Is there a chance you're looking for something less expensive than Pernod (though I have to say I loved your Penrod! You should see some of the typos I've made)? I tried that once also, when I was developing a recipe involving steaming mussels. I wanted to give users the option to use the high-priced stuff or not. It worked fairly well. A few weeks later when I tried to use the substitution in summertime cocktails, it was HORRIBLE! So the moral of the story may be that something of lower price in this case really does mean lesser quality. If you're only planning to cook with it, at least know its limitations. What are you making, by the way?
Do you mean PeRNod? I don't know what "Penrod" is, otherwise. Pernod, being anise flavored, I'd think you could sub Sambuca or another licorice-flavored spirit.
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