As Steve says, it means 'cheap'...based on the fact that a dime is ten cents in North American currencies. Obviously, if you can buy twelve of whatever it is you are referring to for 1/10 of a dollar, the commodity must be pretty inexpensive.
To be more precise, in America "a dime a dozen" means a little more than something is cheap. The connotation is that the item is everywhere, easily available, AND cheap, or not good quality. For example, one might say, "Ideas like that are a dime a dozen," meaning everybody has an idea like that and yours is no better than the rest.