Cryptic crossword clue
Old purse fashioned in calf is cracking 4

The most common and most likely answer to this crossword clue is the 4 letter word FISC

F
I
S
C

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The straight part
We know that "Old purse" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case old purse = fisc.
The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.
This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.

What does FISC mean?

FISC noun
  1. The public treasury of Rome.
  2. Any state treasury or exchequer.

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