Grandma's gift of a penny to Nora most likely indicates that

she is stingy and mean-hearted

the story takes place many years ago

the family is expecting difficult times

she prefers her granddaughter over her grandson

In the story entitled "First Confession", The grandmother's gift of a penny to Nora most likely indicates that the story takes place many years ago. I hope you are satisfied with my answer and feel free to ask for more if you have question and further clarifications