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It is a phrase used by children on Guy Fawkes night, November 5th in Britain. In the same that children may say "Trick or treat" when collecting things on Halloween, "Penny for the Guy" is used as a way of asking for money when bringing around an effigy of Guy Fawkes. They would make something like a scarecrow and then wheel him around on a wheelbarrow or trolley or pram or by some other means, and go collecting money.

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