Green’s Dictionary of Slang

1. a derog. term for a male Jew.

[1653		Urquhart (trans.) Rabelais III 18: The Jews snip off that parcel of the Skin in Circumcision, choosing far rather to be called Clip-yards, Raskals, than to be flayed by Women, as are other Nations].
[1902		D. St John Memoirs of Madge Buford 94: The immense pego of the excited clip yard was thrust in].
1946		F. Eikel Jr ‘An Aggie Vocab. of Sl.’ in AS XXI:1 31: clip dick, n. A student of veterinary medicine. (Several of the veterinary medicine students have been Jews; therefore the term for Jew, or a modification thereof, has been applied to all students of veterinary).
1960, 1975		Wentworth & Flexner DAS 109/2: clipped dick A Jew.

2. a circumcised penis.

1972

B. Rodgers Queens’ Vernacular 122: circumcised penis [...] clipped dick.