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It's a holdover from colonial times when British Coins were used. The British penny was about the same size as the first American one-cent coins and served a similar purpose in making change, so people used the name interchangeably. Since then it's just "stuck" in popular usage, the same way we talk about "dialling" a telephone even though dial phones haven't been used for decades.

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Q: Why a one cent piece is called a penny?
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One fifty-cent piece, one dime, and one cent (penny)


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