PENNY, an English coin, equal in value to one-twelfth of a shilling. It is one of the oldest of English coins, superseding the sceatta or sceat. It was introduced into England by Offa, king of Mercia, who took as a model a coin first struck by Pippin, father of Charlemagne, about 735, which was known in Europe as novas denarius. Offa's penny was made of silver and weighed 221 grains, 240 pennies weighing one Saxon pound (or Tower pound, as it was afterwards called), hence the term pennyweight (dwt.). In 1527 the Tower pound of 5,400 grains was abolished, and the pound of 5,760 grains adopted instead. The penny remained, with some few exceptions, the only coin issued in England until the introduction of the gold florin by Edward III. in 1343. It was not until the reign of Edward I. that halfpence and farthings be came a regular part of the coinage, it having been usual to sub divide the penny for trade purposes by cutting it into halves and quarters, a practice said to have originated in the reign of Aethel red II. In 1257, in the reign of Henry III., a gold penny, of the value of 20 silver pence, was struck. The weight and value of the silver penny steadily declined from 1300 onwards, as will be seen from the following table :— The last coinage of silver pence for general circulation was in the reign of Charles II. (1661-62), since which time they have
only been coined for issue as royal alms on Maundy Thursday. Copper halfpence were first issued in Charles II.'s reign, but it was not until 1797, in the reign of George III., that copper pence were struck. This copper penny weighed 1 oz. avoirdupois. In the same year copper twopences were issued weighing 2 oz., but they were found too cumbersome and were discontinued. In 186o bronze was substituted for the copper coinage, the alloy contain ing 95 parts of copper, four of tin and one of zinc. The weight was also reduced, 1 lb. of bronze being coined into 48 pennies, as against 24 pennies into which I lb. of copper was coined. The figure of Britannia first appeared on the issue of copper coins made in the reign of Charles II.
The word penny is also applied colloquially in the United States to the American cent, the hundredth part of a dollar.