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PENNY. The name of an English coin of the value of one-twelfth part of a shilling. While the United States were colonies, each adopted a monetary system composed of pounds, shillings, and pence. The penny varied in value in the different colonies.

References in classic literature ?
He sold more meat for one penny than we could sell for three; and he gave extra weight to whatsoever lass would buss him.
Penny obeyed with a trembling hand, thinking how wonderfully things came about in this world.
Palfrey suspected that Penny would have anything to say to a tradesman of questionable rank whose youthful bloom was much withered.
He was not a man to fall in love in the wrong place; and so, he applied himself quite as much to conciliate the favour of the parents, as to secure the attachment of Penny.
Freely's marriage with his daughter Penny, and having hit on a formula by which he could justify it, fenced off all doubts and objections, his own included.
Little Penny was very proud and fluttering, but hardly so happy as she expected to be in an engagement.
When Robin and those that were with him came in, all laughing at some merry jest he had been telling them, those that were near the Sheriff whispered to him, "Yon is a right mad blade, for he hath sold more meat for one penny this day than we could sell for three, and to whatsoever merry lass gave him a kiss he gave meat for nought.
So let no man draw up his lip, nor thrust his forefinger into his purse, for I swear that neither butcher nor Sheriff shall pay one penny for this feast.
He felt cold and stiff, when he got up next morning, and so hungry that he was obliged to exchange the penny for a small loaf, in the very first village through which he passed.
To declare that something 'is worth every penny' emphasises its substance; whilst to pronounce that someone ''does not have a penny to his name'' or ''does not have two pennies to rub together'' stresses that person's impoverishment.
A wise man once said that a penny saved is a penny earned, but he passed to his reward more than 200 years ago.
Filled with the same breezy writing style Holm used in her Baby Mouse series; Penny From Heaven introduces us to eleven-year-old Barbara Ann Falucci whose Daddy really liked Bing Crosby, and especially his song Pennies from Heaven.