The Penny Pinchers are a large group of crabs that get together every year to celebrate The Cheapest Crab Award Ceremony. They only appear in the episode "Kracked Krabs."
They include Eugene H. Krabs, who was nominated for cheapest crab. The reason why was because he gave free Krabby Patties to lure in the customers, but then put up a sign that enforces the fact that they have to pay 1 dollar per footstep, leaving them in desperation. Fancy McGee is another crab that proves himself worthy of the cheapness title. Huford BargainBottom and possibly another crab were nominated as well. They are all colored red, and wear business suits similar to Mr. Krabs'. They all chuckle like Mr. Krabs as well. They make Mr. Krabs look like a nice person, seeing how related they are.
Here are the two other nominations, along with Mr. Krabs:
Huford charged Ralph three times the price, since the product had the phrase "3 Times the Flavor" on it.
Another crab took used toilet paper, and instead of throwing it out in the toilet, he retied it to the toilet paper roll.
They are all cheap, hence the name "Penny Pinchers."
They have their own secret handshake.
The shake entails the words: "Penny pinching, penny pinching! (one crab pinches the other on the butt, and then vise-versa) Cheap, cheap cheap! (they peck like chickens on the ground)" The handshake ends from there.