Distant object, a coin of low denomination once (8)
I believe the answer is:
farthing
'a coin of low denomination once' is the definition.
(pre-decimal coin)
'distant object' is the wordplay.
'distant' becomes 'far' (similar in meaning).
'object' becomes 'thing'.
'far'+'thing'='FARTHING'
(Other definitions for farthing that I've seen before include "of negligible value" , "One quarter of an old penny: measure of land in old England" , "Obsolete small coin" , "It used to be one quarter of a penny" , "Old quarter of a penny is a remote object" .)