God's Penny

In old English law. Money given to bind a bargain; earnest-money. So called because such money was anciently given to God, — that is, to the church and the poor. See "Denarius Dei."

In Old English Law. Money given to bind a bargain; earnest money. So called because such money was anciently given to God, — that is, to the church and the poor. “All over western Europe the earnest becomes known as the God's penny or Holy Ghost's penny (denarius Dei). Sometimes we find that it is to be expended in the purchase of tapers for the patron saint of the town, or in works of mercy. Thus the contract is put under divine protection. In the law merchant as stated by Pleta we seem to see God's penny yet afraid, if we may so speak, to proclaim itself as what it really is, namely, a sufficient vestment for a contract of sale. A few years later Edward I. took the step that remained to be taken, and by his Carta Mercatoria, in words which seem to have come from the south of Europe, proclaimed that among merchants the God’s penny binds the contract of sale so that neither party may resile from it. At a later day this new rule passed from the law merchant Into the common law." 2 Poll. & Maitl. 207. See Denarius Dei; Earnest; 2 Holdsw. Hist, E. L. 492.

In old English law. Earnest

In old English law. Earnest-money; money given as evidence of the completion of a bargain. This name is probably derived from the fact that such money was given to the church ordistributed in alms.

In old English law. Earnest money. See Denaritts 3eu