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In telecommunication, the term clipping has the following meanings:

1. In telephony, the loss of the initial or final parts of a word, words, or syllable, usually caused by the nonideal operation of voice-actuated devices.

2. The limiting of instantaneous signal amplitudes to a predetermined maximum value.

3. In a display device, the removal of those parts of display elements that lie outside of a given boundary.

Source: from Federal Standard 1037C and from MIL-STD-188

For coins, clipping is the act of shaving off a small portion of the precious metal for profit. It was usually considered by the law to be of a similar nature to counterfeiting, and was even occasionally punished by death.