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Clip

To separate a coupon from a bearer bond. A bearer bond contains no ownership information and the physical bearer is presumed to be the owner. The bond contains physical coupons that must be clipped in order to receive the interest payments. Bearer bonds have not been issued in the United States since 1982, and thus clipping has become a less common activity, applying only to long maturity bonds issued before then.

clip

To detach the interest coupons from a bearer bond. These coupons must be presented to a bank, a brokerage house, or the issuer's agent in order for the holder of the bearer bond to receive interest payments.
References in classic literature ?
Joe Blossom raised his shears and clipped a protruding branch.
Only last Sunday, when poor wretches were gay--within the walls playing with children among the clipped trees and the statues in the Palace Garden; walking, a score abreast, in the Elysian Fields, made more Elysian by performing dogs and wooden horses; between whiles filtering (a few) through the gloomy Cathedral of Our Lady to say a word or two at the base of a pillar within flare of a rusty little gridiron-full of gusty little tapers; without the walls encompassing Paris with dancing, love-making, wine-drinking, tobacco-smoking, tomb-visiting, billiard card and domino playing, quack-doctoring, and much murderous refuse, animate and inanimate--only last Sunday, my Lady, in the desolation of Boredom and the clutch of Giant Despair, almost hated her own maid for being in spirits.
Below us upon the river's bank the great white apes were devouring the last remnants of Tars Tarkas' former companions, while great herds of plant men grazed in ever-widening circles about the sward which they kept as close clipped as the smoothest of lawns.