5p. Five pence. A bob.

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The British decimal five pence (5p) coin – often pronounced "five pee" – is a subdivision of pound sterling first issued on 23 April 1968 in preparation for the 1971 decimalisation of the currency. At that time it had the same value, size and weight as the existing shilling, and it may be viewed as a continuation of the older coin.

Between 1968 and 1971 it circulated, with a value of one shilling, alongside the pre-decimal shilling coins – the aim being to gradually familiarise the public with the new decimal coinage. After decimalisation the old shilling coin continued in circulation, with a value of 5p, until finally withdrawn in 1990.

Until 2012, the 5p coin was minted from an alloy of 75% copper and 25% nickel. The 1968 version of the coin weighed 5.65 grams (0.18 troy oz) and had a diameter of 23.59 millimetres (0.929 in). On 27 June 1990 a smaller version weighing 3.25 grams (0.104 troy oz) and with a diameter of 18.00 millimetres (0.709 in) was introduced.

This coin is roughly the same size as the Canadian dime and its American counterpart; because the obverses of the 5p and the Canadian dime are nearly identical, and the monetary values are roughly equal, they sometimes can be found in circulation with dimes in Canada and parts of the Northern United States.

Apart from the reduction in size, the coin's design remained essentially unchanged. All the older 5p and shilling coins were withdrawn from circulation and demonetised from 1 January 1991. The old 5p coin had the same size as the 1 Deutsche Mark coin but was worth less than a fifth of a Deutsche Mark.

Vending machines could not distinguish between the two, so the 5p coin was sometimes fraudulently used for the 1 DM coin. From January 2012 the 5p coin has been minted in nickel-plated steel in order to save costs.

Three different obverses have been used so far: from 1968 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.

As of 31 March 2010, there were an estimated total 3,774 million 5p coins in circulation.

(Wiki)