Penny

A penny is a coin or a unit of currency in various countries. Borrowed from the Carolingian denarius, it is usually the smallest denomination within a currency system. Presently, it is the formal name of the British penny and the de facto name of the American one-cent coin as well as the informal Irish designation of the 1 cent euro coin. It is the informal name of the cent unit of account in Canada, although one-cent coins are no longer minted there. The name is also used in reference to various historical currencies also derived from the Carolingian system, such as the French denier and the German pfennig. It may also be informally used to refer to any similar smallest-denomination coin, such as the euro cent or Chinese fen. The Carolingian penny was originally a 0.940-fine silver coin weighing 1⁄240 pound.