What does the cryptic crossword clue "Waste shilling on a pair of queens? (8)" mean?

The definition is "Waste". The wordplay uses a charade (building blocks). S (synonym="shilling, as in LSD (pounds, shillings and pence") + QU (synonym="queen") + AND (synonym="queen") + ER (synonym="another queen") = SQUANDER; definition: "Waste" The answer is SQUANDER.

Waste shilling on a pair of queens? (8)

Guardian Cryptic #29115 | 16 Down | 2023-07-06 flower

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