Understanding Key Dates
A "key date" is a coin that is significantly harder to find than other dates in the same series, usually due to low mintage, melting, or historical circumstances. These coins command premium prices and are essential for completing collections.
British pennies offer a fascinating range of rarities, from the legendary 1933 penny (of which only 6–7 exist) to more accessible scarce dates that can still be found with patience and knowledge.
The Top 10 Rarest British Pennies
| Rank | Date | Type | Estimated Survivors | Value Range |
|---|---|---|---|---|
| 1 | 1933 | George V Bronze | 6–7 | £100,000+ |
| 2 | 1936 Edward VIII | Pattern only | <10 | £50,000+ |
| 3 | 1869 | Victoria Bronze | Few hundred | £3,000–15,000 |
| 4 | 1871 | Victoria Bronze | Few hundred | £2,000–10,000 |
| 5 | 1882 (no H) | Victoria Bronze | Very few | £2,000–8,000 |
| 6 | 1918KN | George V Bronze | Hundreds | £500–2,000 |
| 7 | 1919KN | George V Bronze | Hundreds | £400–1,500 |
| 8 | 1837 | William IV Copper | Hundreds | £300–1,000 |
| 9 | 1827 | George IV Copper | Hundreds | £250–800 |
| 10 | 1950/1951 | George VI Bronze | 240K/120K | £30–150 |
Detailed Key Date Analysis
1933 Penny – The Holy Grail
Why so rare: No pennies were needed for circulation in 1933. The Royal Mint had sufficient stocks from previous years. Only a handful were struck for ceremonial placement in building foundations.
Known locations:
- British Museum (donated 1960s)
- Royal Mint Museum
- Foundation stone, Church of St. Cross, Middleton, Leeds
- Foundation stone, Church of St. Mary, Hawksworth Wood, Leeds
- 2–3 believed in private collections
Authentication: Any claimed 1933 penny MUST be authenticated by NGC, PCGS, or leading British numismatists. Forgeries are extremely common.
Last sale: Approximately £72,000 (2016, DNW auction)[Source]
1869 Penny
Mintage: 2,580,480 (low for the series)
Why valuable: Despite reasonable mintage, survival rate is extremely low. Most were heavily circulated or melted. Finding one in any grade is noteworthy.
What to look for:
- Genuine examples show consistent wear patterns
- Die characteristics match known genuine specimens
- Beware of altered 1860s dates
Value by grade:
| Good (G) | £500–800 |
| Fine (F) | £1,500–2,500 |
| Very Fine (VF) | £3,000–5,000 |
| Extremely Fine (EF) | £8,000–15,000 |
1871 Penny
Mintage: 1,290,318 (very low)
Why valuable: The lowest mintage Victoria bronze penny. Combined with heavy circulation losses, survivors are genuinely rare.
Value by grade:
| Good (G) | £400–600 |
| Fine (F) | £1,000–1,800 |
| Very Fine (VF) | £2,500–4,000 |
| Extremely Fine (EF) | £6,000–10,000 |
1882 Penny (No H Mintmark)
Background: The 1882 pennies were struck at the Heaton Mint and should bear an "H" mintmark below the date. A small number exist without the H—either struck from Royal Mint dies or from Heaton dies with the mintmark omitted.
Detection: Look carefully below the date. Genuine "no H" examples have a completely smooth field where the H would be.
Value: £2,000–8,000 depending on grade (compare to £15–40 for standard 1882H)
1918KN & 1919KN Pennies
Background: During WWI, penny demand exceeded Royal Mint capacity. The Kings Norton Metal Company was contracted to help. Their coins bear "KN" to the left of the date.
Why scarce: Lower quality control at KN resulted in more rejections. Survivors are notably scarcer than Heaton (H) mint coins from the same years.
Detection: KN appears as small raised letters left of the date. Magnification helps.
Values:
| 1918KN Fine | £200–400 |
| 1918KN VF | £600–1,000 |
| 1918KN EF | £1,500–2,500 |
| 1919KN Fine | £150–300 |
| 1919KN VF | £400–700 |
| 1919KN EF | £1,000–1,800 |
William IV Pennies (1831–1837)
Why underrated: William IV's short reign and low mintages make all dates scarce. The 1834 and 1837 are particularly difficult.
Key dates:
- 1831 W.W.: With engraver's initials on truncation—premium variety
- 1834: Low mintage (322,560)
- 1837: Final year, lowest mintage (174,720)
Collecting tip: Any William IV penny in VF or better is worth acquiring. The series is genuinely undervalued compared to rarity.
1950 & 1951 Pennies
Mintages: 1950: 240,000 | 1951: 120,000
Why special: These were struck only for collectors' proof sets—no business strikes exist. They're the scarcest "regular issue" 20th-century pennies (excluding 1933).
Condition notes: Since all were originally proofs, any showing circulation wear were removed from sets. "Impaired proofs" are common; pristine examples command premiums.
Values:
| Impaired/circulated look | £20–40 |
| Good proof surfaces | £75–150 |
| Gem proof | £200–300 |
Semi-Key Dates Worth Watching
These dates aren't major rarities but are notably scarcer than common dates and worth modest premiums:
Large Coppers
- 1825 George IV
- 1841 Victoria
- 1843 Victoria
- 1844 Victoria
- 1848 Victoria
- 1856 Victoria
Bronze (Victoria)
- 1864 (low mintage)
- 1868
- 1874H, 1875H
- 1878
- 1881H
- 1894 (last bun head)
Bronze (20th Century)
- 1912H
- 1918H, 1919H
- 1922 (low mintage)
- 1926 (modified head)
- 1932
- 1953 (coronation)
Finding Key Dates
Where to Look
- Inherited collections: Many key dates sit unrecognized in old collections
- Bulk lots: Dealers sometimes miss scarce dates in large accumulations
- Metal detecting finds: Occasionally key dates surface (literally)
- Major auction houses: For certified examples of top rarities
Authentication Advice
For any coin valued over £500, professional authentication is strongly recommended:
- NGC (Numismatic Guaranty Company)
- PCGS (Professional Coin Grading Service)
- Spink & Son (UK-based expertise)
- Baldwin's (UK specialists)
Common Fakes to Avoid
- 1933 "pennies": 99.9% of offered examples are fake (altered dates, cast copies)
- Tooled dates: Common dates altered to appear as key dates
- Added mintmarks: H or KN added to common coins
- Cast copies: Often have mushy details and seams