Magnificent penalty (4)
I believe the answer is:
fine
I believe this clue is a double definition.
'magnificent' is the first definition.
(thesaurus)
'penalty' is the second definition.
(I've seen this before)
(Other definitions for fine that I've seen before include "No special brandy" , "A monetary penalty - sounds great" , "Very high quality money penalty" , "Money penalty is clear and dry" , "Super" .)