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The Nuttall Encyclopedia
Originally a silver coin, weighed in the 7th century 1/240-th of a Saxon pound, but decreased in weight till in Elizabeth's time it was 1/63 of an ounce troy. It was at first indented with a cross so as to be broken for halfpennies and farthings, but silver coins of these denominations were coined by Edward I. Edward VI. stopped the farthings, and the halfpence were stopped in the Commonwealth. Copper coinage was established in 1672. The present coins were issued first in 1860. They are half the size of their predecessors, and intrinsically worth one-seventh of their nominal value.
Wood, James, ed. Entry for 'Penny'. The Nuttall Encyclopedia. https://www.studylight.org/encyclopedias/eng/nut/p/penny.html. Frederick Warne & Co Ltd. London. 1900.