Many typefaces designed with a pen on paper (especially those from the 20th century) were licensed by different foundries, and were later independently digitized by them. Some special characters such as @ or the euro sign, were independently added later. Those “alternate cuts” are different digital versions of basically the same typeface design. They often vary in character set, letter proportions and kerning. Some are published under different names.
In 1931, The Times of London commissioned the Monotype Corporation, under the direction of Stanley Morison, to design a newspaper typeface. According to Morison: The Times, as a newspaper in a class by itself, needed not a general trade type, however good, but a face whose strength of line, firmness of contour, and economy of space fulfilled the specific editorial needs of The Times. Times New Roman, drawn by Victor Lardent and initially released in 1932, is the result.