The British decimal five pence (5p) coin – often pronounced five pee – is a unit of currency equaling five one-hundredths of a pound sterling. Its obverse has featured the profile of Queen Elizabeth II since the coin’s introduction in 1968, replacing the shilling in preparation for decimalisation in 1971.[1] Four different portraits of the Queen have been used, with the latest design by Jody Clark being introduced in 2015. The second and current reverse, featuring a segment of the Royal Shield, was introduced in 2008.
Five pence and ten pence coins are legal tender only up to the sum of £5; this means it is permissible to refuse payment of sums greater than this amount in 5p and 10p coins to settle a debt.[2]
The five pence coin was originally minted from cupronickel (75% Cu, 25% Ni), but since 2012 it has been minted in nickel-plated steel due to the increasing price of metal. From January 2013, the Royal Mint began a programme to gradually remove the previous cupro-nickel coins from circulation with replacement by the nickel-plated steel versions.[3]
As of March 2014, an estimated 3,847 million 5p coins were in circulation with an estimated face value of £192.370 million.[4]