Hand over one old coin, receiving a pound: great! (8)
I believe the answer is:
splendid
'great' is the definition.
(I've seen this before)
'hand over one old coin receiving a pound' is the wordplay.
'hand over' becomes 'spend' (to spend is to hand over money).
'one old coin' becomes 'id' (resembles 1d, pre-decimal penny coin).
'receiving' is an insertion indicator.
'a pound' becomes 'l'.
'spend'+'id'='spendid'
'spendid' placed around 'l' is 'SPLENDID'.
(Other definitions for splendid that I've seen before include "Magnificent, brilliant" , "Excellent, magnificent" , "Marvellous" , "Very fine, quite glorioous" , "Grand" .)