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It means that someone's greed and desire for money can blind them of something wonderful. Just like if you hold something close to your eye, in this case a penny, it obscures your view.

"biggest star in the Universe" can be interpreted many different ways. It can mean a wonderful opportunity, one's love for another, the joy of one's loving family, etc.

Basically, it is trying to say don't be blinded by greed and money despite how easy it can be because you might miss something really great.

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Q: What is the meaning of a penny will hide the biggest star in the Universe if you hold it close enough to your eye?
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