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<p>[QUOTE=&quot;foundinrolls, post: 512971, member: 4350&quot;]A penny was a British unit equal to 1/12 of a shilling which was the equivalent of 1/240 of a pound, used as a monetary unit.&nbsp; When Great Britain changed to a decimal based system,&nbsp; the Penny became the equivalent of 1/100 of a pound.</p><p><br /></p><p>In the U.S.&nbsp; The Cent is 1/100 of a dollar.</p><p><br /></p><p>So technically,&nbsp; we do use a cent as a monetary unit and not a penny.</p><p><br /></p><p>The word penny over time has indeed changed and is interchangeable with the word cent.&nbsp; This at least gives you the history behind it, to a point.&nbsp; </p><p><br /></p><p>Collectors of British coins use the word penny and purist collectors of U.S. coins will use the word cent.</p><p><br /></p><p>The word Penny is so common in United States numismatic culture that I have a box marked PENNIES and each wrapper in the box is marked PENNIES even though they really are cents<img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie1" alt=":)" unselectable="on" unselectable="on" /></p><p><br /></p><p>Thanks,</p><p>Bill[/QUOTE]</p><p><br /></p>

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