Penny 3 : In traditional British usage, another name for part [1] as used with sums of money. An expression such as "the fourth penny" means 1/4 of the sum
Russ Rowlett (Director), How Many? A Dictionary of Units of Measurement, Center for Mathematics and Science Education University of North Carolina, USA 2005. http://www.unc.edu/~rowlett/units/dictA.html, (Unit of Meas and Covr Factors - Amer) {608}