Two gentlemen ride penny-farthings in Los Angeles, 1886. Courtesy of the Los Angeles Public Library's Photo Collection
From Wikipedia/Penny-Farthing: Although they are now most commonly known as ‘penny-farthings’, this term was probably not used until they were nearly outdated; the first recorded print reference is 1891 in Bicycling News. It comes from the British penny and farthing coins, one much larger than the other, so that the side view resembles a penny leading a farthing.
+ Source: 1885 Penny Farthing High Bicycle :: Mecum Auctions
+ Related: Victor Light Roadster Highwheel Bicycle :: The Splendid Peasant :: 1st Dibs
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