Released Penny for nothing, at first (5)
I believe the answer is:
freed
'released' is the definition.
('free' can be a synonym of 'release')
'penny for nothing at first' is the wordplay.
'penny' becomes 'd'.
'for nothing' becomes 'free' (I've seen this before).
'at first' is a charade indicator (letters next to each other).
'd' put after 'free' is 'FREED'.
(Other definitions for freed that I've seen before include "Emancipated, let loose" , "Untied" , "Defer being liberated" , "Released" .)