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Something that short brown-haired fagots say to girls because they think they're cool. When actually, the definition of pennywaxing is shoving a penny up your ass and then it coming out of your penis, causing it to shine.
Girl: Hey, can I borrow a penny?
Boy: Sure, you know, pennywaxers? ;)
Girl: Ew....
by marshmellowmountain February 11, 2011
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