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A spencer dollar is another name for a benjamin, which is another name for a hundred dollar bill. Spencer is a rich man who spends $100 just as if it's $1, and anything less than a $100 bill is like pocket change.

This can be used to make items that are somewhat expensive sound much less expensive.
Miser: "The new iPod is so expensive!"
Dude: "What are you talking about? It only costs four spencer dollars."
by Rokali December 08, 2004
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