One 1954 penny is known, struck for die-testing purposes at the Royal Mint, and intended for melting, but recovered from circulation. By the end of the 1950s, the price of metal ensured that every bronze coin was struck at a loss; the Mint hoped for a reduction in size, and the demonetisation of the farthing at the end of 1960 helped clear the way for such a scheme. It was not until 1961 that there was a need for more pennies to be minted, and production continued each year in very large numbers until the final pre-decimal pennies for circulation, dated 1967, were coined.