a coined phrase taken from the termspenny and soldier. Penny means "costing a penny or of the value or price of a penny; a very little or least amount of wealth, money, etc." Thus, penny soldier is characteristic of a soldier who is paid a small amount or the least amount of money for his services; having the characteristic of doing work for a penny or at a very cheap rate.a coined phrase meaning "a soldier who is paid a small amount or the least amount of money for his services." Penny means "costing a penny or of the value or price of a penny; a very little or least amount of wealth, money, etc."n. a coined term referring to a soldier who is paid a singlepenny or a trivial amount of money for his services. Penny refers to a coin with very little monetary value and is used figuratively to describe an insignificant amount or something of very little worth.