Source : Webster's Revised Unabridged Dictionary (1913)

Penny \Pen*ny\, n.; pl. {Pennies}or {Pence}. Pennies denotes the
   number of coins; pence the amount of pennies in value. [OE.
   peni, AS. penig, pening, pending; akin to D. penning, OHG.
   pfenning, pfenting, G. pfennig, Icel. penningr; of uncertain
   origin.]
   1. An English coin, formerly of copper, now of bronze, the
      twelfth part of an English shilling in account value, and
      equal to four farthings, or about two cents; -- usually
      indicated by the abbreviation d. (the initial of
      denarius).

   Note: ``The chief Anglo-Saxon coin, and for a long period the
         only one, corresponded to the denarius of the Continent
         . . . [and was] called penny, denarius, or denier.''
         --R. S. Poole. The ancient silver penny was worth about
         three pence sterling (see {Pennyweight}). The old
         Scotch penny was only one twelfth the value of the
         English coin. In the United States the word penny is
         popularly used for cent.

   2. Any small sum or coin; a groat; a stiver. --Shak.

   3. Money, in general; as, to turn an honest penny.

            What penny hath Rome borne, What men provided, what
            munition sent?                        --Shak.

   4. (Script.) See {Denarius}.

   {Penny cress} (Bot.), an annual herb of the Mustard family,
      having round, flat pods like silver pennies ({Thlaspi
      arvense}). --Dr. Prior.

   {Penny dog} (Zo["o]l.), a kind of shark found on the South
      coast of Britain: the tope.

   {Penny father}, a penurious person; a niggard. [Obs.]
      --Robinson (More's Utopia).

   {Penny grass} (Bot.), pennyroyal. [R.]

   {Penny post}, a post carrying a letter for a penny; also, a
      mail carrier.

   {Penny wise}, wise or prudent only in small matters; saving
      small sums while losing larger; -- used chiefly in the
      phrase, penny wise and pound foolish.