NO. It is ascribed to another Englishman who lived in the 17th century.
Lady Randolph Churchill was a rich American born woman that married Lord Randolph Churchill. She was a popular woman of society and never had a job. She was a friend of Queen Alexander and a patron of the theater.
pound-foolish
Where jcpenny orignated
There is a penny board called the Penny Killer by Churchill that is a lot heavier than most penny boards. This will allow someone who is not as skinny to use them.
The phrase "penny wise, pound foolish" is an old English proverb that cautions against being frugal with small amounts of money (pennies) while simultaneously being wasteful with larger sums (pounds). It does not have a specific author attributed to it.
SpongeBob SquarePants - 1999 Penny Foolish Nautical Novice 6-2 was released on: USA: 7 March 2008 (6.2A/Nick 102A) USA: 29 March 2008 (6.2B/Nick 102B)
Examples of quotations include: "The only way to do great work is to love what you do" by Steve Jobs, "In the end, it's not the years in your life that count. It's the life in your years" by Abraham Lincoln, and "Success is not final, failure is not fatal: It is the courage to continue that counts" by Winston Churchill.
(q) How was copper wire inviented. (a) 2 Jews found the same penny
In Britain, where pounds and pence have been the standard currency practically forever. (The system was originally devised by Charlemagne in the 800s AD)
It refers to a person who will go to great pains to save a few Pennies here and there, but think nothing of spending a large sum of money on something they do not need. 'Penny-wise and pound foolish' means to be careful with small amounts of money, but careless when dealing with large ones. For example, someone who is careful to save small amounts, but spends it all on short term, wasteful things, could be described as being penny-wise and pound foolish. This means a person is careful or wise about little decisions but may not be careful about bigger ones. Like someone who would order a salad with low-calorie dressing, then follow it up with a super-duper ice-cream-laden double chocolate cholesterol fest.
The currency stated in the American Rev. making a common currency from the British. But the face and junk was started in the US. :D
The Online Etymology Dictionary says that it was first recorded in 1768: http://www.etymonline.com/index.php?search=%22pretty+penny%22&searchmode=none This has a more complete explanation, towards the bottom: http://www.randomhouse.com/wotd/index.pperl?date=20011023