World Library  
Flag as Inappropriate
Email this Article

Penny (English coin)

Silver 'Reform' penny of Edgar I of England, Norwich mint, c. 973–975.

The English Penny, originally a coin of 1.3 to 1.5 g pure silver, was introduced around the year 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 gone before 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.[1]


  • History 1
  • Pennies by period 2
  • See also 3
  • Notes 4
  • References 5


The name "penny" comes from the Old English pennige (pronounced , roughly "penny-yə"), sharing the same root as the German pfennig. Its abbreviation d. comes from the Roman denarius and was used until decimalisation in 1971.

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) of silver, equivalent to £250,000 at the time, and worth about £10 million in today's money (its purchasing power at that time may have exceeded £100 million and may have been as high as £1 billion of today's currency).

The penny initially weighed 20 to 22.5 modern grains (1.3 to 1.5 g). It was standardized to 32 Tower grains, 1/240th of a Tower pound (approx. 350 g). The alloy was set to sterling silver of 925/1000 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, 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. 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.

Pennies by period

See also


  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.


  • Coincraft's Standard Catalogue English & UK Coins 1066 to Date, Richard Lobel, Coincraft. ISBN 0-9526228-8-2
This article was sourced from Creative Commons Attribution-ShareAlike License; additional terms may apply. World Heritage Encyclopedia content is assembled from numerous content providers, Open Access Publishing, and in compliance with The Fair Access to Science and Technology Research Act (FASTR), Wikimedia Foundation, Inc., Public Library of Science, The Encyclopedia of Life, Open Book Publishers (OBP), PubMed, U.S. National Library of Medicine, National Center for Biotechnology Information, U.S. National Library of Medicine, National Institutes of Health (NIH), U.S. Department of Health & Human Services, and, which sources content from all federal, state, local, tribal, and territorial government publication portals (.gov, .mil, .edu). Funding for and content contributors is made possible from the U.S. Congress, E-Government Act of 2002.
Crowd sourced content that is contributed to World Heritage Encyclopedia is peer reviewed and edited by our editorial staff to ensure quality scholarly research articles.
By using this site, you agree to the Terms of Use and Privacy Policy. World Heritage Encyclopedia™ is a registered trademark of the World Public Library Association, a non-profit organization.

Copyright © World Library Foundation. All rights reserved. eBooks from Project Gutenberg are sponsored by the World Library Foundation,
a 501c(4) Member's Support Non-Profit Organization, and is NOT affiliated with any governmental agency or department.