Historical Insight:
1938 was a critical year in European history. The United Kingdom, under Prime Minister Neville Chamberlain, signed the Munich Agreement with Nazi Germany, a move that was celebrated as “peace for our time” but, in hindsight, became a symbol of appeasement before the storm of World War II. Coins minted this year, like this penny, represent the final moments of pre-war Britain — circulating in the pockets of ordinary citizens on the eve of dramatic global change.

Collecting Note:
Pence of George VI are appreciated not only for their historical context but also for the quality of engraving. Collectors value well-preserved examples with clear details of Britannia and the king’s portrait. The 1938 issue is part of the transitional years before wartime coinage, often studied alongside the 1939 and 1940 pennies to trace Britain’s monetary path into World War II.