Well New at the time. The term new was used from 1971 to 1981 in order to let the British public know that there was a new monetary system in use. 1971 marked the first year used the decimal system that replaced a confusing pre-decimal coinage.
As time moves on coins and currency need updating for many reasons it is just the way of things. Bracing the public by using the term new is a good way. Changing a coin's size or metal is normal but refusing to see that money as real or calling it fiat is just paranoid delusion.
Here's the stats...
Type/Country: 1 New Penny / Great Britain
Value: $0.10 in VF (very-fine)
Do you have a coin from Great Britain and want to know its value? Leave a comment/question and I will do my best to find out the price and history for you.