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Yes, penny is a Scrabble word!
...and is worth 10 points in Scrabble, and 12 points in Words with Friends
1. A fractional monetary unit of Ireland and the United Kingdom; equal to one hundredth of a pound
2. A coin worth one-hundredth of the value of the basic unit
What Scrabble words can I make with the letters in penny?
3 Letter Words
2 Letter Words