The history of the money clip is not very long, as the need for a paper clip only arose with the invention of paper money. Paper money was first developed in China during the 7th century due to a shortage of copper. Before this time wealth was worn around the neck in the form of necklaces, the richer it was, the heavier the chain it wore. This became physically uncomfortable and troublesome, so the Chinese developed a system where they could leave their coins with a trusted person in exchange for a paper bill. They could get their money back by showing the note at another time. This practice was later discontinued and paper money did not appear again until 1690 in Europe. During this time, England produced paper money to facilitate the movement of goods and services while waging a colonial war in distant Canada. It was much easier to move paper money than large amounts of heavy coins.
So, as paper money gained popularity, the need to keep money became a necessity. The first patent for a money clip was patented on May 7, 1901 by BG Deovich for a security holder for banknotes. This holding device held the money and also had a chain attached to secure a convenient button. The ones we know today weren’t invented until 1931 when L. Semanas applied for the patent we know today as the modern money clip. Before this time, paper money was dangerously carried in purse pockets or on folded pieces of cloth.
Today there are many styles and types, they are made from different metals and materials and they come in many different styles to suit anyone’s taste. Some money clips have clocks; some have secret compartments, some even have knives or flash lights. All metals come, from diamond-encrusted platinum to silver and gold to the most affordable stainless steel. Stainless steel is prized for its durability and low cost and is the best known of all materials. Many groups, like the Mansions, carry money clips with special logos. They can be 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. They are given as both corporate and personal gifts because they can be easily recorded and made as personal or impersonal as needed.