A penny pincher is a nickname for a really greedy person who wants lots of cash.
The Penny Pincher is the only cog with red colored hands, with an exception on the Money Bags trading card.
These are the only muscular cogs that are the second cog on the corporate ladder.
The trading card shows him stealing a toon's piggy bank, probably cash or jellybeans.
Illustrations of them on Toontown related merchandise often depict them as having pincers for hands (due to their namesake) but in the game itself, they have normal fingers and hands. In fact, its finger is pretty much the main event when it uses its "finger wag" move. It does, however, appear to have a coin slot on the tip of its head, as if it is a money box (or a piggy bank), which fits the name.