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The Penny Farthing was the first machine to be called a bicycle. Its name came from its large front wheel and smaller back wheel, which resembled the largest and smallest coins of the time.The bicycle was designed by a British Victorian inventor, James Starley. In 1878, the Columbia bicycle factory opened in the United States, and the machine became popular there. The national Penny Farthing championship races are held every year in Tasmania, Australia.