11/2 Pence - Elizabeth I 3rd and 4th issue, small flan

Elizabeth I's halfpenny occupied an awkward monetary position — too small in value to be struck with much care, yet essential for small retail transactions at a time when token coinage had not yet filled that gap. The small flan designation distinguishes this issue from the slightly larger earlier halfpennies, a reduction that reflected both the practical difficulty of producing legible coins at minimal silver weight and persistent pressure on the mint to economize.

At 0.64 grams, centering was a chronic problem. Off-center strikes are the rule rather than the exception.