What does pennies on the dollar mean?

Question

I have always heard it in movies but they move on too fast for me to process it.

In: Other

Answer 1

I have a painting that is worth $3 million. I owe a loanshark a bunch of money but don’t have the cash just the painting. A friend says he will give me the $50k I owe to the loan shark for the painting. I take it for pennies on the dollar because I am desperate.