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That inscription or a variation on it has been used on ALL British Coins for centuries. It's heavily abbreviated Latin. The current version translates as

"Elizabeth the Second, Queen by the Grace of God and Defender of the Faith"

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Q: What does the inscription on a current British penny mean?
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The inscription actually reads V.D.B., not V.O.B.These are the initials for the designer of the penny: Victor David BrennerSee more here: http://coins.thefuntimesguide.com/2008/07/1909_lincoln_cent_penny.php


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