Norm, Penny, and even Barry (3)
I believe the answer is:
par
'norm' is the definition.
(I've seen this before)
'penny and even barry' is the wordplay.
'penny' becomes 'p' (short for pence).
'and' says to put letters next to each other.
'even' indicates alternate letters (letters in even-numbered positions are used).
The alternating letters of 'barry' are 'ar'.
'p'+'ar'='PAR'
(Other definitions for par that I've seen before include "A number of golfing" , "level footing" , "Expected golf hole score" , "Average standard" , "Face value; equal standing" .)