Penny UK (Great Britain) Europe Coins: World Coins & Paper Money
The term “penny” has a long and varied history, and coin collectors collect many coins with the name “penny”. The original dates back to the 8th century, when Charlemagne declared that 240 pennies or pfennigs should be minted from a pound of silver. A single coin contained about 1.36 grams of silver. Today, this amount of silver would cost about 40p sterling. Today the penny is among the lowest denomination coins in circulation.
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After decimalization, its value is one one-hundredth of the British pound sterling. the former Irish pound, the Gibraltar pound, the Falkland Islands pound. Before decimalization, it was worth one two hundred and fortieth of a pound sterling or Irish pound. England and Ireland decimalized on February 15, 1971. The Scots led the way in 1707. Australia, New Zealand and South Africa (1/12 of the shilling) also used the same pre-decimalization system.
The penny is also the name of the one cent coin in the US and Canada, which has always been worth 1/100 dollar. In the United States and Canada, "penny" is normally used to refer to the coin; the quantity of money is a "cent." Elsewhere in the English-speaking world, the plural of "penny" is "pence" when referring to a quantity of money and "pennies" when referring to a number of coins. The advent of the American and Canadian penny is relatively recent whereas the British penny as a unit of currency dates back well over a thousand years, and for most of that period the silver penny was the principal denomination in circulation.
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