A more thorough explanation:

Definition: Earles-penny is a term used in history to refer to money given as part payment or earnest. It is also known as earl's penny.

Example: In medieval times, when a person wanted to buy land from a lord, they would give an earles-penny as a sign of their intention to purchase the land. This penny was a small amount of money, but it was a symbol of the buyer's commitment to the transaction.

Explanation: The example illustrates how earles-penny was used as a form of earnest money. It was a way for buyers to show their commitment to a transaction and to demonstrate that they were serious about purchasing the land. The earles-penny was a small amount of money, but it was an important part of the transaction process.