Descriptive phrase that usually refers to a person, but could also be in reference to place or thing. A positive, complimentary phrase meaning something is cool, cutting edge, intelligent, or otherwise in the know. Stems from the idea that most people don't know which president is on the dime, so those who do are pretty hip.
Similar to knowing "what time it is!"
1.) "Yo, that girl is on the dime! You gotta introduce me some time!"
2.) "That club used to be on the dime, but no one goes there any more."
3.) "Anyone who's on the dime will tell you that my band rocks the house every night!"