'To shave a note' definitions:

Definition of 'To shave a note'

From: GCIDE

Shave \Shave\, v. t. [imp. Shaved (sh[=a]vd);p. p. Shaved or Shaven (sh[=a]v"'n); p. pr. & vb. n. Shaving.] [OE. shaven, schaven, AS. scafan, sceafan; akin to D. schaven, G. schaben, Icel. skafa, Sw. skafva, Dan. skave, Goth. scaban, Russ. kopate to dig, Gr. ska`ptein, and probably to L. scabere to scratch, to scrape. Cf. Scab, Shaft, Shape.]
1. To cut or pare off from the surface of a body with a razor or other edged instrument; to cut off closely, as with a razor; as, to shave the beard. [1913 Webster]
2. To make bare or smooth by cutting off closely the surface, or surface covering, of; especially, to remove the hair from with a razor or other sharp instrument; to take off the beard or hair of; as, to shave the face or the crown of the head; he shaved himself. [1913 Webster]
I'll shave your crown for this. --Shak. [1913 Webster]
The laborer with the bending scythe is seen Shaving the surface of the waving green. --Gay. [1913 Webster]
3. To cut off thin slices from; to cut in thin slices. [1913 Webster]
Plants bruised or shaven in leaf or root. --Bacon. [1913 Webster]
4. To skim along or near the surface of; to pass close to, or touch lightly, in passing. [1913 Webster]
Now shaves with level wing the deep. --Milton. [1913 Webster]
5. To strip; to plunder; to fleece. [Colloq.] [1913 Webster]
To shave a note, to buy it at a discount greater than the legal rate of interest, or to deduct in discounting it more than the legal rate allows. [Cant, U.S.] [1913 Webster]