Crossword Genius

Old satchel that is split (5)

Ross

I believe the answer is:

scrip

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'old satchel that is split' is the definition.
Although both the answer and definition are singular nouns, I can't understand how one could define the other.

This is the entire clue.

Can you help me to learn more?

(Other definitions for scrip that I've seen before include "bag" , "Shares allocated in bonus issue" , "(Preliminary) share certificates" , "extra shares" , "Share certificate" .)

I've seen this clue in The Times and The Sunday Times.
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