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From: Webster's Revised Unabridged Dictionary (1913)

 Chip v. t. [imp. & p. p. Chipped p. pr. & vb. n. Chipping.]
 1. To cut small pieces from; to diminish or reduce to shape, by cutting away a little at a time; to hew.
 2. To break or crack, or crack off a portion of, as of an eggshell in hatching, or a piece of crockery.
 3. To bet, as with chips in the game of poker.
 To chip in, to contribute, as to a fund; to share in the risks or expenses of. [Slang. U. S.]