Thank you for providing the previous links and discussion. And though I still would like to see something historical that pins the name "Penny" to the style (period design sketch, advert, pricesheet, ...), the sequence of events described would help to explain the early 1970s overlap between the last release of the Dinky Shopping Bag Tote (metal tag + bound edges + black fabric lined) and the introduction of this style of bag (the earliest of which also had metal tags). It certainly would have been confusing to have the word Dinky assigned at the same time to two very different designs. But given the history and catchiness of the "Dinky" moniker first penned by BC (who also spelled it as "Dinkey" in some of her sketches), I can appreciate the desire to recycle the name once the Shopping Bag Tote had been retired.
Interesting how the the prior discussion string occurred in 2012, which I believe is the year the Legacy Penny line was introduced. And even though the 7-1/2" Legacy Penny is smaller than the 9" of both the Dinky and its precursor Penny, perhaps there was a historical link that led to assigning the name. After all, we all know COACH's propensity for taking liberties with recycling names. And even when there is design linkage (such as with the Dinky 1941 series with its removable straps and some with #9385-like inside kisslock purses) design attributes from other vintage styles do get incorporated.
ETA: Thank you
@Catbird9 for sharing your photos. Interesting how the identification of this particular style migrated from an interior metal tag, to a like-located cartouche imprint on the inside suede surface (bad idea), to a cartouche imprint on the smooth leather front (above the male turnlock and covered by the flap).
ETA2: Interesting how the burgundy bag shown in Jed's response has an NYC creed + ident # (which would place it in the late 1970s or later). Then it certainly should appear in the paper "catalogs" from that period.