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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.
East Anglians look particularly pennywise when compared with the Scots, who spend an average of pounds 68 on a wedding gift.
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.
Great New York Times article on being pennywise and pound-foolish.
Stephen King's Pennywise becomes relatively benign in these cases.
But trying to save money by cutting back on the subsidies is a quintessential example of being pennywise and pound-foolish.

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