The History of the Modern Money Clip

The history of the money clip is not very long as the need for a hen only arose with the invention of paper money. Paper money was first developed in China in the 7th century due to a shortage of copper. Before that, your wealth was worn around the neck in the form of necklaces. The richer you were, the heavier the necklace you wore. This became physically uncomfortable and problematic, so the Chinese developed a system where they could leave their coins with a confidant in exchange for a paper bill. They were able to get their money back by showing the note at a later date. This practice was later discontinued and paper money did not return to Europe until 1690. 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, it became a necessity to hold your own money. The first money clip patent was patented on May 7, 1901 by BG Deovich for a security holder for paper money. This clamping device held the money and also had a chain to attach to and a handy button. The ones we know today weren’t invented until 1931 when L. Weeks filed for the patent we know today as the modern money clip. Before that time, paper money was dangerously carried in the pocket or in purses or in folded pieces of cloth.

Today there are many styles and types, they are made of different metals and materials and come in many different styles to suit everyone’s taste. Some money clips have time pieces; some have secret compartments, some even have blades or strobe lights. They come from all metals from platinum inlaid with diamond to silver and gold and the more easily accessible stainless steel. Stainless steel is valued for its durability and low cost and is the most famous of all materials. Many groups, such as the Mansions, have money clips with special logos on them. They can be used as an extension of one’s personality or to show affection or affinity with an affinity group such as sports teams or military units. They are given as both business and personal gifts as they can be easily engraved and made as personal or impersonal as needed.

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