A person who is such a cheap floozy, they are willing to pleasure you sexually for the cheap price of one penny.
Penny-slut may also refer to someone who gets worked up over the simplest of things.
Jim was walking down the street one day when he encountered a group of penny-sluts willing to give him a handy for a penny a piece.
Hana is being such a penny-slut about making sure the forks go on the right instead of the left on the table.
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