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The British decimal two pence (2p) coin – often pronounced "two pee" – was issued by the Royal Mint on 15 February 1971, the day the British currency was decimalised. In practice it had been available from banks in bags of £1 for some weeks previously. As of December 2005 there were an estimated 6,421 million 2p coins in circulation.
The coin was initially minted from bronze, but since 1992 it has been minted in copper-plated steel except for a few months in 1998 when bronze was used again. As copper-plated steel is less dense than bronze, post-1992 coins have been slightly thicker. The coin weighs 7.12 grams and has a diameter of 25.9 millimetres. The 2p coin is currently 93% mild-steel and 7% copper.
The original reverse of the coin, designed by Christopher Ironside, is the Badge of the Prince of Wales: a plume of ostrich feathers within a coronet, above the German motto ICH DIEN ("I serve"). The numeral "2" is written below the badge, and either NEW PENCE (1971–1981) or TWO PENCE (from 1982) is written above. However, a small number of 1983 "New Pence" coins exist. These coins are rather rare, and are considered collectors' items. It was originally planned that an alternative version of the 2p would be minted with a design representing Northern Ireland. These plans never came to fruition, however.
Three different obverses have been used so far – from 1971 to 1984 the head of Queen Elizabeth II by Arnold Machin, from 1985 to 1997 the head by Raphael Maklouf, and since 1998 the head by Ian Rank-Broadley. In all cases, the inscription is ELIZABETH II D.G.REG.F.D. followed by the date.
Because of soaring metal prices in early 2006, by May of that year the pre-1992 (97% copper) coins contained 3p worth of copper each. As of May 2006, about 2,551 million such coins remained in circulation. However, The Royal Mint warned that tampering with coinage is illegal in the UK. During 2008, the value of copper fell dramatically from these peaks.
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