hand-in-cap

{{Short description|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.{{cite web |url=http://www.uhh.hawaii.edu/~ronald/HandicapDefinition.htm |title=The Meaning of 'Handicap' |first=Ron |last=Amundson |publisher=University of Hawaii}}{{cite web |url=http://www.snopes.com/language/offense/handicap.asp |title=Handicaprice |publisher=Snopes.com}} It was used to fairly trade items of potentially unequal value.{{cite web|url=http://oxforddictionaries.com/definition/english/handicap|archive-url=https://web.archive.org/web/20120824235135/http://oxforddictionaries.com/definition/english/handicap|url-status=dead|archive-date=August 24, 2012|title=Definition of handicap in Oxford Dictionaries (British & World English)|accessdate=12 April 2013}} Here’s how the procedure works:

1. 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.
2. Place forfeit money: The players and the umpire each put a small amount of forfeit money into a cap. This serves two purposes:
3. * It incentivizes the umpire to make a fair evaluation because they can only collect the forfeit if certain conditions are met.
4. * It discourages players from being overly stubborn, as they risk losing their forfeit money if they don’t reach an agreement.
5. Make the decision: Both players put their hands into the cap. And then they remove their hands at the same time:
6. * An open hand signals agreement with the umpire’s valuation.
7. * A closed hand signals disagreement.
8. Determine the outcome:
9. * Both agree: The item trade occurs, and the umpire collects the forfeit money.
10. * Both disagree: No trade occurs, but the umpire still collects the forfeit money.
11. * One agrees, one disagrees: No trade occurs. The player who agreed with the valuation collects the forfeit money.