I much prefer the Victorian arcade scenario. From The Phrase Finder (which I find rather authoritative): "The Oxford English Dictionary states that this phrase originated by way of allusion to the mechanism of penny-in-the-slot machines. " The image of someone waiting for a penny-in-the-slot mechanism (which often jammed) to operate does sound plausible and, if that isn't the origin, it is difficult to image what is.
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"I sat and tho