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If you were selling food stamps( which I think is illegal) you would say 50 cents on a dollar or something like that. So for every dollar you only pay 5o cents. So basically when something says "pennies on a dollar" it means that you are paying pennies for each dollar.
It means it's discounted by quite a lot, but be careful because a lot of companies use it even if it isn't discounted all that much.
