Losing a bit of money isn't worth crying your eyes out over.
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history
The phrase appears in Cao Xueqin's 18th-century novel 《红楼梦》 (Hónglóumèng, Dream of the Red Chamber) chapter 32: 前日不知为什么撵出去,在家里哭天抹泪 — describing a maid sent home in disgrace, weeping inconsolably.
register
Slightly mocking. Used about someone whose tears feel disproportionate or theatrical, not for sincere grief.