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It reminds me of the old threepenny (prounounced "thrupny") bit: https://en.wikipedia.org/wiki/Threepence_%28British_coin%29

The Royal Mint are actually selling a commemorative set that includes the new £1 along with a old Threepence coin.

Because of the increase in traffic to this page I was actually put into a queue before I could view the page, how very British.

Interestingly, taking inflation into account, the value of 3 pence in 1949 is exactly equivalent to £1 in 2017.

Unfortunately it doesn't work as well for the commemorative coin dated 1937, which is worth closer to £2.