The 1950 and 1951 circulation pennies were produced only for the colonies as none were needed in Britain. During 1956, the entire 1950 mintage (still held in stock in Britain) and three-quarters of the 1951 production were sent to Bermuda. Both mintages were low compared with earlier George VI pennies, and London dealers descended on the islands, offering a pound a coin. Collecting coins by date (especially the penny) became popular in the early 1960s; after many bold claims about the investment potential of the 1951 penny were made, the coin acquired something of a cult status. One 1952 penny believed to be unique was struck by the Royal Mint.