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Does the '¢' in the US cent sign stand for 'cent'?

Yes, it does. It dates back to the early 19th century. Writing a letter with the line through it is a common way of indicating that it is a currency symbol, and not just an ordinary letter of the alphabet.

 

You may also be interested in: What is the origin of the dollar sign ($)?
Or take a look at: What is the origin of the pound sign (£)?

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