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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.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
THEY may not have to count the pennies like everybody else, but these stars show that when it comes to stepping out in style for the party season, you can't beat the high street.
For a region which has long enjoyed spending its disposable money to look good and enjoy life, the need to count the pennies must be hitting hard to stifle the urge to visit the high street.
But despite landing a pounds 1 million contract with Mercury Records, Sinead still has to count the pennies.