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Updated: May 14, 2025
There was a settlement at Penmerryn, or Penmarin, now Penryn; and the spot on which Falmouth stands appears to have been known as Pen-y-cwm, the "head of the valley," to which the syllable quic was added, thus forming the familiar Penny-come-quick, for which it has been easy to find a plausible but erroneous derivation.
Its Cornish name is Pen-combick, meaning "the village in the hollow of the headland," which has been corrupted by the mariner into "Penny-come-quick," because on one occasion the landlady of the solitary inn sold the liquor engaged for a party of visitors to a parcel of thirsty Dutch sailors who had just landed, and, being taken to task for it explained that the "penny come so quick" she could not deny them.
It was enacted that the settlements hitherto known as "Smithike and Penny-come-quick" should become a corporate town under the name of Falmouth. Sir Peter Killigrew had already obtained from the Commonwealth a patent for a weekly market and two fairs, together with the rights of ferry to Flushing; and the custom-house had been removed to Falmouth from Penryn.
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