standards as the late Victorian issues. The head on the obverse is by George William de Saulles (1862–1903), facing right, with the inscription EDWARDVS VII DEI GRA BRITT OMN REX FID DEF IND IMP. The reverse shows the seated Britannia surrounded by ONE PENNY and over the date, which remained the standard design until 1970, although there is a variety of some 1902 pennies known as the ''low tide'' penny, where the sea appears exceptionally low on Britannia's leg. Pennies were produced for all years of Edward VII's reign.
King George V (1910–1936) pennies were produced to the same standard until 1922, but after a three-year gap in production the alloy composition was changed in 1925 to 95.5% copper, 3% tin, and 1.5% zinc, although the weight remained at and the diameter 31 millimetres. The inscription around the three variations of the left-facing king's head remained GEORGIVS V DEI GRA BRITT OMN REX FID DEF IND IMP, while Britannia remained on the reverse, as before. In addition to the Royal Mint in the Tower of London, in 1912, 1918 and 1919 some coins were produced at the Heaton Mint in Birmingham, and are identified by an "H" to the left of the date, and in 1918 and 1919 some were also produced at the Kings Norton Metal Co. Ltd, also in Birmingham, and are identified by "KN" to the left of the date. Pennies were produced in 1911–1922 inclusive, and 1926–1936 inclusive bearing George V's effigy, however the 1933 penny is ''the'' greatest British numismatic rarity of the 20th century – only seven coins were minted, specifically for the king to lay under the foundation stones of new buildings; one of these coins was stolen when a church in Leeds was demolished in the 1960s, and its whereabouts is currently unknown.
==History of the 1933 penny==
There was no requirement for the Mint to produce any pennies in 1933 because there were already enough in circulation. Requests were received, however, for sets of coins dated 1933 to be placed under the foundation stones of buildings erected in that year, and the Mint obliged by striking a small number of coins. The result was to create a rarity that many people thought could turn up in their change. This became particularly apparent during the run up to the UK's decimalisation on 15 February 1971.
The precise number struck was not recorded at the time but it is now thought to be certainly fewer than ten and probably seven.
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