Term used to describe how quick one is on something. Much like the term stink on shit or white on rice. Whalen on a penny refers to the cheapness of a Dick Smith named Jeff. If one were to let a penny fall from their hands it would never hit the ground in the presence of Jeff.
Boss: Hey Peter are you going to have those TPS reports for me by lunch?
Peter: Chill out Lumberg! I am on it like Whalen on a penny.