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The meaning of this idiom is that if you have a lot of money you may think that a 50 paise coin and 1 rs or 2 rs coin is too small but if you have got no monoy a 50 pasie coin is like 50 lakh rs to  people
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It means that even  a small thing like a penny will worth you a lot if  there is nothing left for you to have and that is why you strive for a small thing ,even a penny................(JUST TAKE AN EXAMPLE OF A BEGGAR WITH NO MONEY!!! ) you can use this idiom for a person who is greedy but have no choice but to choose the dirtiest piece .......

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