Was the value of a penny calculated according to the materials used for it’s manufacture?

Question

I’m talking about pennys from the 19-20th century.

In: 1

Answer 1

In the middle ages, yes; in the 19th and 20th century, no. By then, the value of a (British) penny was just defined as 1/240 of a pound sterling; however much that would be worth.

In the early 19th century, it was the other way round: The penny was minted out of copper or bronze, and it was supposed to contain its value in copper (but the value wasn’t *defined* by that; the value was defined by the value of the pound). This resulted in impractically large coins however, so in 1860 they gave up and made the penny smaller. Since then, the value of a penny has had nothing to do with its material.