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  • Slang term for a 1p or 2p. Amusingly if you have a pre 1992 1 or 2p, it is worth more than the face value currently (mid 2006). Since metals used in the 1 or 2p pre 1992 have become extremely expensive, your 1992 2p is worth 3p in base metal and the 1p is worth about 1.5p. Post 1992 coins are copper plated steel and are worth almost nothing... a bit like the rest of the currency after 11 years of Labour arrsing up the economy.