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.
* From Bouvier's Law Dictionary, 1856 Edition. Please see Bouvier's Legal Abbreviations & Abbreviated References for help with obscure nomenclature & references.
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Penny Defined & Explained