Syllable division derived from spelling — this word is not in the pronouncing dictionary, so no phonetic transcription is shown rather than a guessed one.
two-a-penny is an adjective meaning "of trifling worth". It carries one recorded sense.
of trifling worth
Definitions, synonyms and semantic relations for two-a-penny come from Princeton University’s WordNet. Commonness is measured against a corpus of everyday English. Full sources and licences.