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Casino staff usually refer to chips as "cheques," being of French background. In reality, there is a difference between a chip and a cheque. A cheque is a chip with a value written on its face and is constantly valued at the value of the imprinted number. Chips, although, do not have denominations printed on them and any color can be valued at any dollar value as defined by the house. e.g., in a poker tournament, the house might define white chips as $1 and blue chips as $10; while, in a game of roulette, the dealer might define white chips as twenty-five cents and blue chips as $2. A different example, the inexpensive red, white, and blue plastic chips you purchase at the department store for your Friday-night poker get together are known as "chips" seeing as they do not have values imprinted on them.
When you plop your money down on the table and hear the dealer announce, "Cheque change only," he’s simply advising the boxman that a new individual wishes to trade $$$$$$ for chips (cheques), and that the $$$$$ on the craps table is not part of the action. $$$$$ plays in most casinos, so if you put a 5 dollar bill on the Pass Line just prior to the player throwing the dice and the dealer does not exchange your $$$$$ for cheques, your money is "live" and "in play." When the croupier states, "Cheque change only," the boxman knows that your cash isn’t in play.
Technically, in live craps rounds, we gamble with cheques, not chips. Every once in a while, a gambler will approach the table, drop a $100 cheque, and say to the dealer, "Cheque change." It’s fun to act like a beginner and ask the dealer, "Hey, I’m new to Craps, what’s a cheque?" Generally, their crazy answers will amuse you.