Hand-in-cap

<p>Hand-in-cap is an old <a href="/facts/England/U9mE5bGL">English</a> trading procedure that gave rise to the modern word <i><a href="/facts/Handicap_(disambiguation)/uJHt1n7E">handicap</a></i>. It was used to fairly trade items of potentially unequal value. Here’s how the procedure works:
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<ol><li>Appoint an umpire: An <a href="/facts/Umpire/WI6Cj07I">umpire</a> is assigned to evaluate the items being traded. If the items aren’t of equal value, the umpire decides the value difference.</li>
<li>Place forfeit money: The players and the umpire each put a small amount of forfeit money into a <a href="/facts/Cap/Ez24BCkd">cap</a>. This serves two purposes:
<ul><li>It incentivizes the umpire to make a fair evaluation because they can only collect the forfeit if certain conditions are met.</li>
<li>It discourages players from being overly stubborn, as they risk losing their forfeit money if they don’t reach an agreement.</li></ul></li>
<li>Make the decision: Both players put their hands into the cap. And then they remove their hands at the same time:
<ul><li>An open hand signals agreement with the umpire’s valuation.</li>
<li>A closed hand signals disagreement.</li></ul></li>
<li>Determine the outcome:
<ul><li>Both agree: The item trade occurs, and the umpire collects the forfeit money.</li>
<li>Both disagree: No trade occurs, but the umpire still collects the forfeit money.</li>
<li>One agrees, one disagrees: No trade occurs. The player who agreed with the valuation collects the forfeit money.</li></ul></li></ol>

Hand-in-cap open-in-new

Hand-in-cap