This coin is still in circulation in the UK. With 1,521,666,250 pieces minted plus an extra 350,000 in proof quality (which your coin is not) this is a very common coin. Its value is GBP 0.01 (one indian Rupee)
If you ever come to England, bring it with you and you can spend it. I get three or four 1971 1p coins in change in a month: they are still exceedingly common! Unfortunately you can't buy much with them - you need another 64 of them to buy an inland postage stamp or a small chocolate bar!
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