Green’s Dictionary of Slang

nip v.1

[SE nip, to cut, to snip]

1. [mid-16C–1910s] (UK Und.) to cut a purse or pick a pocket.

2. [mid-16C–1960s] (UK Und.) to arrest.

3. [mid-16C+] to steal, to snatch, to shoplift.

4. [mid–late 19C] (US) to shoot someone.

5. [late 19C+] (US) to defeat.

6. [1900s–20s] (US Und.) to obtain, to get hold of.

7. [1910s–20s] of a man, to have sexual intercourse.

8. [1910s+] (Aus./N.Z.) to borrow, to cadge, to wheedle (money) out of.

9. [1930s–40s] (US) to cheat, to take advantage of.

10. [1980s] (US black) to scratch to give a superficial wound.

11. [2000s] (Irish/Scot.) to pick up (a woman).

In phrases

nip a bung (v.) (also bung-nip) [bung n.1 (1)]

[mid-16C–mid-18C] (UK Und.) to cut a purse.

put the nips in(to) (v.) (also get one’s nips into, put in the nips)

[1910s+] (Aus./N.Z.) to cadge from.

SE in slang uses

In compounds

nip louse (n.) [his removal of lice from the seams of clothes]

[mid-19C–1920s] a tailor.

nip lug (n.) [lug n.1 ]

[19C] (Scot.) a teacher.

nip shred (n.) [SE shred of cloth]

[mid-17C–mid-18C] a tailor.

In phrases

nip it (v.) [abbr. SE phr. nip (it) in the bud]

[1980s+] (US campus) to stop something.