You are correct. You will also hear /ɪn frə peni/ and even /ɪm frə peni/.

Student or Learner
Hi,
Which one is correct in RP?
/ɪn fər/ fə ə peni/
I think /ɪn fər ə peni/ because even though /r/ is not pronouncedin RP, there a vowel after "for."
Correct me, please.
You are correct. You will also hear /ɪn frə peni/ and even /ɪm frə peni/.
in for a penny, in for a pound - Wiktionary
/ˈpɛ.ni/
Thank you, 5jj. Why has a word composed of two syllables been transcribed as monosyllable, please? Is it correct to pronounce the word penny like that? Shouldn’t be /ˈpen.i/? Each syllable must have a vowel, by the way.
penny noun - definition in British English Dictionary & Thesaurus - Cambridge Dictionary Online
/ˈpen.i/
Thank you.
The two syllables are separated after the "e". It's said "pe-nny" or, at a push, "pen-ny" (without pronouncing the "n" twice!). We don't separate it as "penn-y".
Remember - if you don't use correct capitalisation, punctuation and spacing, anything you write will be incorrect.
Thank you, 5jj. I did mean post #1 and #2, not mine.
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