Look after new money after dropping penny (5)
I believe the answer is:
nurse
'look after' is the definition.
(I've seen this before)
'new money after dropping penny' is the wordplay.
'new' becomes 'n' (common abbreviation eg NT for New Testament).
'money' becomes 'purse' (a purse contains money).
'after dropping' suggests deleting specific letters.
'penny' becomes 'p' (short for pence).
'purse' with 'p' taken away is 'urse'.
'n'+'urse'='NURSE'
(Other definitions for nurse that I've seen before include "Feed" , "One caring for patient" , "Trained carer" , "One tending the sick" , "Hospital carer" .)