Country clipped its old coin (5)

I believe the answer is:

franc

'old coin' is the definition.
(former currency of France)

I cannot understand how the rest of the clue works.

(Other definitions for franc that I've seen before include "One hundred centimes in Benin" , "Historic currency" , "Swiss coin" , "Nonsense (colloq.)" , "Foreign currency" .)

I've seen this clue in The Times.

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