from a comparison of the size difference between the two bicycle wheels to the size difference between an old British penny and a farthing
British Dictionary definitions for pennyfarthing
penny-farthing
noun
1.
(Brit) an early type of bicycle with a large front wheel and a small rear wheel, the pedals being attached to the front wheel US name ordinary
Word Origin
C20: so called because of the similarity between the relative sizes of the wheels and the relative sizes of the (old) penny and farthing coins
Word Origin and History for pennyfarthing
adj.
also penny farthing, penny-farthing, "ineffective," 1887, from penny + farthing, the two together making but a small sum. The noun, in reference to the kind of bicycle with a small wheel in back and a big one in front (so called from the notion of different size coins) is first recorded 1927.