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What does pennywise mean?

Looking for the meaning or definition of the word pennywise? Here's what it means.

Adjective
  1. Careful with small amounts of money or over small matters.
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Examples
Now some employers are reversing course, convinced that their pennywise approach does not always reduce long-term costs.
But trying to save money by cutting back on the subsidies is a quintessential example of being pennywise and pound-foolish.
Great New York Times article on being pennywise and pound-foolish.
The jockey, attached to the Venetia Williams yard, was taken to hospital after being unseated from Pennywise at the second-last in a maiden hurdle on Tuesday.
Stephen King's Pennywise becomes relatively benign in these cases.
East Anglians look particularly pennywise when compared with the Scots, who spend an average of pounds 68 on a wedding gift.

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