clip (v.1) Look up clip at Dictionary.com
"to cut or sever with a sharp instrument," c.1200, from a Scandinavian source (compare Old Norse klippa, Swedish klippa, Danish klippe "clip, shear, cut") probably echoic. Related: Clipped; clipping.

Meaning "to pronounce short" is from 1520s. The verb has a long association with shady activities, originally especially in reference to cutting or shaving metal from coins (c.1400), but later extended to swindles from the sense "to shear sheep," hence clip-joint "place that overcharges outrageously" (1933, American English, a term from Prohibition). To clip (someone's) wings figuratively (1590s) is from the method of preventing a captive bird from flying.
clip (v.2) Look up clip at Dictionary.com
"fasten, hold together by pressure," also (mostly archaic) "to embrace," from Old English clyppan "to embrace, clasp; surround; prize, honor, cherish;" related to Old Frisian kleppa "to embrace, love," Old High German klaftra, German klafter "fathom" (on notion of outstretched arms). Also compare Lithuanian glebys "armful," globiu "to embrace, support." Meaning "to fasten, bind" is early 14c. Meaning "to fasten with clips" is from 1902. Related: Clipped; clipping. Original sense of the verb is preserved in U.S. football clipping penalty.
clip (n.1) Look up clip at Dictionary.com
"something for attaching or holding," mid-14c., probably from clip (v.2). Meaning "receptacle containing several cartridges for a repeating firearm" is from 1901. Meaning "piece of jewelry fastened by a clip" is from 1937. This is also the source of paper clip (1854). Old English had clypp "an embrace."
clip (n.2) Look up clip at Dictionary.com
mid-15c., "shears," from clip (v.1). Meaning "act of clipping" is from 1825, originally of sheep-shearing, later of haircuts. Meaning "rate of speed" is 1867 (compare clipper). Meaning "an extract from a movie" is from 1958.