Is out of low value coins for pasta (5)
I believe the answer is:
penne
'for pasta' is the definition.
(penne is a type of pasta)
'is out of low value coins' is the wordplay.
'out of' indicates named letters should be taken away.
'low value coins' becomes 'pennies' (a penny has low value).
'pennies' with 'is' removed is 'PENNE'.
(Other definitions for penne that I've seen before include "Tube pasta" , "Pasta in the shape of tubes" , "Form of pasta" , "Pasta in short tubes" , "Pasta (in wide tubes)" .)