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{{Short description|Coin introduced in England c. 785}}
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{{about||silver pennies produced after 1820|Maundy money|the Great Britain and UK penny from 1707 to 1971|Penny (British pre-decimal coin)|the penny in current use in the United Kingdom|Penny (British decimal coin)}}
{{refimprove|date=April 2018}}
{{Use British English|date=September 2019}}
{{Use dmy dates|date=September 2019}}
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{{About||silver pennies produced after 1820|Maundy money|the Great Britain and UK penny from 1707 to 1971|Penny (British pre-decimal coin)|the penny in current use in the United Kingdom|Penny (British decimal coin)}}
{{More citations needed|date=April 2018}}
{{History of the English penny}}
{{History of the English penny}}
[[File:Edgar, King of England, silver 'reform' penny; struck 973-975 AD.jpg|thumb|310x310px|Silver 'reform' penny of [[Edgar the Peaceful|Edgar I of England]], Lewes [[Mint (coin)|mint]], {{Circa|973}}–975.]]
{{Coin image box 2 singles
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The English '''penny''' (plural "pence"), originally a coin of {{Convert|1.3|to|1.5|g|lk=out|abbr=off|ozt oz}} pure silver, was introduced {{Circa|785|lk=yes}} by King [[Offa of Mercia]]. These coins were similar in size and weight to the continental ''[[denier (coin)|denier]]s'' of the period and to the [[Anglo-Saxon]] [[sceat]]s which had preceded it.
| header =
| image_left= Image:Edgarobv.jpg
| image_right = Image:Edgarrev.jpg
| caption_left =
| caption_right =
| width_left = 150
| width_right = 150
| position = right
| margin =4
| footer = Silver 'Reform' penny of [[Edgar the Peaceful|Edgar I of England]], Norwich [[mint (coin)|mint]], ''c.'' 973–975.
}}
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The English '''penny''' (plural "pence"), originally a coin of {{Convert|1.3|to|1.5|g|lk=out|abbr=off|ozt oz}} pure silver, was introduced around the year 785 by King [[Offa of Mercia]]. These coins were similar in size and weight to the continental ''[[denier (coin)|denier]]s'' of the period and to the [[Anglo-Saxon]] [[sceat]]s which had preceded it.


Throughout the period of the [[Kingdom of England]], from its beginnings in the 9th century, the [[penny]] was produced in silver. Pennies of the same nominal value, one 240th of a [[pound sterling]], were in circulation continuously until the creation of the [[Kingdom of Great Britain]] in 1707.<ref>And, indeed, until [[Decimal Day|decimalisation in 1971]], at which time a [[penny (British decimal coin)|new penny]] was introduced worth 2.4 times the value of the old coin.</ref>
Throughout the period of the [[Kingdom of England]], from its beginnings in the 9th century, the [[penny]] was produced in silver. Pennies of the same nominal value, {{frac|240}} of a [[pound sterling]], were in circulation continuously until the creation of the [[Kingdom of Great Britain]] in 1707.<ref>And, indeed, until [[Decimal Day|decimalisation in 1971]], at which time a [[penny (British decimal coin)|new penny]] was introduced worth 2.4 times the value of the old coin.</ref>


==Etymology==
==Etymology==
The name "penny" comes from the [[Old English]] ''pennige'' (pronounced {{IPA-ang|ˈpɛnijə|}}, roughly "penny-yuh"), sharing the same root as the [[German language|German]] ''[[pfennig]]''. Its abbreviation '''d.''' comes from the Roman ''[[denarius]]'' and was used until [[Decimal Day|decimalisation]] in 1971.
The name "penny" comes from the [[Old English]] ''pennige'' ({{IPA-ang|ˈpennije|pron}}), sharing the same root as the [[German language|German]] ''[[Pfennig]]''.<ref>[https://exclusivecoins.blogspot.com/2021/06/1877-1920-british-penny-featuring-king.html?m=1 Coins and more] ''exclusivecoins.blogspot.com''. Retrieved 4 September 2021</ref> Its abbreviation '''d.''' comes from the Roman ''[[denarius]]'' and was used until [[Decimal Day|decimalisation]] in 1971.


==Idioms==
==Idioms==
Due to their ubiquity pennies have accumulated a great number of idioms to their name usually recognizing them for their common-ness and their miniscule value.
Due to their ubiquity pennies have accumulated a great number of idioms to their name usually recognizing them for their commonality and minuscule value.
These might include:<ref>{{cite web |url=https://idioms.thefreedictionary.com/penny |title=Penny - Idioms |work=The Free Dictionary}}</ref>
These might include:<ref>{{cite web |url=https://idioms.thefreedictionary.com/penny |title=Penny - Idioms |work=The Free Dictionary}}</ref>
* cut (one) off without a penny
*cut (one) off without a penny
* mean enough to steal a penny off a dead man's eyes
*mean enough to steal a penny off a dead man's eyes
* not have two pennies to rub together
*not have two pennies to rub together
* penny-pincher
*penny-pincher
* penny-wise and pound-foolish
*penny-wise and pound-foolish
* worth every penny
*[[public toilet|spend a penny]]
*worth every penny


==History==
==History==
{{Main|Pound sterling#History}}
[[Anglo-Saxon England|Anglo-Saxon]] silver pennies were the currency used to pay the [[Danegeld]], essentially protection money paid to the [[Vikings]] so that they would go away and not ravage the land. As an illustration of how heavy a burden the Danegeld was, more Anglo-Saxon pennies from the decades around the first millennium have been found in Denmark than in England. In the reign of [[Ethelred II of England|Ethelred the Unready]] (978–1016), some 40 million pennies were paid to the Danes, while [[Canute the Great|King Canute (Knut)]] (1016–1035) paid off his invasion army with another 20 million pennies. This adds up to about {{Convert|2,800,000|ozt|t ST|lk=in|abbr=off}} of silver, equivalent to [[Pound sterling|£]]250,000 at the time, and worth about £10 million in {{As of|2005|alt=2005}} money (its purchasing power at that time may have exceeded £100 million and may have been as high as £1 billion in 2005).
[[Anglo-Saxon England|Anglo-Saxon]] silver pennies were the currency used to pay the [[Danegeld]], essentially protection money paid to the [[Vikings]] so that they would go away and not ravage the land. As an illustration of how heavy a burden the Danegeld was, more Anglo-Saxon pennies from the decades around the first millennium have been found in Denmark than in England. In the reign of [[Ethelred II of England|Ethelred the Unready]] (978–1016), some 40 million pennies were paid to the Danes, while [[Canute the Great|King Canute (Knut)]] (1016–1035) paid off his invasion army with another 20 million pennies. This adds up to about {{Convert|2,800,000|ozt|t ST|lk=in|abbr=off}} of silver, equivalent to [[Pound sterling|£]]250,000 at the time, and worth about £10 million in {{As of|2005|alt=2005}} money (its purchasing power at that time may have exceeded £100 million and may have been as high as £1 billion in 2005).{{Citation needed|date=September 2019}}


The penny initially weighed 20 to 22.5 [[grain (measure)|modern grain]]s (1.3 to 1.5 g). It was standardized to 32 Tower grains, 1/240th of a [[Pound (mass)|Tower pound]] (approx. 350 [[gram|g]]). The alloy was set to [[sterling silver]] of 925/1000 in 1158 under [[Henry II of England|King Henry II]]. The weight standard was changed to the [[Troy weight|Troy pound]] (373.242 g) in 1527 under [[Henry VIII of England|Henry VIII]], i.e. a [[pennyweight]] became about 1.555 [[gram]]s. As the purity and weight of the coin was critical, the name of the moneyer who manufactured the coin, and at which mint, often appeared on the [[Obverse and reverse|reverse]] side of the coin.
The penny initially weighed 20 to 22.5 [[grain (measure)|modern grain]]s (1.3 to 1.5 g). It was standardized to 32 Tower grains, {{frac|1|240}} of a [[Pound (mass)|Tower pound]] (approx. 350 [[gram|g]]). The alloy was set to [[sterling silver]] of .925 [[fineness]] in 1158 under [[Henry II of England|King Henry II]]. The weight standard was changed to the [[Troy weight|Troy pound]] (373.242 g) in 1527 under [[Henry VIII of England|Henry VIII]], i.e. a [[pennyweight]] became about 1.555 [[gram]]s. As the purity and weight of the coin was critical, the name of the moneyer who manufactured the coin, and at which mint, often appeared on the [[Obverse and reverse|reverse]] side of the coin.


From the time of [[Offa of Mercia|King Offa]], the penny was the only denomination of coin minted in England for 500 years, until the attempted [[Gold penny|gold coinage]] issue of King [[Henry III of England|Henry III]] in 1257 and a few halfpennies and farthings in 1222, the introduction of the groat by King [[Edward I of England|Edward I]] in 1279, under whom the halfpenny and farthing were also reintroduced, and the later [[English coin Florin or Double Leopard|issues]] of King [[Edward III of England|Edward III]].
From the time of King [[Offa of Mercia|Offa]], the penny was the only denomination of coin minted in England for 500 years, until the attempted [[Gold penny|gold coinage]] issue of King [[Henry III of England|Henry III]] in 1257 and a few halfpennies and farthings in 1222, the introduction of the groat by King [[Edward I of England|Edward I]] in 1279, under whom the halfpenny and farthing were also reintroduced, and the later [[English coin Florin or Double Leopard|issues]] of King [[Edward III of England|Edward III]].


At the time of the 1702 London Mint Assay by Sir [[Isaac Newton]], the silver content of British coinage was defined to be one [[troy ounce]] of [[sterling silver]] for 62 pence. Therefore, the value of the monetary [[pound sterling]] was equivalent to only 3.87 troy ounces of sterling silver. This was the standard from 1601 to 1816.
At the time of the 1702 London Mint Assay by Sir [[Isaac Newton]], the silver content of British coinage was defined to be one [[troy ounce]] of [[sterling silver]] for 62 pence, or {{convert|1/62|ozt|mg|0|disp=out}} per penny. Therefore, the value of the monetary [[pound sterling]] was equivalent to only {{convert|3.87|ozt|g}} of sterling silver. This was the standard from 1601 to 1816.


== Pennies by period ==
==Pennies by period==
*[[History of the English penny (c. 600-1066)]]
*[[History of the English penny (c. 600-1066)]]
*[[History of the English penny (1066-1154)]] (The Early Normans and the Anarchy, 1066–1154)
*[[History of the English penny (1066-1154)]] (The Early Normans and the Anarchy, 1066–1154)
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==See also==
==See also==
{{Portal|Money|Numismatics}}
{{Portal|Money|Numismatics}}
* [[Coins of the pound sterling]]
*[[Coins of the pound sterling]]
* [[Sixpence (British coin)|Sixpence]]
*[[Sixpence (British coin)|Sixpence]]


==Notes==
==Notes==
{{reflist}}
{{Reflist}}


==References==
==References==

Latest revision as of 06:43, 4 October 2023

For silver pennies produced after 1820, see Maundy money. For the Great Britain and UK penny from 1707 to 1971, see Penny (British pre-decimal coin). For the penny in current use in the United Kingdom, see Penny (British decimal coin).
This article is part of a series on the
History of the
English penny
Obverse of silver 'reform' penny of Edgar, King of England; struck 973-975.
Silver 'reform' penny of Edgar I of England, Lewes mint, c. 973–975.

The English penny (plural "pence"), originally a coin of 1.3 to 1.5 grams (0.042 to 0.048 troy ounces; 0.046 to 0.053 ounces) pure silver, was introduced c. 785 by King Offa of Mercia. These coins were similar in size and weight to the continental deniers of the period and to the Anglo-Saxon sceats which had preceded it.

Throughout the period of the Kingdom of England, from its beginnings in the 9th century, the penny was produced in silver. Pennies of the same nominal value, 1⁄240 of a pound sterling, were in circulation continuously until the creation of the Kingdom of Great Britain in 1707.[1]

Etymology

[edit]

The name "penny" comes from the Old English pennige (pronounced [ˈpennije]), sharing the same root as the German Pfennig.[2] Its abbreviation d. comes from the Roman denarius and was used until decimalisation in 1971.

Idioms

[edit]

Due to their ubiquity pennies have accumulated a great number of idioms to their name usually recognizing them for their commonality and minuscule value. These might include:[3]

  • cut (one) off without a penny
  • mean enough to steal a penny off a dead man's eyes
  • not have two pennies to rub together
  • penny-pincher
  • penny-wise and pound-foolish
  • spend a penny
  • worth every penny

History

[edit]
Main article: Pound sterling § History

Anglo-Saxon silver pennies were the currency used to pay the Danegeld, essentially protection money paid to the Vikings so that they would go away and not ravage the land. As an illustration of how heavy a burden the Danegeld was, more Anglo-Saxon pennies from the decades around the first millennium have been found in Denmark than in England. In the reign of Ethelred the Unready (978–1016), some 40 million pennies were paid to the Danes, while King Canute (Knut) (1016–1035) paid off his invasion army with another 20 million pennies. This adds up to about 2,800,000 troy ounces (87 tonnes; 96 short tons) of silver, equivalent to £250,000 at the time, and worth about £10 million in 2005 money (its purchasing power at that time may have exceeded £100 million and may have been as high as £1 billion in 2005).[citation needed]

The penny initially weighed 20 to 22.5 modern grains (1.3 to 1.5 g). It was standardized to 32 Tower grains, 1⁄240 of a Tower pound (approx. 350 g). The alloy was set to sterling silver of .925 fineness in 1158 under King Henry II. The weight standard was changed to the Troy pound (373.242 g) in 1527 under Henry VIII, i.e. a pennyweight became about 1.555 grams. As the purity and weight of the coin was critical, the name of the moneyer who manufactured the coin, and at which mint, often appeared on the reverse side of the coin.

From the time of King Offa, the penny was the only denomination of coin minted in England for 500 years, until the attempted gold coinage issue of King Henry III in 1257 and a few halfpennies and farthings in 1222, the introduction of the groat by King Edward I in 1279, under whom the halfpenny and farthing were also reintroduced, and the later issues of King Edward III.

At the time of the 1702 London Mint Assay by Sir Isaac Newton, the silver content of British coinage was defined to be one troy ounce of sterling silver for 62 pence, or 502 mg per penny. Therefore, the value of the monetary pound sterling was equivalent to only 3.87 troy ounces (120 g) of sterling silver. This was the standard from 1601 to 1816.

Pennies by period

[edit]

See also

[edit]

Notes

[edit]
  1. ^ And, indeed, until decimalisation in 1971, at which time a new penny was introduced worth 2.4 times the value of the old coin.
  2. ^ Coins and more exclusivecoins.blogspot.com. Retrieved 4 September 2021
  3. ^ "Penny - Idioms". The Free Dictionary.

References

[edit]
  • Coincraft's Standard Catalogue English & UK Coins 1066 to Date, Richard Lobel, Coincraft. ISBN 0-9526228-8-2
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