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What is a pennyweight?

What is a pennyweight? Here are some definitions.

Noun
  1. A former unit of mass equal to 24 grains, or 1/20th of a troy ounce
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Examples
They are each to be of the value of half a cent, and to contain five pennyweights and a half a pennyweight of copper.
The trees, burdened with the last infinitesimal pennyweight of snow their branches could hold, stood in absolute petrifaction.
Over the years, the penny was gradually debased until by the 16th century it contained about a third the silver content of a proper troy 24 grain pennyweight.
Gold of the same coin, and of Arabia, at five shillings the pennyweight.
An ounce is valued at eighteen dollars, a pennyweight at ninety cents, and so on.
One troy pound weighs 373.25 g and is subdivided into troy ounces, pennyweight and grains.

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