yeah, it has a very long history (going back at least as far as the Romans, if not all the way back to the first coins issued in what is now Turkey.
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http://www.history.org/Foundation/journal/Summer07/counterfeit.cfm
see a triple clipped Eisenhower here:
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http://www.cointalk.com/t51904/
and an Australian example:
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http://www.triton.vg/StraightClip.html
shaving would be more subtle and less noticable than clipping, but it would also take longer.
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http://www.thunting.com/smf/index.php/topic,14141.msg89949.html#msg89949
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