The silver penny was the basic currency in England from the time of Offa (757-95) until Henry III. It was the only coin in circulation, though pennies were often cut in half or in quarters to provide halfpennies and farthings. Minting was confined to boroughs, most of which had a least one *moneyer. From the time of Edgar (959-75), coins regularly carried the names of both moneyer and minting-place, as well as that of the king who issued them. In 1279, there was an extensive recoinage when the halfpenny and *farthing were issued, as well as the *groat. For luxury items the gold *bezant was used and accepted from Byzantium to Carlisle or Dublin. A gold penny was issued by Henry III in 1257 worth 20 silver pennies, but it was not a success. -
Dictionary of Medieval Terms and Phrases. Christopher Coredon with Ann Williams.