or Penny, in commerce, an ancient English coin, which had formerly considerable currency; but is now generally dwindled into an imaginary money, or money of account. Camden derives the word Penny from the Latin pecunia, "money."

The ancient English penny, penig, or pening, was the first silver coin struck in England; nay, and the only one current among our Saxon ancestors: as is agreed by Camden, Spelman, Dr Hicks, &c.

The penny was equal in weight to our three-pence; five of them made one shilling, or scilling Saxon; 30 a mark or manuscus, equal to 7s. 6d.

Till the time of King Edw. I. the penny was struck with a cross, so deeply indented in it, that it might be easily broke, and parted, on occasion, into two parts, thence called half-pennies; or into four, thence called fourthings or farthings.—But that prince coined it without indenture, in lieu of which, he first struck round halfpence and farthings.

He also reduced the weight of the penny to a standard; ordering that it should weigh 32 grains of wheat, taken out of the middle of the ear.—This penny was called the penny sterling.—Twenty of these pence were to weigh an ounce; whence the penny became a weight as well as a coin. See Sterling and Penny-Weight.

The penny sterling was long disused as a coin; and was scarce known, but as a money of account, containing the twelfth part of a shilling; but of late years it has been introduced into the British current coin.

ancient statutes, &c. is used for all silver money. And hence the ward-penny, aver-penny, hundred-penny, tithing-penny, and brothal-penny.

Penny-Weight, a Troy weight, containing-twenty-four grains; each grain weighing a grain of wheat gathered out of the middle of the ear, well dried. The name took its rise hence, that this was anciently the weight of one of our ancient silver pennies. See Penny.

Twenty of these penny-weights make an ounce Troy.