This is the most common of the 3rd portrait effigy pennies from 1992-1997. Keeping up with the queen's image is important to the British so every few years they review the official portrait and decide if needs updating.
The cost of updating coins images is nominal since most modern mints are set up to make dozens of coin types very efficiently. One benefit of changing the portrait is you can also change the metal content and make it easier for the public to accept the new coinage.
Here's the stats...
Type/Country: 1 Penny / Great Britain
Year: 1994
Mintage:
843,834,000
Metal: Copper-Plated Steel
Value: $0.02 in VF
(very-fine)
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