Cut the Spanish metal (6)

I believe the answer is:

nickel

'metal' is the definition.
(nickel is a kind of metal)

'cut the spanish' is the wordplay.
'cut' becomes 'nick' (nick is a kind of cut**).
'the spanish' becomes 'el'.
'nick'+'el'='NICKEL'

(Other definitions for nickel that I've seen before include "Metal - 5 cents" , "One twentieth of a US dollar" , "not worth much in America" , "Metallic element; US coin" , "Silvery white metal" .)

I've seen this clue in The Times.

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