I believe I do have a timeline of events that you might find informative.
Jerry’s daughter has just spoken to him to ensure that he will not do a poem at the funeral. When Uncle Newt hears this, he suggests that Jerry should do one for Newt’s own funeral, when the day comes.
Uncle Newt says that he would pay Jerry his fee for the poem in advance, except that ha’pennies are no longer produced. He reacts with mock outrage when Jerry suggests that he pay him a whole penny instead.