Crossword Genius

Write at half pace for low pay! (5)

Ross

I believe the answer is:

pence

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'for low pay' is the definition.
I can't tell whether this definition defines the answer.

'write at half pace' is the wordplay.
'write' becomes 'pen' (synonyms).
'at' says to put letters next to each other.
'half' suggests halving the letters.
'pace' with half the letters taken is 'ce'.
'pen'+'ce'='PENCE'

Can you help me to learn more?

(Other definitions for pence that I've seen before include "little money" , "Small change" , "Small coppers" , "Low-value coinage" , "Money used to be pounds, shillings and ....." .)

I've seen this clue in the Evening Standard.
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