Thankfully we have tamed our penny somewhat, from the wild beast it used to be. It used to be abbreviated to "d" and there were 12 of them to the shilling (s) and 20 shillings to the pound (l ie: £, which is what happens when you get the ink pen out).
In 1971 we decided to stop taking the piss and fall in line with the rest of the civilized world and decimalise: One squid = 100 pennies!
So the US call their cents "pennies". How cute 8) Those odd abbreviations I mentioned earlier - LSD for pounds/shillings and pence. They are sort of derived from libra/sestertii/denarius ie Roman currency units. I've glossed over florins, sovereigns, groats and all the other weird and wonderful coinage of the realm. We were not alone, most countries have some pretty odd past coinage and currency ... or didn't bother and stuck with barter for simplicity.