The Collaborative International Dictionary of English v.0.48:

Precedence \Pre*ced"ence\, Precedency \Pre*ced"en*cy\, n. [Cf.
   F. pr['e]c['e]dence. See Precede.]
   1. The act or state of preceding or going before in order of
      time; priority; as, one event has precedence of another.
      [1913 Webster]

   2. The act or state of going or being before in rank or
      dignity, or the place of honor; right to a more honorable
      place; superior rank; as, barons have precedence of
      commoners.
      [1913 Webster]

            Which of them [the different desires] has the
            precedency in determining the will to the next
            action?                               --Locke.
      [1913 Webster]

   Syn: Antecedence; priority; pre["e]minence; preference;
        superiority.
        [1913 Webster]

WordNet (r) 3.0 (2006):

precedency
    n 1: status established in order of importance or urgency;
         "...its precedence as the world's leading manufacturer of
         pharmaceuticals"; "national independence takes priority
         over class struggle" [syn: precedence, precedency,
         priority]
    2: preceding in time [syn: priority, antecedence,
       antecedency, anteriority, precedence, precedency]
       [ant: posteriority, subsequence, subsequentness]
    3: the act of preceding in time or order or rank (as in a
       ceremony) [syn: precession, precedence, precedency]