i'm trying to find out who makes or markets a new modern version of the old
english bicycle called the "penny farthing" which i've just seen one
example of in tenerife.its not as big as the original bike,but is a
new smaller modern version of the same design features.

Dear rysmith,

One company marketing such a modernized, slightly scaled-down version
of a penny-farthing bicycle is Coker Tire Company Inc. As part of
their Coker Classic Cycles line, they distribute the "Coker Wheelman":
http://www.coker.com/store/customer/product.php?productid=18283&cat=303&page=1

For additional information, you may want to contact Coker:

Coker Tire
1317 Chestnut Street
Chattanooga, TN 37402
USA
--
Phone 1: 800-251-6336
Phone 2: (423) 756-5607
E-Mail: info@coker.com
Website: http://www.coker.com/


In case you are located in Europe please note that the Coker Wheelman
is also available, for example, in Great Britain from Unicycle.com:
http://www.unicycle.uk.com/shop/shopdisplayproduct.asp?catalogid=80

Gemcrest Limited
Unicycle.com
The Grange Business Centre
Belasis Avenue
Billingham
Stockton
TS23 1LG
GREAT BRITAIN
--
Telephone 1: 0800 980 0711
Telephone 2: (+44) 1642 361 203
Fax: (+44) 1642 361 254
E-Mail: Roger@Unicycle.UK.Com
Website: http://www.unicycle.uk.com/



Another distributor and manufacturer of scaled-down modern
penny-farthing bikes is Rideable Bicycle Replicas, who offer besides
authentic replicas of those bicycles the "RBR Mini Hiwheel":
http://www.hiwheel.com/antique_replicas/mini_hiwheel.htm

For additional information, here is their contact information:

Rideable Bicycle Replicas
2329 Eagle Ave.
Alameda, CA 94501
USA
--
Phone: 510-769-0980
Fax: 510-521-7145
Email: info@hiwheel.com
Website: http://www.hiwheel.com/


Search terms used:
"penny farthing" modern
://www.google.de/search?hl=de&ie=UTF-8&newwindow=1&q=%22penny+farthing%22+modern&btnG=Suche&meta=
Coker Wheelman
://www.google.de/search?q=Coker+Wheelman&hl=de&lr=&ie=UTF-8&newwindow=1&start=0&sa=N
"coker wheelman"
://www.google.de/search?hl=de&ie=UTF-8&newwindow=1&q=%22coker+wheelman%22&btnG=Suche&meta=
RBR Mini Hi-Wheel
://www.google.de/search?hl=de&ie=UTF-8&q=RBR+Mini+Hi-Wheel&btnG=Google-Suche&meta=


Special thanks to my colleague Researcher pinkfreud-ga for a most valuable hint.


Hope this is what you were looking for!
Regards,
Scriptor

a very good answer finding not quite but very near to the bike i
saw.the one i saw was even more of a more modern bike but with the
wheel size feature of the penny farthing,all on a smaller modern bike
size scale,any other types?