Continue to hoard old pennies and shillings for favoured child (6)
I believe the answer is:
godson
'favoured child' is the definition.
'continue to hoard old pennies and shillings' is the wordplay.
'continue' becomes 'go on' (synonyms).
'to hoard' means one lot of letters goes inside another (inserted letters are held or hoarded).
'old pennies' becomes 'd' (historical abbreviation for pennies).
'and' is a charade indicator (letters next to each other).
'shillings' becomes 's' (abbreviation e.g. Lsd - pounds, shillings, pence).
'd'+'s'='ds'
'goon' going around 'ds' is 'GODSON'.
'for' is the link.
(Other definitions for godson that I've seen before include "He's to be guided, morally" , "Boy one speaks for" , "Boy sponsored at baptism" , "Male godchild" , "Boy benefiting from sponsorship" .)