The Penny Knot is a very popular knot with fly-fishermen for attaching a fly to the leader. The Penny Knot works just as well for attaching a hook or lure. When mastered it is easy to tie and can be tied in the dark. The Penny Knot retains around 75 percent of the lines original breaking strength. Follow along with this fishing how-to video and learn how to tie the penny knot.