Yes
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Mr. TomHe dipped into his pocket and fished out a small piece of paper.Dip is usually used for containers filled with liquids, or other "fluid-like" substances. (He dipped his cup in the stream. We dipped into our savings account to buy Christmas gifts. That is sometimes called liquid savings.)
AlpheccaStarsI find it strange to use "dip" in the context of a pocket.Thanks, Clive and AStar.