Overhear woman being cheap and cheerful (10)

I believe the answer is:

catchpenny

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'cheap and cheerful' is the definition.
I can't tell whether this definition defines the answer.

'overhear woman' is the wordplay.
'overhear' becomes 'catch' (synonyms).
'woman' becomes 'penny' ().
'catch'+'penny'='CATCHPENNY'

'being' is the link.

Can you help me to learn more?

(Other definitions for catchpenny that I've seen before include "only after profit" , "Of little worth" , "superficially attractive" .)

I've seen this clue in The Daily Express.

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