Penang 1 Pice, 1786, Uniface, 28mm, 3mm, 15g., Scarce! "Penang became the first British Settlement in the Malay Peninsula in 1786. The first coin struck for Penang was a copper 1 cent or pice, with the balemark of the British East India Company (E.I.C) on the obverse.", V.E.I.C.: United East India Company Formed in 1709.