Definition:Sterling/Penny/New/Historical Note
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Historical Note on Old Penny
The (new) penny was introduced in $1971$ in the United Kingdom on $15$ February $1971$ when the UK coinage system was decimalized.
It was defined as $\dfrac 1 {100}$ of the pound sterling.
The penny, along with the shilling, was discontinued at that time.
At that point, the replaced penny was referred to as an old penny, while the new penny was gradually and progressively referred to just as a penny, in the natural order of evolution of language.