Penny Napoleonic Wars prompted the use of base metals in 1797. Despite the decimalization of currencies in the United States and, later, throughout the British Commonwealth, the name remains in informal use. No penny is currently formally subdivided, although farthings (¼ d.), halfpennies, and half cents have previously been minted and the mill (1/10¢) remains in use as a unit of account in some contexts. "Penny" is first attested in a 1394 Scots text, a variant of Old English ', a development of numerous variations including ', ', and '. The etymology of the term "penny" is uncertain, although cognates are
Penny knife on an axle mounted through a steel-bolstered wooden handle. Penny knife The penny knife dates from the 18th century and was a very basic utility knife, originally with a fixed blade. It received the name "penny knife" for what it reportedly cost in England and America during the late 18th century: one penny. The famous "Fuller's Penny Knife" helped build the reputation of Sheffield, England, cutlers in the pre-industrial era of the early 18th century. The "penny knife" would later evolve into a very simple, mass-produced pocketknife with a folding blade, which pivoted freely in and out of the handle