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<p>[QUOTE=&quot;Conder101, post: 369096, member: 66&quot;]Actually you are not old enough.&nbsp; Back before the ratification of the Constitution and before before the Mint act that defined the relationship of our coins, each state defined its own local &quot;money of account&quot; with it&#039;s own relationships between denominations.&nbsp; In New York the penny was defined as one nintieth of a spanish milled dollar and since New York was the major economic state it tended to have a lot of influence on the economies of the other states and most everyone would be familier with the New York money of account.&nbsp; In fact that is why the cent came to be commonly called a penny because it was very close in value to the New York penny.&nbsp; The slang term did NOT come from the British penny which was worth more than twice what the cent was worth.&nbsp; (And at that time there had not been a british penny minted for over a hundred years, and it was a small thin silver coin not a copper one.[/QUOTE]</p><p><br /></p>

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