from
The Collaborative International Dictionary of English v.0.48
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.
[1913 Webster]
2. To break or crack, or crack off a portion of, as of an
eggshell in hatching, or a piece of crockery.
[1913 Webster]
3. To bet, as with chips in the game of poker.
[1913 Webster]
{To chip in}, to contribute, as to a fund; to share in the
risks or expenses of. [Slang. U. S.]
[1913 Webster]