Coming before Penny again giving way (9)
I believe the answer is:
preceding
'coming before' is the definition.
('precede' can be a synonym of 'come before')
'penny again giving way' is the wordplay.
'penny' becomes 'p'.
'again' becomes 're'.
'giving way' becomes 'ceding' (I've seen this before**).
'p'+'re'+'ceding'='PRECEDING'
(Other definitions for preceding that I've seen before include "Coming/going before" , "earlier" , "Coming before" .)