A farthing was a coin in the old monetary system of the United Kingdom that was worth one-fourth of a penny. It took 960 farthings to make up a pound sterling. Monetary inflation rendered the farthing virtually worthless by the 1950s, and it was removed from circulation in 1960.
In 1971, the United Kingdom converted their money to a decimalized system in order to simplify transactions. Originally, the smallest coin in circulation was the half-penny, but it was removed from circulation in 1984. This left the penny as the smallest denomination coin in active use.
As of 2014, most farthing coins are worthless. Uncirculated coins or very old farthings from before the 20th century may hold some value, however.