What is the origin of penny-wise and pound foolish?

The phrase "penny-wise and pound-foolish" originates from 17th-century England, emphasizing the folly of being careful with small amounts of money while being wasteful with larger sums. It suggests that someone who saves a little (pennies) may end up losing much more (pounds) due to poor financial decisions. The expression is often attributed to Benjamin Franklin, who highlighted the importance of prudent financial management. Over time, it has come to symbolize a broader caution against shortsightedness in financial matters.