Fruit, penny apiece (5)
I believe the answer is:
peach
'fruit' is the definition.
(type of fruit)
'penny apiece' is the wordplay.
'penny' becomes 'p' (short for pence).
'apiece' becomes 'each' (synonyms).
'p'+'each'='PEACH'
(Other definitions for peach that I've seen before include "Shade of pink tinged with yellow" , "nickname of US State" , "TREE" , "Turn informer" , "Fruit - beauty" .)