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The abbreviated term used for measuring nail length is the Penny System. This terminology originates from the historical practice where the length of nails was often associated with a price measured in pennies. In this system, nails are categorized by number, which represents their length; for example, a 6-penny nail is shorter than a 10-penny nail. This method of measurement is particularly common in construction and woodworking, making it a useful reference for professionals in these fields.

The other options do not accurately describe a standard method for measuring nail length. The Pound System typically relates to weight rather than length, the Length System is too vague and does not specifically address nails, and the Unit System lacks specificity regarding the context of nail measurement. Therefore, the Penny System remains the recognized term for this purpose.