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It is rare, and ignored by the experts. It appears, from the few notices found, to be southern English. Presumably it is from some minor or lost place name, denoting a field for which a penny rent is payable. The English place name/surname Pennington identifies a farm at a penny rent.
Otherwise it might mean a field belonging to someone surnamed Penny. A highly unlikely explanation (but one never knows) is that it is a variant of the surname Penfold.