Note:  Do not rely on this information. It is very old.

Penny

Penny (probably derived from the root pand, "pawn" or "pledge") was first used in Saxon times, and consisted of silver to the amount of 22-1/2 grs. troy, and the value of 1/240 of the pound. The laws of Ina (7th century) speak of it, and up to the time of Edward I. it was indented with a cross, which enabled it to be broken into halfpennies and farthings. Edward I. settled its weight at 24 grs. Edward III. at 18 grs., Edward VI. at 8 grs., and Elizabeth at 7-23/31 grs. Copper pennies date from 1797, and bronze coinage was introduced in 1860.