penny

noun [C]

/ˈpen.i/ (plural pence, p or pennies)

Definition

B1 (abbreviation p) the smallest unit of money in the UK, of which there are 100 in a pound, or a small coin worth this much. You use 'pence' or, more informally, 'p' when you are talking about the units of money and pennies when you are talking about the coins themselves: Could you lend me 50 pence/50p please? I found a ten/twenty/fifty pence piece (= a coin of this value) on the floor. I keep pennies and other small coins in a jar.British money › in the US and Canada, a cent or a coin of this valueNorth American money › (also old penny, abbreviation d) in Britain before 1971, a large coin. There were twelve pennies in a shilling.British money › used when talking about the smallest amount of money possible: Buy a TV now and it won't cost you a penny (= will cost nothing) for three months. It was an expensive meal but worth every penny.Forms of money and methods of payment

(Definition of penny noun from the Cambridge Advanced Learner's Dictionary & Thesaurus © Cambridge University Press)