A 5 Rupee clip error coin is a mint error — a coin struck on a blank that was not fully round, leaving a curved bite (a "clip") missing from the edge. Related errors seen on the 5 Rupee include off-centre strikes combined with a clip and clip-cut pieces with a reeded edge, and they turn up across different years and mints.
Error coins are a collecting field of their own: no two are quite alike, and the more dramatic and clearly genuine the error, the more interest it draws. Curve clips, off-centre strikes and clip cuts each show a different way the minting process went wrong, which is what makes them fascinating to specialists.
Value depends on how pronounced and authentic the error is, plus the coin's overall grade — a bold, well-preserved error outperforms a faint one. Coinbazzar lists verified 5 Rupee error coins, so you can watch the short, examine the exact error and buy the piece you see.