Why was the penny farthing bicycle invented?

The folding bicycle was invented so that this light-weight and efficient vehicle could be transported without requiring excessive space in which to do so. Airplanes (private) and modest pleasure boats are vehicles onto which a folding bike could fairly easily be loaded, and this happens more than one might think. The wheels are smaller in diameter than a full sized bike, and because the frame will fold in half, the whole unit can be stowed easily without the inconvenience of having to remove the wheels.