Green’s Dictionary of Slang

1. drunk.

1868

Taunton Courier 19 Aug. 8/5: A man might be either ‘clipped,’ ‘touched,’ [...] ‘toppy’.

2. (US) shot.

1952		W.R. Burnett Little Men, Big World 126: Look, Tubby. I got clipped. I ain’t thinking straight.
1987		(con. 1970s) J. Pistone Donnie Brasco (2006) 357: They thought I was clipped, you know? When I was missing? They had me fucking dead, these motherfuckers.
1988		H. Gould Double Bang 237: Tomorrow at six Karen Winterman’s gonna get clipped.
1995		L. Stavsky et al. A2Z.

3. (US) out of funds.

1928		J. O’Connor Broadway Racketeers 250: Clipped—Having been pleasantly separated from one’s surplus currency.
1953		W.L. Alderson ‘Carnie Talk’ in AS XXVIII:2 119: tapped out, part. phr. Broke, clipped, strapped.