Definition
Prudent and thrifty with small amounts of money, but wasteful with large amounts.
Origins
From the British currency (one penny being one hundredth of a pound or, prior to decimalisation, one 240th of a pound).
In Context
- "In the past our government has nowhere been more penny wise and pound foolish than in connection with its expenditures for conservation."
See Also
- chase pennies with dollars
- false economy
- in for a penny, in for a pound
- penny-wise
- pound-foolish
- take care of the pennies and the pounds will take care of themselves