Source : Webster's Revised Unabridged Dictionary (1913)

Chip \Chip\ (ch[i^]p), v. t. [imp. & p. p. {Chipped} (ch[i^]pt);
   p. pr. & vb. n. {Chipping}.] [Cf. G. kippen to cut off the
   edge, to clip, pare. Cf. {Chop} to cut.]
   1. To cut small pieces from; to diminish or reduce to shape,
      by cutting away a little at a time; to hew. --Shak.

   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.]