What is the correct clearance between the beater and the bowl?

There should be approximately 1/16" clearance between the bowl and beater. A quick way to check this is to drop a dime in the bowl — the flat beater should just touch the coin as it rotates. If the clearance is incorrect, it can be adjusted using the beater height adjusting screw. (Pages 24, 28)

From the official KitchenAid KSM150 Stand Mixer manual, page 24

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