The Depreciation of the British Penny over Five Decades

The British pound will be restructured into 100 new pennies, as the current penny has significantly depreciated in value over the last five decades due to inflation. The overall level of prices in the economy has increased by more than 12 times since decimalisation, making the penny much less valuable than it was initially. Initially, the penny had the spending power of a modern 10-pence piece, but now it holds a value closer to the old farthing from the early 1960s. This depreciation has been a slow process, but recent changes in the economy have accelerated the decline of the penny's value, bringing its eventual demise much closer.