Hand-in-cap

Old English trading procedure that inspired the word handicap

Hand-in-cap is an old English trading procedure that gave rise to the modern word handicap. It was used to fairly trade items of potentially unequal value. Here’s how the procedure works:Appoint an umpire: An umpire is assigned to evaluate the items being traded. If the items aren’t of equal value, the umpire decides the value difference. Place forfeit money: The players and the umpire each put a small amount of forfeit money into a cap. This serves two purposes: It incentivizes the umpire to make a fair evaluation because they can only collect the forfeit if certain conditions are met. It discourages players from being overly stubborn, as they risk losing their forfeit money if they don’t reach an agreement. Make the decision: Both players put their hands into the cap. And then they remove their hands at the same time: An open hand signals agreement with the umpire’s valuation. A closed hand signals disagreement. Determine the outcome: Both agree: The item trade occurs, and the umpire collects the forfeit money. Both disagree: No trade occurs, but the umpire still collects the forfeit money. One agrees, one disagrees: No trade occurs. The player who agreed with the valuation collects the forfeit money.

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