Part of the dumb "pie-cost" joke.
Joker: Too bad we don't have a pie-cost.
Victim: What's a pie-cost?
Joker: Oh, about six bucks ... (rim-shot)
(also, same joke, using "hen-way" (oh, about 3 pounds ...)
adjective used to describe something cheap and of poor quality. Worth about $1.20 (the cost of a pie). This term is only used by Maori and Polynesians in Auckland.
Nesian: F*** bro, those shoes are pie-cost bro. Don't yous get enough Dole money to buy shoes?
Maori: Nah bro I racks them eh!