Like so much else American, the name penny comes from England. The first modern English coin was the silver penny of Offa, the 8th century king of Mercia. By the 18th century — when the first U.S. coins went into circulation — Brits still used the word penny as the singular for pence, just as they do today. The coin's name derives from the Old English pennige, pronounced, roughly, penny-yuh.