Waste shilling on a pair of queens? (8)

I believe the answer is:

squander

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'waste' is the definition.
(I know that waste can be written as squander)

'shilling on a pair of queens?' is the wordplay.
'a pair of queens?' means two replacements for 'queen'.
'shilling' becomes 's' (abbreviation e.g. Lsd - pounds, shillings, pence).
'on' says to put letters next to each other (in a down clue, letters appear on others).
'queen' becomes 'quand' (I am not sure about this - if you are sure you should believe this answer much more).
'queen' becomes 'ER' (abbreviation for Elizabeth Regina).
's'+'quand'+'er'='SQUANDER'

Can you help me to learn more?

(Other definitions for squander that I've seen before include "Misspend" , "Waste (a resource) recklessly" , "blow" , "Fritter away, waste" , "Spend thoughtlessly" .)

I've seen this clue in The Guardian.

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