1 Penny - Henry VIII 3rd coinage, Tower mint

Henry VIII's Third Coinage was a deliberate debasement program, reducing silver fineness from the sterling standard of 925 to as low as 333 parts per thousand by 1546. The Crown pocketed the difference to fund ruinously expensive wars against France and Scotland. Pennies bore the brunt of this degradation — their already minimal silver content made the debasement proportionally catastrophic, and within years of issue these coins were losing purchasing power in the hands of ordinary traders.

The Tower Mint struck these under considerable pressure to produce volume. Dies for the penny denomination were worked hard and replaced infrequently, which accounts for the heavily clashed or worn die state seen on a significant portion of survivors.