A cost effective robotic hand was developed with the aim of increasing and optimising the functionality of the iCub hand while driving down the number of individual components and consequently, the overall cost. The hand remains anthropomorphic in nature in accordance with the iCub. It has 18 DOF and comprises absolute encoders and provision for tactile sensors. A very simple and straight-forward return mechanism was employed and a novel method to use the joint shaft as encoder-magnet housing was also employed. A workspace analysis of the hand was carried out to check the degree of anthropomorphism.