Nominally a pound in cash (5)

I believe the answer is:

colin

I'm a little stuck... Click here to teach me more about this clue!

'nominally a' is the definition.
I can't judge whether this defines the answer.

'pound in cash' is the wordplay.
'pound' becomes 'L' (the pound sign is based on an L).
'in' indicates putting letters inside.
'cash' becomes 'coin' ().
'l' going inside 'coin' is 'COLIN'.

Can you help me to learn more?

(Other definitions for colin that I've seen before include "--- Wilson, Eng. writer (The Outsider)" , "Man's name" .)

I've seen this clue in the Evening Standard.

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