The phrase encourages contributing to a conversation, even if not asked to. At the family dinner, Uncle Joe put in his two pennyworth about politics.
Pro Tip 2/3
Casual Context
It's mostly used in casual or informal discussions rather than formal ones. When we were discussing holiday plans, everyone put in their two pennyworth.
Pro Tip 3/3
Not Expertise-Driven
Use when opinions are personal and not necessarily based on expertise. She put in her two pennyworth about the new movie, even though she's not a film critic.