08:15 Feb 11, 2011 

penny
in traditional British usage, another name for part [1] as used with sums of money. An expression such as "the fourth penny" means 1/4 of the sum.
part [1]
a unit used in informal statements of proportion or in prescriptions for mixtures. The fraction of an ingredient present is the number of parts of that ingredient divided by the total number of parts present. For example, hummingbirds can be attracted to feeders with a mixture of 1 part sugar dissolved in 4 parts water (equivalent to a solution of 1/5 sugar and 4/5 water, by volume).