Green’s Dictionary of Slang

1. (US Und.) a thief or robber.

1912		H.G. Van Campen ‘Life on Broadway’ in McClure’s Mag. Dec. 178/1: Did you ever meet Gawge of Greece? 1 understand he's a reg’lar clip; but then, scandal’s alius busy.
1960, 1975		Wentworth & Flexner DAS.

2. (US) a theft.

1952		W.R. Burnett Little Men, Big World n.p.: A panel joint is a fast shuffling clip. The girl brings the sucker in. A bedroom, see? They undress. She puts the sucker’s pants over a chair for him. While they’re in bed, a panel in the wall opens, and a guy reaches in and frisks the sucker’s pants.
1965		B. Jackson Get Your Ass in the Water (1974) 144: I made a clip upstate, and I’m on the scout.
1990		(con. 1930s–60s) H. Huncke Guilty of Everything (1998) 240: Guys sitting round talking about the clip they’d made.

3. (US Und.) a percentage.

1945

R.L. Bellem ‘Ruby Ransom’ Hollywood Detective Dec. 🌐 And the usual clip is ten percent, which would be eight yards in this case.