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Here's a powerful shove on the positive side: versatility! Penelope by itself (same rhythm as Elizabeth, which nobody minds), Penny (fine), Nel or Nell or Nellie (varying degrees of fine), Poppy (trendy right now, and my least favourite, but not bad) - and the associations with Mrs Odysseus are wonderful.

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Just one thing that might tip you on to the other side: I used to know an Yvonne Frances whose nickname as a baby was Squeaker for obvious reasons. She became known as Penny Squeaker, and then as Penny, and had difficulty recognising herself as an Yvonne. But then some of her friends started playing around with Penelope and came up with Lopes! (As in I lope, you lope, she lopes; not like Lopez.) Of course, the chances of that happening twice are pretty small.