The Penny was a planned free alternative newspaper for London, based on the model of New York’s Village Voice and other North American alt-weeklies.
The paper’s initial launch team including publisher Savannah Christensen and editor Mike Wendling produced a pilot issue in March 2006.

The pilot issue featured an in-depth profile of Bethnal Green and Bow MP George Galloway

George Galloway

George Galloway is a British politician, author, journalist and broadcaster who was a Member of Parliament from 1987 to 2010. He was formerly an MP for the Labour Party, first for Glasgow Hillhead and later for Glasgow Kelvin, before his expulsion from the party in October 2003, the same year...

, written by Wendling. Another issue with a print run in excess of 100,000 was released in August of the same year. The cover story was a feature on innovative climate change initiatives in London, and was written by freelancer Tom Burgis.
Problems securing funding and advertising in the wake of the launch two daily freesheets (the Associated Newspapers’ London Lite

London Lite

London Lite was the trading name of a British free daily newspaper, published by Associated Newspapers , and now defunct. It was available Monday to Friday afternoons and evenings from street distributors in Central London only...

 and News International’s thelondonpaper

Thelondonpaper

The London Paper was a free daily newspaper, published by NI Free Newspapers Ltd, a subsidiary of News International...

) meant that the paper closed shortly after the second issue.
After the paper folded, Wendling went on to work for BBC Radio

BBC Radio

BBC Radio is a service of the British Broadcasting Corporation which has operated in the United Kingdom under the terms of a Royal Charter since 1927. For a history of BBC radio prior to 1927 see British Broadcasting Company...

, while Christensen founded the London-based social networking website FridayCities.com.