So i thought i would start looking into it to answer some of these question that were posed.
The Penny Farthing
Penny-farthing, high wheel, high wheeler, and ordinary are all terms used to describe a type of bicycle with a large front wheel and a much smaller rear wheel that was popular after the boneshaker, until the development of the safety bicycle, in the 1880s. They were the first machines to be called "bicycles".
Although they are now most commonly known as "penny-farthings", this term was probably not used until they were nearly outdated; the first recorded print reference is 1891 in Bicycling News. It comes from the British penny and farthing coins, one much larger than the other, so that the side view resembles a penny leading a farthing.
For most of their reign, they were simply known as "bicycles". In the late 1890s, the retronym "ordinary" began to be used, to distinguish them from the emerging safety bicycles, and this term or Hi-wheel (and variants) is preferred by many modern enthusiasts.
About 1870, English inventor, James Starley, described as the father of the bicycle industry, and others began producing bicycles based on the French boneshaker but with front wheels of increasing size, because larger front wheels, up to 1.5 m (60 in) in diameter, enabled higher speeds on bicycles limited to direct drive. In 1878, Albert Pope began manufacturing the Columbia bicycle outside of Boston, starting their two-decade heyday in America.
Although the trend was short-lived, the penny-farthing became a symbol of the late Victorian era. Its popularity also coincided with the birth of cycling as a sport.
Development
Frenchman Eugene Meyer is now regarded as the father of the High Bicycle by the International Cycling History Conference in place of James Starley. Meyer patented a wire-spoke tension wheel with individually adjustable spokes in 1869. They were called "spider" wheels in Britain when introduced there. Meyer produced a classic high bicycle design until the 1880s.
James Starley in Coventry added the tangent spokes and the mounting step to his famous bicycle named "Ariel." He is regarded as the father of the British cycling industry. Ball bearings, solid rubber tires and hollow-section steel frames became standard, reducing weight and making the ride much smoother.
Penny-farthing bicycles are dangerous due to the risk of headers. Makers developed "moustache" handlebars, allowing the rider's knees to clear them, "Whatton" handlebars, that wrapped around behind the legs, and ultimately (though too late, after the Starley safety bike), with the 1889 American Eagle and Star, the position of big and small wheel was reversed. This prevented headers, but left the danger of being thrown backwards when riding uphill. Other attempts included moving the seat rearward and driving the wheel by levers or treadles, as in the Xtraordinary or Facile, or gears, by chain as in the Kangaroo or at the hub in the Crypto; another option was to move the seat well back, as in the Rational.
Even so, bicycling remained the province of the urban well-to-do, and mainly men, until the 1890s, and was a salient example of conspicuous consumption.
Attributes
The penny-farthing used a larger wheel than the velocipede, thus giving higher speed on all but steep hills. In addition, the large wheel rolled more readily over cobbles, stones, ruts, and so on. Since rough-paved and unpaved roads were more common than smooth roads, the increase in rider comfort was significant.
The high riding position might seem daunting, but mounting could be learned on a lower velocipede. Once mastered, a high wheeler can be mounted and dismounted easily on flat ground and some hills.
An important and unfortunate attribute of the penny-farthing is that the rider sits high and nearly over the front axle. When the wheel strikes rocks and ruts, or under hard braking, the rider can be pitched forward off the bicycle head-first, called "taking a header" or simply "a header". Headers were relatively common, and a significant hazard: riders sometimes died from headers. Riders coasting down hills often took their feet off the pedals and put them over the tops of the handlebars, so they would be pitched off feet-first instead of head-first. It is hypothesised that the origin of the Unicycle occurred when a wheelmen with great balance was able to recover from a mild header and continue to ride with the rear wheel off the ground. After mastering this skill he cut off the rear wheel.
Penny-farthing bicycles often used similar materials and construction as earlier velocipedes: cast iron frames, solid rubber tires, and plain bearings for pedals, steering, and wheels. They were often quite durable and required little service. For example, when cyclist Thomas Stevens rode around the world in the 1880s, he reported only one significant mechanical problem in over 20,000 km, caused when the local military confiscated his bicycle and damaged the front wheel.
Below is one answer i found to why the Penny Farthing was invented
Before the invention of the chain drive the rider either had to kick himself along or have the pedals stuck to the wheel axle. Due to the human anatomy a front wheel drive works better than a rear wheel drive. And if the wheel only turn as fast as the pedals you have to make the wheel big to get any speed out of it for transport. Same reason anyone invents anything A person had an idea and managed to turn it into reality.
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