Fourpence (British coin) Fourpence (British coin) The pre-decimal fourpence (4d), sometimes known as a groat (from Dutch "grootpennig" = "big penny") or fourpenny bit, was a coin worth one sixtieth of a pound sterling, or four pence. The coin was also known as a joey after the MP Joseph Hume, who spoke in favour of its introduction. It was a revival of the pre-Union coin. Before Decimal Day in 1971 there were two hundred and forty pence in one pound sterling. Twelve pence made a shilling, and twenty shillings made a pound. Values less than a pound were usually written in terms of
Coin inflation, as market values for the metal overtake the fiat declared face value of the coin. Examples are the pre-1965 US dime, quarter, half dollar, and dollar (nominally containing slightly less than a tenth, quarter, half, and full ounce of silver, respectively), US nickel, and pre-1982 US penny. As a result of the increase in the value of copper, the United States greatly reduced the amount of copper in each penny. Since mid-1982, United States pennies are made of 97.5% zinc, with the remaining 2.5% being a coating of copper. Extreme differences between fiat values and metal values of coins