A Penny Farthing was a 19th Century bicycle invented in 1871 by British engineer, James Starley.
It was named for the disparate size of the two wheels, the Penny being very much larger than the Farthing.
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A "Penny Farthing" was a type of bicycle, so called because of the disparate size of the front and back wheels which were likened to a Penny and a Farthing.
The Penny Farthing bicycle had probably long since fallen from favour by 1922.