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Casino workers usually allude to chips as "cheques," which has its origins in France. In reality, there’s a difference between a cheque and a chip. A cheque is a chip with a denomination written on it and is always worth the amount of the printed value. Chips, on the other hand, do not have values written on them and the value is determined by the table. For example, in a poker tournament, the croupier may value white chips as one dollar and blue chips as ten dollars; while, in a roulette game, the casino might value white chips as twenty-five cents and blue chips as two dollars. Another example, the inexpensive red, white, and blue poker chips you buy at Wal-Mart for your Friday-night poker game are referred to as "chips" due to the fact that they do not have denominations printed on them.
When you plop your money down on the table and hear the croupier say, "Cheque change only," he’s just informing the boxman that a new player wants to change cash for chips (cheques), and that the money sitting on the table is not in play. Money plays in most betting houses, so if you place a five dollar bill on the Pass Line just before the shooter tosses the dice and the dealer does not exchange your cash for chips, your cash is "live" and "in play."
In reality, in actual craps games, we play with cheques, not chips. Sometimes, a player will approach the table, put down a 100 dollar cheque, and tell the croupier, "Cheque change." It’s amusing to act like a new player and ask the croupier, "Hey, I am a brand-new to this game, what is a cheque?" Frequently, their comical responses will entertain you.