ETYM Old Eng. peni, as. penig, pening, pending; akin to Dutch penning, Old High Germ. pfenning, pfenting, German pfennig, Icel. penningr; of uncertain origin.
1. A coin worth one-hundredth of the value of the basic unit; SYN. cent, centime.
2. A fractional monetary unit of Ireland and the United Kingdom; equal to one hundredth of a pound.

ETYM Perh. a corruption of pun, for pound.
1. Priced at 1 cent.
2. (Used in combination) Priced as indicated.