The Threepenny Review is one of the most well renowned and respected literary journals in America. They publish authors from all over the world, and many famous writers, both poets and fiction writers have been published in The Threepenny Review.
The Threepenny review also pays very well. They pay $400 per short story and $200 per poem. This is a good amount of money for even a print journal to offer its contributors. It is far more than most literary publications offer.
However, the Threepenny Review only reads submissions during the first half of the year. So if you want your work to be considered for publication you must submit before the end of June. Otherwise you will have to wait till January 2014 in order to submit again.
They also have a very quick response time. They generally respond to submitted work within a couple of days. Because of this, they do not read work that is simultaneously submitted elsewhere. You must submit your work to them exclusively. If they decline, which only takes a few days, you are free to submit it elsewhere.
While they are a print publication you can get a good feel for their magazine by browsing through the Reading Room on their website. In the Reading Room they post pieces of fiction, essays, and poems they particularly enjoy. Throughout the magazine they really seem to favor publishing work with clean, easy to read language, and that contains good ideas.
The short stories they accept are under 4,000 words, and they do not consider poems that are over 20 lines in length. They accept less then 1% of the work submitted to them for consideration.
The Threepenny Review has an easy to use online submission system, and also accept submissions through the post, but not through email. All work submitted electronically should be formatted into a .doc file or .docx file.
In conclusion you should submit to The Threepenny Review before they close for the year because they are respected, and they respect their writers by paying them properly for their work. You can visit their website here: http://threepennyreview.com/