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PENNY (Mid. Eng. peni or peny, from O...

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Originally appearing in Volume V21, Page 116 of the 1911 Encyclopedia Britannica.
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PENNY (See also:Mid. Eng. peni or peny, from O. Eng. See also:form penig, earlier penning and pending; the word appears in Ger. Pfennig and Du. penning; it has been connected with Du. pand, Ger. Pfand, and Eng. " See also:pawn,". the word meaning a little See also:pledge or token, or with G  er . Pfanne, a See also:pan), an See also:English See also:coin, equal in value to the one-twelfth of a See also:shilling . It is one of the See also:oldest of English coins, superseding the sceatta or sceat (see See also:NUMISMATICS; and See also:BRITAIN: Anglo Saxon, § " Coins ") . It was introduced into See also:England by See also:Offa. See also:king of 1blercia, who took as a See also:model a coin first struck by See also:Pippin, See also:father of See also:Charlemagne, about 735, which was known in See also:Europe as nevus denarius . Offa's See also:penny was made of See also:silver and weighed 221 grains, 240 pennies weighing one Saxon See also:pound (or See also:Tower pound, as it was afterwards called), hence the See also:term pennyweight (dwt.) . In 1527 the Tower pound of 5400 grains was abolished, and the pound of 576o grains adopted instead . The penny remained, with some few exceptions, the only coin issued in England until the introduction of the See also:gold florin by See also:Edward III. in 1343 . It was not until the reign of Edward I. that halfpence and farthings became a See also:regular See also:part of the coinage, it having been usual to subdivide the penny for See also:trade purposes by cutting it into halves and quarters, a practice said to have originated in the reign of IEthelred II . In 12J7, in the reign of See also:Henry III., a gold penny, 1 Probably the actual See also:reason was that the See also:assembly, dominated by the See also:advocates of the See also:radical constitution of 1776, was attempting to punish the trustees of the See also:college, who were almost all " See also:anti-constitutionalists." of the value of twenty silver pence, was struck . The See also:weight and value of the silver penny steadily declined from 1300 onwards, as will be seen from the following table: Reign . Weight . Value in silver 925 See also:fine, at .

5s . 6d. per oz . Grains . Penny . See also:

William I., 1066 22i 3.09 Edward I., 1300 . 22 3.02 „ III., 1344 20; 2.78 ,, III., 1346 20 2.75 Henry IV., 1412 15 2.06 Edward IV., 1464 . . . 12 1.65 Henry VIII., 1527 See also:io2 1.44 Edward VI., 1552 8 1-lo See also:Elizabeth, 1601 1•o6 The last coinage of silver pence for See also:general circulation was in the reign of See also:Charles II . (1661-1662), since which See also:time they have only been coined for issue as royal See also:alms on Maundy Thursdays . See also:Copper halfpence were first issued in Charles II.'s reign,' but it was not until 1797, in the reign of See also:George III., that copper pence were struck . This copper penny weighed 1 oz. See also:avoirdupois . In the same See also:year copper twopences were issued weighing 2 oz., but they were found too cumbersome and were discontinued .

In 1860 See also:

bronze was substituted for the copper coinage, the alloy containing 95 parts of copper, 4 of See also:tin, and r of See also:zinc . The weight was also reduced, 1 lb of bronze being coined into 48 pennies, as against 24 pennies into which 1 lb of copper was coined .

End of Article: PENNY (Mid. Eng. peni or peny, from O. Eng. form penig, earlier penning and pending; the word appears in Ger. Pfennig and Du. penning; it has been connected with Du. pand, Ger. Pfand, and Eng. " pawn,". the word meaning a little pledge or token, or with G
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UNIVERSITY OF PENNSYLVANIA
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GIANFRANCESCO PENNY (1488–1528)

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