The History of the Money Clip

The history of the Money Clip

The history of the money clip is not a very long one since the need for a money clip only arose with the invention for paper money. Paper currency was first developed in China during the 7th century due to shortage of copper. Before this time ones wealth was worn around the neck in the form of necklaces the wealthier you were the heavier the chain you wore. This became physically uncomfortable and problematic, so the Chinese developed a system where they could leave their coins with a person of trust in return for a paper note. They could get their money back by showing the note at a later time. This practice was later discontinued and paper money doesn’t arise again until 1690 in Europe. During this time England produced paper money to facilitate the movement of goods and services while waging colonial war in faraway Canada. It was much easier to mover paper money then large amounts of heavy coins.

So as paper money gained popularity the need to hold ones money became a necessity. The first patent for a money clip was patented on May 7 1901 by B.G Deovich for a safety holder for paper money. This clamping device held the money and also had an attached chain to secure to and convenient button. The money clip as we know it today was no invented until 1931 when L. weeks applied for the patent that we know today as the modern money clip. Before this time of money clips paper money was hap hazardously carried in pocket of in change purses or in folded pieces of fabric.

Today there many styles and types of money clips. They are made of different metals and materials and come in many different styles to fit anyone’s taste. Some money clips have time pieces on them; some have secret compartments, some even have knives in them or flash lights. They come all metals from platinum encrusted with diamond to silver and gold and the more readily accessible stainless steel. Stain less steel is prized for its durability and low cost and is the most well known of all the materials of money clips. Many groups such as the Mansions carry money clips with special logos on them. They can are used as an extension of one’s personality or to show affection or affiliation with an affinity group such as sports teams or military units. Money clips are given as both corporate and personal gifts because they can easily be engraved and made as personal or impersonal as needed.