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Set aside a £50 note with the edges trimmed off (5)

Ross

I believe the answer is:

allot

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'set aside' is the definition.
(I've seen this in another clue)

I don't understand the remainder of the clue.

Can you help me to learn more?

(Other definitions for allot that I've seen before include "Give, apportion" , "Earmark" , "Designate; sounds like much" , "Allocate" , "split up" .)

I've seen this clue in the Evening Standard.
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