Magnanimous peer (5)
I believe the answer is:
noble
This clue is a double definition.
'magnanimous' is the first definition.
(similar in meaning)
'peer' is the second definition.
(I've seen this before)
(Other definitions for noble that I've seen before include "August" , "Illustrious - of high birth - old gold coin" , "Magnificent old coin" , "like Basie or Ellington?" , "Having high moral qualities" .)