Interesting article.
Short answer: Coin clipping is a method of debasement of gold or silver coins by shaving off a bit around the perimeter. The underweight “clipped” coin can then be passed off for face value and the remaining metal melted down for profit.
Below: A stack of 2 different 2 reales coins, from Chile 1812 (beneath) and Seville 1737 (atop). Both should be about 27 mm diameter, but the Seville one has been clipped.
Until the 20th century, most coins derived their value from their precious metal content, in either gold or silver. Gold and silver are relatively soft metals, and coins would wear gradually with circulation, losing some of the material from their edges and faces over time. There was an active debate in the Middle Ages as to whether money should be counted by weight or by the face values of the coins. In general, a well-worn coin might…
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Mass Retaliation 