pinhook
/ˈpɪnhʊk/(also penhook) originally US regional (south Midland ). Now chiefly Horse Racing
verb
[with object] To buy (a commodity, originally tobacco) cheaply with the expectation of selling it later for a profit. Now: specifically to buy a very young racehorse cheaply for this purpose. Also without object. Compare pinhooking.
Origin
Late 19th century; earliest use found in Landmark (Statesville, North Carolina). Probably from pin-hook.