The history of the modern money clip

The history of the money clip is not very long, as the need for a clip only arose with the invention of paper money. Paper money was first developed in China during the 7th century due to a shortage of copper. Before this time wealth was worn around the neck in the form of necklaces, the richer you were the heavier the chain you wore. This became physically uncomfortable and troublesome, so the Chinese developed a system where they could leave their coins with a trusted person in exchange for a paper note. They could get their money back by showing the note later. This practice was later discontinued and paper money did not emerge again until 1690 in Europe. During this time, England produced paper money to facilitate the movement of goods and services while waging a colonial war in faraway Canada. It was much easier to move paper money than large amounts of heavy coins.

So as paper money gained popularity, the need to have money became a necessity. The first patent for a money clip was patented on May 7, 1901 by BG Deovich for a security holder for paper money. This holding device held the money and also had an attached chain to secure it and a convenient button. The ones we know today were not invented until 1931 when L. Weeks applied for the patent we know today as the modern money clip. Prior to this time, paper money was carried dangerously in pockets, in purses, or in folded pieces of cloth.

Today there are many styles and types, they are made from different metals and materials and come in many different styles to suit everyone’s taste. Some money clips have watches on them; some have secret compartments, some even have knives or flashlights. All metals come, from diamond-encrusted platinum to silver and gold, and the more accessible stainless steel. Stainless steel is prized for its durability and low cost and is the best known of all materials. Many bands, like The Mansions, carry money clips with special logos. They can be used as an extension of one’s personality or to show affection or affiliation with an affinity group, such as sports teams or military units. They are given as corporate and personal gifts because they can be easily engraved and made as personal or impersonal as needed.