Penny (probably derived from the root pand, "pawn" or "pledge") was first used in Saxon times, and consisted of silver to the amount of 22-1/2 grs. troy, and the value of 1/240 of the pound. The laws of Ina (7th century) speak of it, and up to the time of Edward I. it was indented with a cross, which enabled it to be broken into halfpennies and farthings. Edward I. settled its weight at 24 grs. Edward III. at 18 grs., Edward VI. at 8 grs., and Elizabeth at 7-23/31 grs. Copper pennies date from 1797, and bronze coinage was introduced in 1860.