Money has a name for self-punishment (7)
I believe the answer is:
penance
'self-punishment' is the definition.
(I've seen this in another clue)
'money has a name' is the wordplay.
'money' becomes 'pence' (I've seen this before).
'has' is an insertion indicator.
'name' becomes 'n' (common abbreviation e.g. on forms).
'a'+'n'='an'
'pence' placed around 'an' is 'PENANCE'.
'for' acts as a link.
(Other definitions for penance that I've seen before include "Act of atonement" , "sackcloth and ashes?" , "Remorse" , "sacrament" , "act of expiation" .)