Casino employees usually reference chips as "cheques," which is of French origin. In reality, there’s a difference between a chip and a cheque. A cheque is just a chip with a value written on it and is always worth the amount of the printed denomination. Chips, however, don’t have denominations written on them and any color can be worth any amount as determined by the dealer. For example, at a poker table, the casino might define white chips as $1 and blue chips as $10; whereas, in a roulette game, the croupier may value white chips as 25 cents and blue chips at $2. Another example, the inexpensive red, white, and blue plastic chips you purchase at the department store for your weekend poker game are called "chips" because they do not have denominations written on them.
When you plop your cash on the table and hear the dealer say, "Cheque change only," he’s merely informing the boxman that a new competitor wants to change money for chips, and that the money sitting on the table isn’t in play. Cash plays in many betting houses, so if you put a 5 dollar bill down on the Pass Line just before the player rolls the pair of dice and the croupier doesn’t change your money for chips, your cash is "live" and "in play."
Technically, in live craps games, we wager with with cheques, not chips. Occasionally, a player will approach the table, put down a $100 cheque, and say to the croupier, "Cheque change." It’s fun to act like a newbie and ask the dealer, "Hey, I’m a brand-new to this game, what’s a cheque?" Most of the time, their crazy responses will amuse you.