Put up about £1 for a flower (5)
I believe the answer is:
tulip
'flower' is the definition.
(tulip is a type of flower)
I can't explain the remainder of the clue.
Can you help me to learn more?
(Other definitions for tulip that I've seen before include "Bulb producing a single showy flower" , "... and another [FLOWER]" , "Liliaceous plant with a spring flower" , "Plant, it's name shares an origin with turban" , ""Dutch" flower" .)