penny: meaning, definition, pronunciation and examples
B1Neutral (used in both formal financial contexts and informal everyday speech).
Quick answer
What does “penny” mean?
A one-cent coin, the smallest unit of currency in systems such as the British pound or the US dollar.
Audio
Pronunciation
Definition
Meaning and Definition
A one-cent coin, the smallest unit of currency in systems such as the British pound or the US dollar.
Any small sum of money; used figuratively to denote something of very low monetary value or, conversely, to emphasize the value of a single unit (e.g., 'a penny for your thoughts'). Also used in compound terms like 'penny-pincher' for a frugal person.
Dialectal Variation
British vs American Usage
Differences
In UK English, 'penny' refers to 1/100 of a pound sterling (1p). The plural for the unit is 'pence' (e.g., 'That costs fifty pence'). 'Pennies' is used for the physical coins themselves. In US English, 'penny' is the informal name for the one-cent coin, with 'cent' being the official term. The plural is always 'pennies' for both the coins and the amount.
Connotations
In both varieties, it connotes something of minimal value ('not worth a penny'). In the UK, historical phrases like 'spend a penny' (to use the toilet) are culturally specific.
Frequency
High frequency in both varieties due to its fundamental role in currency and common idioms.
Grammar
How to Use “penny” in a Sentence
cost/be worth + a penny/pennyspend/save + every pennynot have a penny to + verbthe penny + droppedVocabulary
Collocations
Examples
Examples of “penny” in a Sentence
verb
British English
- He tried to penny the components together from spare parts. (rare, informal: to assemble cheaply)
adjective
British English
- It was just a penny-ante scheme that never took off. (insignificant)
American English
- He invested in risky penny stocks. (very low-priced shares)
Usage
Meaning in Context
Business
Informal reference to minor costs or profits ('cut costs down to the last penny').
Academic
Rare, except in historical or economic texts discussing currency.
Everyday
Very common for discussing small change, prices, and in idiomatic expressions.
Technical
In finance, 'penny stock' refers to a very low-priced, speculative share.
Watch out
Common Mistakes When Using “penny”
- Using 'pences' as a plural (incorrect; it's 'pence').
- Saying 'It costs 50 pennies' in UK English for an amount (should be '50 pence').
- Confusing 'penny' (coin) with 'cent' (the US unit; 'penny' is the coin's colloquial name).
FAQ
Frequently Asked Questions
'Pence' is used for amounts and values (e.g., 'It costs fifty pence'). 'Pennies' refers to the individual physical coins themselves (e.g., 'A jar full of old pennies').
No, the official term is 'cent'. 'Penny' is the universal colloquial name for the one-cent coin.
It means someone has finally understood or realized something after a period of confusion.
Very rarely and informally, chiefly in British English, meaning to assemble or do something cheaply (e.g., 'penny something together'). It is not standard.
A one-cent coin, the smallest unit of currency in systems such as the British pound or the US dollar.
Penny is usually neutral (used in both formal financial contexts and informal everyday speech). in register.
Penny: in British English it is pronounced /ˈpɛni/, and in American English it is pronounced /ˈpɛni/. Tap the audio buttons above to hear it.
Phrases
Idioms & Phrases
- “A penny for your thoughts”
- “In for a penny, in for a pound”
- “Penny wise and pound foolish”
- “The penny dropped”
- “Turn up like a bad penny”
Learning
Memory Aids
Mnemonic
Think of a PEN writing on a tiny NY (New York) subway token – a penny is a small, written-on coin.
Conceptual Metaphor
MONEY IS A MEASURABLE SUBSTANCE (a penny is a unit of measurement for value); TRIVIALITY IS SMALL COINAGE (a penny represents insignificance).
Practice
Quiz
In UK English, which is the correct way to say the price is 0.01 GBP?