The magnetic money clip is generally made of two strong flat rectangular or round magnets encased in leather, with a small piece of leather separating the two pieces and allowing them to swivel into a closed and open position. There are also clips made of three magnets and two pieces of leather. A magnetic money clip typically has a greater carrying capacity than a metal money clip and the strongest clips are able to hold up to 15 bills folded in half. Magnetic money clips are not recommended for holding credit cards as the magnets may distort or erase the magnetic stripe.
The popularity of money clips may vary between countries. In the United States, all banknotes of different denominations are the same size, but in some countries, the size of banknotes is so variable as to make clipping more difficult. In some countries, particularly the United Kingdom, the use of coins is prevalent, resulting in some people carrying few banknotes.
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