The etymology of the word is unsettled. Some authorities claim it is from the Keltic word pen, a head. Conf. Tcston, Kopfstiick, etc. Others derive it from the Old High German, phantinc, or phentinc, meaning a pledge, and a third etymology is suggested from pfanne, a pan, due to the saucer shape of some of the bracteates.

The word was formerly frequently writ- ten Pfenning, and the plural at this day is Pfennig, or Pfennige, both forms being used. In all German archives of the Middle Ages the Denarius is translated by this word. In 1271 mention is made of denarii qui dicuntur Hantpennige, and in 1223 the Council of Quedlinburg men- tions a payment of talentum Quedlinghe- bvrgensivm denarwrum quod vidgariter Vischcpennige dicitur.

Originally two hundred and forty of these coins were computed at the Mark of fine silver. In course of time, however, they were not only made of lighter weight, but a certain proportion of base metal was added to their composition. The copper Pfennig was introduced in Westphalia in the sixteenth century and was soon copied throughout central Europe. At the pres- ent time the Pfennig is equal to the one hundredth part of the Mark. The German Empire now issues one and two Pfennige in copper, and five, ten, and twenty-five Pfennige in nickel.