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Casino personnel normally reference chips as "cheques," which is of French ancestry. Technically, there’s a distinction between a chip and a cheque. A cheque is a chip with a denomination written on it and is forever worth the value of the written denomination. Chips, although, do not have denominations written on them and any colour can be valued at any amt. as defined by the house. e.g., in a poker tournament, the house might value white chips as $1 and blue chips as 10 dollars; while, in a game of roulette, the croupier may value white chips as twenty-five cents and blue chips as two dollars. A different instance, the cheap red, white, and blue plastic chips you buy at Wal-Mart for your Friday-night poker game are considered "chips" seeing as they do not have values written on them.
When you plop your money down on the table and hear the dealer say, "Cheque change only," she’s merely advising the boxman that a new player would like to exchange $$$$$$ for chips (cheques), and that the money on the craps table is not in play. Cash plays in almost all betting houses, so if you lay a $5 bill on the Pass Line just before the hurler throws the dice and the croupier doesn’t change your $$$$$ for chips, your money is "part of the action." When the dealer announces, "Cheque change only," the boxman knows that your money isn’t part of the action.
Technically, in live craps rounds, we wager with cheques, not chips. Occasionally, a player will approach the craps table, put down a one hundred dollar cheque, and tell the croupier, "Cheque change." It is entertaining to act like a beginner and say to the croupier, "Hey, I’m new to Craps, what’s a cheque?" Most of the time, their crazy responses will amuse you.