Green’s Dictionary of Slang

1. a cutpurse.

1591		Greene Second Part of Conny-Catching in Grosart (1881–3) X 97: For say the Nips, I decline to vse my occupation against any friend, or to drawe a purse from him that I am familiarly acquainted with.
1592		Greene Disputation Betweene a Hee and a Shee Conny-Catcher (1923) 5: They haue their Ruffians to rifle, when they cannot fetch ouer with other cunning, their crosbiters attending vpon them, their foysts, their bufts, their nippes, and such like.
1608		Dekker Belman of London (3rd) H1: He that cuts the Purse is called the Nip.
1611		Middleton & Dekker Roaring Girle V i: One of them is a nip.
1620		Dekker Dekker his Dreame 30: High-way-standers, Foists, Nips, and Iylts.
1630		J. Taylor ‘A Brood of Cormorants’ in Works (1869) III 8: Liues like a Gentleman by slight of hand, / Can play the Foist, the Nip, the Stale, the Stand, / The Snap, the Curb, the Crossbite, Warpe and Lift, / Decoy, prig, Cheat (all for a hanging shift).
1658		R. Brathwait Age for Apes 233: For while these to the Ballad-monger flocked, My nimble Nipps div’d deep into their pocket.

2. a cardsharp, a cheat.

1618		Owles almanacke 42: A cozoning nip shall sheepsheare a cunny of his coyne.
c.1698		B.E. Dict. Canting Crew n.p.: Nip, a Cheat.
1725		New Canting Dict. [as cit. c.1698].
1737, 1759, 1760, 1776		Bailey Universal Etym. Eng. Dict. [as cit. c.1698].
1785, 1788, 1796		Grose Classical Dict. of the Vulgar Tongue.
a.1790		H.T. Potter New Dict. Cant (1795).
1809		G. Andrewes Dict. Sl. and Cant.
1811		Lex. Balatronicum.
1823		Egan Grose’s Classical Dict. of the Vulgar Tongue.
1835		G. Kent Modern Flash Dict.
1848		Flash Dict. in Sinks of London Laid Open.

3. (UK Und., also nipps) in pl., shears used to clip coins.

c.1698		B.E. Dict. Canting Crew n.p.: Nipps, c. the Shears with which Money was won’t to be Clipt.
1725		New Canting Dict. [as cit. c.1698].
1737, 1759, 1760, 1776		Bailey Universal Etym. Eng. Dict. [as cit. c.1698].
1785, 1788, 1796		Grose Classical Dict. of the Vulgar Tongue n.p.: Nipps, the shears used in clipping money.
1811		Lex. Balatronicum [as cit. 1785].
1823		Egan Grose’s Classical Dict. of the Vulgar Tongue [as cit. 1785].

4. (UK Und.) in pl., a thief’s device for unlocking locked doors.

1929

C.G. Gordon Crooks of the Und. 138: His ‘open sesame’ is a small tool called a pair of nips.

5. US a prison sentence.

1893

H.F. Wood ‘Justice in a Quandary’ in Good Humor 179: Who’ talkin’ of hangin’? What I said is he ought to get a nip [...] go up the river.

6. (Aus.) a juvenile thief.

1911

Sport (Adelaide) 18 Nov. 8/4: Nearly all the gardens round Noth Norwood have been visited by these nips [i.e. early teenage thieves].