elf Great Britain 3 Pence 1902 Silver Edward VII Maundy

Description

KM 797.1, three year type, issued for presentation by the king in the Maundy Thursday ceremony. The number of recipients, and the amount of pence in each presentation bag, is determined by the age of the monarch. There are four denominations used in the presentation bag. Each coin is sterling silver. Dime size silver coin, with the king on the obverse.
When the British coinage was changed to the decimal system in 1968, the Maundy coin program was not changed--the denomination of each coin was considered to be in "new pence", which meant that its value increased overnight by 240% (240 to one pound, to 100 to one pound). Since the circulated "currency" (business strike) silver 3 pences could not be distinguished from the circulated Maundy 3 pences, it was decided to revalue ALL of them upward by that 240%!
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