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.

The old bronze penny was slated for elimination as decimal currency was planned in the 1960s. It continued to be struck after 1967, still bearing that date. The 97 percent copper, 0.5 percent tin, 2.5 percent zinc alloy was used again for the 1960s pennies. Finally, there was an issue of proof quality coins dated 1970 for collectors, to bid farewell to a denomination which had served the country well for 1200 years. The longstanding depiction of Britannia on the penny was translated by sculptor Christopher Ironside to the post-decimal fifty-pence coin.

The Decimal Currency Board had anticipated the need for a transition of up to 18 months after Decimal Day, 15 February 1971, but the "old penny" quickly vanished from circulation, and it was made no longer legal tender after 31 August 1971. It had been the last survivor of the three bronze coins, as the halfpenny had been withdrawn in 1969. With decimalisation the new penny carried a value of 1/100 of a pound.

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