The title of this episode is a pun on the old saying, "Penny wise, pound foolish." "Penny Wise" and "Pound Foolish" are also the pseudonyms used for Jon Vitti and David Silverman for the Simpsons clip show episodes " Another Simpsons Clip Show" and " The Simpsons 138th Episode Spectacular".
"Hungarian Rhapsody" is a famous piano song by Franz Liszt, which Bart pointed out was used in the Bugs Bunny short "Rhapsody Rabbit".
The quotes where Dan says to just other parts of the horses body in people's beds and not just the head, is a reference to the horse head scene in The Godfather.
The music playing during Fat Tony's giving of the verdict was J.S. Bach's Passacaglia in C Minor.
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