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In for a penny in for a pound is an English language idiom meaning once you have committed a particular course of action or taken a decision, you must be committed to it with all your heart and mind, regardless of the potential consequences or risks involved in it. In this blog, we will be talking more about in for a penny in for a pound meaning, usage, examples and much more. To gain all the relevant information, make sure you keep reading this blog post.
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In For a Penny In For a Pound Meaning & Origin
In for a penny in for a pound meaning is that once you have started something, especially something risky or difficult, you might as well see it through to the end, no matter the cost. It suggests full commitment since you’ve already invested effort, time, or resources.
This phrase, ‘In for a penny, in for a pound’ first originated in the UK and is mostly associated with gambling and betting. In the context of gambling, it suggests that if you are already willing to risk a small amount of money, that is, a penny, you might increase your bet and risk a larger amount (a pound). This idiom denotes the willingness to accept the potential consequences or losses that come with the initial decision.
The idiom “in for a penny, in for a pound” has a murky origin, but we can trace its use back to the 1600s in England. Back then, it meant that owing a small amount (a penny) wasn’t much better than owing a large amount (a pound) because the consequences of not paying either were likely similar. Over time, the idiom evolved to convey the idea that if you’ve already begun something, even if it’s become more difficult or expensive than you anticipated, you might as well see it through.
Also Read: List of Idioms and Phrases for IELTS
In For a Penny, in For a Pound Usage With Examples
This idiom is frequently used in situations where someone has already used or committed a particular course of action or decision and is now in a dilemma to either go back or indulge more and face the consequences.
Here’s an example of ‘In a penny, in a pound’ with use in a sentence – ‘He’s already in for a penny, in for a pound. If he truly believes in the venture, he should invest more and give it a fair chance.’ This means that this person has already invested a small amount of money in a risky venture and when he is faced with the option of investing more money with the potential to increase the returns or to make it more beneficial.
Here’s a list of some of the examples of the ‘In for a penny, In for a pound’ idiom, that will give you ideas on how to use them in a sentence.
- ‘Remember, in for a penny, in for a pound. You’ve already invested time and resources into this business. Don’t give up now; commit fully and work towards success.’
- ‘It’s a tough road, but remember, in for a penny, in for a pound. You’ve come this far, and quitting now would mean wasting all the effort you’ve put in. Keep pushing forward and give it everything you’ve got.’
- ‘If you want to quit, I’ll understand.’ ‘No, I’m sure we can do this. In for a penny, in for a pound.’
Also Read: Idioms with Examples
In For a Penny In For a Pound Synonyms
There are a lot of similar phrases or synonyms to the idiom ‘In for a penny, in for a pound’. Here’s a list of some of the popular similar phrases to in for a penny, in for a pound:
- There’s no stopping someone
- Where there’s a will, there’s a way
- Wild horses couldn’t…
- If it’s the last thing I do.
Also Read – Useful Idioms for IELTS That Will Boost Your Score
In For a Penny In For a Pound Quiz
Now, that you have acquired all the relevant knowledge about the idiom ‘in for a penny, in for a pound’, it’s time that you test your knowledge through the quiz we have prepared for you. You can check your answers mentioned at the end.
Q1. What does the phrase “In for a penny, in for a pound” mean?
a) To be careful with money
b) To fully commit to something once started
c) To save money for the future
d) To avoid taking risks
Answer: b) To fully commit to something once started
Q2. What is the origin of the phrase “In for a penny, in for a pound”?
a) Gambling practices in ancient Rome
b) British currency and financial penalties
c) American banking policies
d) Medieval French taxation
Answer: b) British currency and financial penalties
Q3. Which of the following situations best reflects “In for a penny, in for a pound”?
a) Quitting a project halfway
b) Continuing an expensive renovation after spending a large amount
c) Refusing to invest in a risky stock
d) Saving money for retirement
Answer: b) Continuing an expensive renovation after spending a large amount
Q4. If someone says, “I’ve already spent so much time on this project, I might as well finish it,” which phrase applies?
a) A bird in the hand is worth two in the bush
b) In for a penny, in for a pound
c) A rolling stone gathers no moss
d) Penny-wise, pound-foolish
Answer: b) In for a penny, in for a pound
Q5. Which of the following is an opposite approach to “In for a penny, in for a pound”?
a) Cutting losses and walking away
b) Doubling down on an investment
c) Committing more resources to a task
d) Persevering through difficulties
Answer: a) Cutting losses and walking away
Q6. What is the meaning of “penny” and “pound” in the phrase?
a) They represent small and large efforts, respectively
b) They refer to literal money and saving
c) They symbolize luck and misfortune
d) They describe different types of currency
Answer: a) They represent small and large efforts, respectively
Q7. Which idiom conveys a similar idea to “In for a penny, in for a pound”?
a) Go big or go home
b) A stitch in time saves nine
c) Look before you leap
d) Every cloud has a silver lining
Answer: a) Go big or go home
Q8. How does the phrase relate to decision-making?
a) It encourages careful planning before acting
b) It suggests that once committed, one should continue despite risks
c) It promotes avoiding unnecessary risks
d) It emphasizes the importance of saving money
Answer: b) It suggests that once committed, one should continue despite risks
Q9. Which famous field uses a concept similar to “In for a penny, in for a pound”?
a) Medicine
b) Economics (Sunk Cost Fallacy)
c) Literature
d) Sports
Answer: b) Economics (Sunk Cost Fallacy)
Q10. A person who keeps investing in a failing business because they have already spent a lot follows which principle?
a) The law of diminishing returns
b) The sunk cost fallacy
c) The butterfly effect
d) The scarcity principle
Answer: b) The sunk cost fallacy
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FAQs
This idiom means that once you’ve started something, you might as well see it through, even if it becomes more difficult or expensive.
Pound and penny refer to units of currency. The pound (£) is the primary unit of currency in the United Kingdom and several other countries. While, a penny is a sub-unit of the pound, similar to cents in the US dollar.
A pound is divided into 100 pence (p). Pence is the plural form, while penny is the singular form.
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