What is a penny, and what are its plural forms in currency and coin contexts?

A penny is a coin or a unit of currency found in various countries. When referring to multiple coins, the plural form is 'pennies'. However, when referring to a sum of money or a unit of account, the plural form is 'pence'.

From which historical currency system does the term 'penny' originate, and what was its former abbreviation?

The term 'penny' is borrowed from the Carolingian denarius. Its former abbreviation was 'd.', derived from the Latin word 'denarius'.

What are the current formal names for the penny in the United Kingdom and the United States?

The formal name for the penny in the United Kingdom is the 'British penny', abbreviated as 'p'. In the United States, the 'penny' is the de facto name for the one-cent coin, abbreviated as '¢'.

What is the informal name for the cent unit of account in Canada, and when did the production of one-cent coins end?

In Canada, the cent unit of account is informally called a 'penny'. The production of Canadian one-cent coins officially ended in 2012.

Besides the UK and US, what other historical currencies are mentioned as being derived from the Carolingian system and related to the 'penny'?

The name 'penny' is also used in reference to historical currencies derived from the Carolingian system, such as the French denier and the German pfennig. It can also be informally applied to similar smallest-denomination coins like the euro cent or Chinese fen.

What was the original composition and value of the Carolingian penny?

The Carolingian penny was originally a coin made of 0.940-fine silver. It was valued at 1/240th of a pound, specifically the French livre or Carolingian pound.

How did the composition of the British penny change over time, and what prompted this change?

The British penny remained a silver coin until the expense of the Napoleonic Wars in 1797 necessitated the use of base metals. Later, in 1860, the copper penny was replaced by a bronze one, composed of 95% copper, 4% tin, and 1% zinc.

Are there any current formal subdivisions of the penny, and what historical subdivisions existed?

Currently, no penny is formally subdivided. However, historically, coins like the farthing (1/4d), halfpennies, and half cents were minted. The mill, equivalent to 1/10th of a cent, is still used as a unit of account in some contexts.

What is the earliest known attestation of the word 'penny', and what are its Old English roots?

The word 'penny' is first attested in a 1394 Scots text. It is a variant of Old English words such as 'peni', 'pennig', 'penning', and 'pending'.

What are the proposed etymological origins for the word 'penny'?

The etymology of 'penny' is uncertain, but suggestions include a Low Franconian form of Old High German 'pfant' (pawn), a West Germanic word for 'frying pan' due to its shape, a borrowing from Latin 'pondus' (pound), and most recently, a borrowing from Punic 'pn' (Pane or Pene, meaning 'Face'), referencing the goddess Tanit on Carthaginian currency.

How did the usage of the plural forms 'pennies' and 'pence' evolve in English?

From the 16th century, 'pennies' fell out of use in England when referring to a sum of money, being replaced by 'pence' (e.g., 'tenpence'). However, 'pennies' continued to be used when referring to multiple individual penny coins (e.g., 'four pennies'). 'Pennies' remains common in Scottish English and is standard in American English, though 'cents' is more typically used for values in the US.

What were the pre-decimalization conventions for writing and speaking values like 'twopence' or 'threepence' in Britain?

In Britain before decimalization, values from two to eleven pence were often written and spoken as single words, such as 'twopence' or 'threepence'. Coins representing multiple pence were treated as single nouns, like 'a sixpence', and adjectival forms used the '-penny' suffix, such as 'sixpenny'.

What is the origin of the British abbreviation 'd.' for penny, and what replaced it after decimalization?

The British abbreviation 'd.' for penny originated from the Latin word 'denarius'. After decimalization, it was replaced by 'p', usually written without a space or period.

What ancient coins served as models for the medieval silver penny?

The medieval silver penny was modeled on ancient coins such as the Greek drachma, the Carthaginian shekel, and the Roman denarius.

What currency reform did Pepin the Short institute around AD 755, and what was its significance?

Around AD 755, Pepin the Short, father of Charlemagne, instituted a major currency reform in Francia. This reform aimed to standardize the silver standard by introducing a .940-fine denarius (Latin for denarius) that weighed 1/240th of a pound, establishing a new monetary system.

What were the characteristics of Charlemagne's reformed penny introduced around 790 AD?

Charlemagne's reformed penny, introduced around 790 AD, was made of .950 or .960-fine silver and had a smaller diameter than its predecessors. Surviving examples weigh about 1.70 grams, with estimates suggesting an original intended mass of 1.76 grams.

What challenges did Carolingian pennies face in terms of acceptance by traders?

Despite their purity and quality, Carolingian pennies were often rejected by traders who preferred gold coins used elsewhere. This led to repeated legislation aimed at compelling traders to accept the king's currency.

What was the initial currency used by some Anglo-Saxon kingdoms, and why did it shift?

Some Anglo-Saxon kingdoms initially adopted the late Roman gold coin, the solidus. However, gold was so rare and valuable that even the smallest coins were too valuable for most transactions, prompting a movement towards coins with lower gold content or different metals.

What were the 'sceattas', and when were they minted in Anglo-Saxon England?

The 'sceattas' were miscellaneous silver coins minted in Frisia and Anglo-Saxon England from around 680 AD onwards. Their purity varied, and their weight fluctuated between approximately 0.8 and 1.3 grams. They were likely known as 'pennies' at the time, though this is based on a probable misreading of Anglo-Saxon legal codes.

Who introduced the first Carolingian-style pennies in England, and what was their weight?

King Offa of Mercia introduced the first Carolingian-style pennies in England, modeled on Pepin's system. His initial series weighed 1/240th of the Saxon pound (5400 grains), resulting in a pennyweight of about 1.46 grams.

Who was the only queen to mint coins in Anglo-Saxon England, and what type of coins did she issue?

King Offa's queen, Cynethryth, is noted as the only queen to have minted coins in Anglo-Saxon England. She issued coins in her own name, following the style of Offa's reformed pennies.

How did the concept of shillings and pounds function in Anglo-Saxon England's currency system?

In Anglo-Saxon England, similar to the Frankish Empire, shillings (solidi) and pounds (librae) functioned primarily as notional units of account rather than minted coins during much of this period. For example, a 'shilling' represented the value of grain that 12 pennies could purchase.

What was the silver fineness of English currency during Henry II's reign, and how did the penny's value change later?

English currency was notionally .925-fine sterling silver during the reign of Henry II. However, the weight and value of the silver penny began to steadily decline from around 1300 onwards.

What was unique about the gold penny minted by Henry III of England in 1257?

The gold penny minted by Henry III in 1257 had a nominal value of 1 shilling and 8 pence (20d). It proved unpopular because it was overvalued for its gold content, leading to most surviving coins being melted down for their bullion value.

What was the practice of cutting coins to create smaller denominations in medieval England?

In medieval England, the need for smaller change was sometimes met by physically cutting a full penny into halves or quarters. This practice was facilitated by the design of coins like the 'Long Cross' penny, which had a cross imprinted on it.

When were the last silver pence for general circulation minted in England, and what are they minted for now?

The last silver pence for general circulation were minted in England during the reign of Charles II, around 1660. Since then, silver pence have only been coined for issue as 'Maundy money', distributed as royal alms on Maundy Thursday.

What led to the withdrawal of silver pennies from circulation in Britain during the 18th century?

During the 18th century, the bullion value of existing silver pennies exceeded their face value, causing them to be withdrawn from circulation. This created a shortage of small change.

Who began issuing copper tokens in Britain during the 18th century, and why?

Merchants and mining companies, such as Anglesey's Parys Mining Co., began issuing their own copper tokens during the 18th century to fill the void left by the withdrawal of silver pennies from circulation and the lack of government-minted pennies.

When and by whom were copper pennies and twopences first officially minted for general circulation in Britain?

Amidst the Napoleonic Wars, the British government authorized Matthew Boulton to mint copper pennies and twopences at his Soho Mint in Birmingham in 1797.

What was the composition of the British penny after 1860, and how many were coined per pound of metal?

In 1860, the copper penny was replaced by a bronze one, composed of 95% copper, 4% tin, and 1% zinc. Each pound of this bronze alloy was coined into 48 pennies.

When did the United States' cent become popularly known as the 'penny'?

The United States' cent became popularly known as the 'penny' starting in the early 19th century.

What was the first U.S. coin to feature Abraham Lincoln, and why was it significant?

Abraham Lincoln was the first historical figure to appear on a U.S. coin when he was portrayed on the one-cent coin (penny) to commemorate his 100th birthday. This marked a significant departure from featuring allegorical figures or presidents on coins.

Describe the 'Cartwheel penny' that was brought to the Cape Colony (South Africa).

The 'Cartwheel penny' brought to the Cape Colony was a large coin, measuring 36 mm in diameter and 3.3 mm thick, weighing about 1 oz (28 g). It featured Britannia with a trident, leading locals to nickname it the 'Devil's Penny' due to the trident's association with the devil.

Why was the 'Cartwheel penny' unpopular in the Cape Colony?

The 'Cartwheel penny' was unpopular in the Cape Colony due to its large weight and size, which made it cumbersome for everyday transactions.

What proclamation in 1825 changed the currency in the Cape Colony, and what coins were introduced?

On June 6, 1825, Lord Charles Somerset, the governor, issued a proclamation establishing British Sterling as the sole legal tender in the Cape Colony. This led to the introduction of new British coins, including the shilling, six-pence (silver), and the penny, half-penny, and quarter-penny (copper).

What are the 'transaction costs' associated with handling penny coins?

The 'transaction costs' associated with handling and counting penny coins refer to the time, effort, and resources spent on these small denominations, which can sometimes exceed the actual value of the penny itself, particularly in micropayments.

What economic factor has caused the metal value of penny coins to exceed their face value?

Changes in the market prices of metals, combined with currency inflation over time, have led to situations where the intrinsic value of the metal used to mint a penny is greater than its face value.

When did Canada stop minting one-cent coins, and what is the current lowest denomination?

Canada stopped minting one-cent coins in 2012. The current lowest denomination in circulation is the 5-cent coin.

What change was made to British one- and two-penny coins in 1992 regarding their composition?

Since 1992, British one- and two-penny coins have been made from copper-plated steel instead of bronze. This change makes them magnetic.

What is the traditional superstition associated with finding a penny in British and American culture?

In British and American culture, finding a penny is traditionally considered lucky. The common saying associated with this is, 'Find a penny, pick it up, and all the day you'll have good luck.'

What does the idiom 'A penny for your thoughts' mean?

The idiom 'A penny for your thoughts' is used to inquire about what someone is thinking. It originated at a time when a penny held more significant value.

What is the meaning of the expression 'In for a penny, in for a pound'?

The expression 'In for a penny, in for a pound' signifies a commitment to see an undertaking through to completion, regardless of the effort, time, or money required, even if the initial commitment was small.

What is the British English meaning of 'to spend a penny'?

In British English, 'to spend a penny' is a euphemism for urinating. This phrase originated from the cost of using coin-operated public toilets, which commonly charged one pre-decimal penny, starting around the Great Exhibition of 1851.

What is the common myth about dropping a penny from the Empire State Building?

A common myth suggests that a penny dropped from the Empire State Building could kill a person or crack the sidewalk. However, this is untrue because the penny is too light and experiences too much air resistance to gain lethal speed; it reaches terminal velocity after a relatively short fall.

Which countries or regions have issued a currency unit called 'penny' or its equivalent, as listed in the article?

Countries and regions that have issued a currency unit called 'penny' or its equivalent include Australia, Bosnia and Herzegovina (pfenig), Canada (cent), Denmark (penning), England, Estonia (penn), Falkland Islands, Finland (penni), France (denier), various German states (Pfennig), Gibraltar, Guernsey, Ireland, Isle of Man, Jersey, Netherlands (penning), New Zealand, Kingdom of Poland (fenig), Norway (penning), Saint Helena and Ascension Island, Scotland (Penny Scots), Sweden (penning), South Africa, Transvaal, United Kingdom, United States (cent), and Medieval Wales (ceiniog).

What is the significance of the 'Long Cross' penny in Anglo-Saxon England?

The Anglo-Saxon silver 'Long Cross' penny, such as those minted by Aethelred II, featured a long cross on the reverse. This design made it easier to cut the coin into halves or quarters to create smaller denominations.

What is the meaning of 'tuppence' in British slang, as mentioned in the article?

In British English, 'tuppence' is mentioned as old slang for 'vagina'.

What is the origin of the phrase 'penny loafers'?

In 1936, the U.S. shoemaker G.H. Bass & Co. introduced its 'Weejuns' slip-on shoes, which became known as 'penny loafers'. Other companies subsequently produced similar footwear.

What is the 'MegaPenny Project'?

The MegaPenny Project is a visualization that demonstrates what exponential numbers of pennies would look like, illustrating the concept of rapid growth.

Penny Wiki: The Penny: A Journey Through Currency and History

Dive in with Flashcard Learning!

When you are ready...
🎮 Play the Wiki2Web Clarity Challenge Game🎮

What is a Penny?

Unit of Value

A penny, or pence in its plural form when referring to a sum of money, is a coin or unit of currency found in various nations. Historically, it has served as the smallest denomination within many currency systems, often derived from the Carolingian denarius.

North American Context

In the United States, the term "penny" is the colloquial name for the one-cent coin (often abbreviated as ¢). Similarly, Canada used the one-cent coin, colloquially known as the penny, until its production ceased in 2012.

British Decimalization

The British penny (symbol: p) is the formal name for the decimal one-cent coin. Prior to decimalization, the pre-decimal penny (symbol: d.) was a silver coin, later transitioning to base metals, and was often subdivided into farthings and halfpennies.

Etymology

Linguistic Roots

The term "penny" originates from Old English variations such as "peni," "pennig," and "pending." These terms are believed to be derived from a Proto-Germanic root, with cognates found across many Germanic languages, suggesting a shared linguistic ancestry for the concept of a small monetary unit.

Proposed Origins

While the precise etymology is debated, proposed origins include a Low Franconian form of the Old High German word "pfant" (pledge), a reference to a "frying pan" due to its shape, or an early borrowing from Punic, possibly related to the goddess Tanit whose face appeared on Carthaginian currency.

Historical Evolution

Antiquity and Carolingian Era

The medieval penny's lineage traces back to ancient coins like the Greek drachma, the Carthaginian shekel, and the Roman denarius. Charlemagne's father, Pepin the Short, instituted a significant currency reform around 755 AD, standardizing the French denier as a 0.940-fine silver coin, weighing 1/240th of a pound. This system was widely adopted.

Anglo-Saxon England

In Anglo-Saxon England, the silver penny became the principal currency. King Offa of Mercia introduced Carolingian-style pennies, which were imitated across various kingdoms. Initially minted from silver, the value and weight of the penny gradually declined over centuries, particularly from 1300 onwards.

The Anglo-Saxon kingdoms initially adopted Roman gold coinage, but the scarcity of gold led to a shift towards silver. Early silver coins, known as sceattas, varied in purity and weight. King Offa of Mercia's introduction of the silver penny, modeled on the Carolingian system, established a standard of 1/240th of a pound. His queen, Cynethryth, also minted coins. These pennies were notionally fractions of shillings and pounds, though these larger units were not minted but served as units of account. The purity of English currency was notionally .925-fine sterling silver, but the penny's value steadily declined after 1300. Henry III minted an unpopular gold penny in 1257, which quickly became overvalued and was melted down. The last silver pence for general circulation were minted during Charles II's reign around 1660, with subsequent issues reserved for Maundy money.

Period/Event	Key Developments
c. 755 AD	Introduction of Carolingian-style silver pennies by Pepin the Short.
c. 757-796 AD	King Offa of Mercia mints silver pennies, adopting Charlemagne's reformed standards.
Post-1300	Steady decline in the weight and value of the silver penny.
1257	Henry III mints the gold penny, which proved unpopular and was largely melted down.
c. 1660	Last silver pence minted for general circulation; subsequent issues reserved for Maundy money.

Industrialization and Modernization

During the 18th century, the lack of government-minted pennies led to the issuance of private copper tokens. Matthew Boulton's Soho Mint began producing copper pennies for general circulation in 1797, marking a significant shift. In 1860, the penny transitioned to bronze, composed of 95% copper, 4% tin, and 1% zinc.

Coinage Across Nations

United Kingdom

The UK penny has undergone significant changes, from silver to copper and then bronze. Post-decimalization (1971), the one- and two-pence coins were initially made of bronze, but since 1992, they are copper-plated steel to manage costs.

United States

The US cent, or "penny," first appeared in 1793 as a copper coin. Abraham Lincoln became the first historical figure to be depicted on a US coin when his portrait was added to the penny in 1909 to commemorate the centennial of his birth.

South Africa

The "Cartwheel penny" brought to the Cape Colony was notably large and heavy, leading to its nickname "Devil's Penny" among locals. British Sterling coins, including the penny, became legal tender in the Cape Colony in 1825.

Cultural Significance

Idiomatic Expressions

The penny is embedded in numerous idioms, reflecting its historical value and commonality. Phrases like "a penny for your thoughts," "in for a penny, in for a pound," and "spend a penny" (meaning to urinate, referencing early coin-operated public toilets) highlight its cultural pervasiveness.

Symbols of Luck

Finding a penny is traditionally considered a sign of good luck in British and American culture, encapsulated in the saying, "Find a penny, pick it up, and all the day you'll have good luck." This reflects the penny's status as a small, accessible token of fortune.

Fashion and Folklore

The "penny loafer" shoe, popularized in the mid-20th century, featured a strap with a slit designed to hold a penny. Folklore also includes myths, such as the notion that a penny dropped from the Empire State Building could kill someone; however, terminal velocity limits its impact.

Criticism and Withdrawal

Economic Inefficiency

The continued minting and circulation of pennies face criticism due to transaction costs potentially exceeding their face value. Inflation has also rendered the penny's purchasing power negligible, leading to debates about its economic utility.

Efforts to Eliminate

Several countries, including Canada, have ceased production of their lowest-denomination coins, often referred to as pennies. Similar efforts have been made in the UK and US to phase out the penny, citing its diminishing economic relevance and the costs associated with its production and handling.

Global Pennies

A World of Pennies

The concept of the penny, or its equivalent, has been adopted and adapted by numerous countries throughout history. From the early Anglo-Saxon kingdoms to modern European nations and Commonwealth countries, the penny has played a consistent role as a fundamental unit of currency.

Australia: Penny (1911–1964)
Canada: Cent (1858–2012)
England: Penny (c. 785–1707)
Finland: Penni (1861–2002)
France: Denier (c. 755–1794)
Germany (Various States): Pfennig (c. 755–2002)
Ireland: Penny (pre-decimal and decimal), Euro cent (2002–present)
Norway: Penning (c. 1000–1873)
Scotland: Penny Scots (c. 1130–1707)
Sweden: Penning (c. 1150–1548)
United Kingdom: Penny (pre-decimal and decimal)
United States: Cent (1793–present)
Medieval Wales: Ceiniog (10th–13th centuries)

Teacher's Corner

Edit and Print this course in the Wiki2Web Teacher Studio

Edit and Print Materials from this study in the wiki2web studio

Click here to open the "Penny" Wiki2Web Studio curriculum kit

Use the free Wiki2web Studio to generate printable flashcards, worksheets, exams, and export your materials as a web page or an interactive game.

True or False?

Test Your Knowledge!

Gamer's Corner

Are you ready for the Wiki2Web Clarity Challenge?

Learn about penny while playing the wiki2web Clarity Challenge game.

Unlock the mystery image and prove your knowledge by earning trophies. This simple game is addictively fun and is a great way to learn!

Play now

Explore More Topics

Discover other topics to study!

health human resources

oswego south carolina

eschatology

bartholomaeus anglicus

menstrual cycle

marina mniszech

shin-meishin expressway

thaddeus stevens

euston road

spit landform

References

"He sal haf a penny til his noynsankys..."[2]

Chown (1994), p. 23.

Ferguson (1974), "Pound".

Munro (2012), p. 31.

Cipolla (1993), p. 129.

Frassetto (2003), p. 131.

Selgin (2008), p. 16.

A full list of references for this article are available at the Penny Wikipedia page

Feedback & Support

To report an issue with this page, or to find out ways to support the mission, please click here.

Disclaimer

Important Notice

This page was generated by an Artificial Intelligence and is intended for informational and educational purposes only. The content is based on a snapshot of publicly available data from Wikipedia and may not be entirely accurate, complete, or up-to-date.

This is not financial or historical advice. The information provided on this website is not a substitute for professional consultation regarding numismatics, economic history, or currency valuation. Always refer to official sources and consult with qualified experts for specific needs.

The creators of this page are not responsible for any errors or omissions, or for any actions taken based on the information provided herein.

The Penny: A Journey Through Currency and History

💡 Dive in with Flashcard Learning! 💡

What is a Penny? 💰

🪙 Unit of Value

🇺🇸 North American Context

🇬🇧 British Decimalization

Etymology 📜

🗣️ Linguistic Roots

🌍 Proposed Origins

Historical Evolution 🕰️

🏛️ Antiquity and Carolingian Era

👑 Anglo-Saxon England

🏭 Industrialization and Modernization

Coinage Across Nations 🌍

🇬🇧 United Kingdom

🇺🇸 United States

🇿🇦 South Africa

Cultural Significance 🎭

🗣️ Idiomatic Expressions

🍀 Symbols of Luck

👟 Fashion and Folklore

Criticism and Withdrawal 📉

💸 Economic Inefficiency

🚫 Efforts to Eliminate

Global Pennies 🌐

🗺️ A World of Pennies

Teacher's Corner 🧑‍🏫

Edit and Print this course in the Wiki2Web Teacher Studio

True or False? 🤔

❓ Test Your Knowledge! ❓

Gamer's Corner 🎮

Are you ready for the Wiki2Web Clarity Challenge?

Explore More Topics

📜 Discover other topics to study!

References

📜 References

Feedback & Support 👍

To report an issue with this page, or to find out ways to support the mission, please click here.

Disclaimer ⚠️

📜 Important Notice

Dive in with Flashcard Learning!

What is a Penny?

Unit of Value

North American Context

British Decimalization

Etymology

Linguistic Roots

Proposed Origins

Historical Evolution

Antiquity and Carolingian Era

Anglo-Saxon England

Industrialization and Modernization

Coinage Across Nations

United Kingdom

United States

South Africa

Cultural Significance

Idiomatic Expressions

Symbols of Luck

Fashion and Folklore

Criticism and Withdrawal

Economic Inefficiency

Efforts to Eliminate

Global Pennies

A World of Pennies

Teacher's Corner

True or False?

Test Your Knowledge!

Gamer's Corner

Discover other topics to study!

References

Feedback & Support

Disclaimer

Important Notice