Webster's English Dictionary

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chip

1. chip \'chip\ n [ME] 1a: a small usu. thin and flat piece (as of wood or 
   stone) cut, struck, or  flaked off 1b1: a small thin slice of food (as a 
   potato chip)  1b2: FRENCH FRY  2: something small, worthless, or trivial  
   3a: one of the counters used as a token for money in poker and other games  
   pl, slang  3b: MONEY  pl  3c: something hazarded  4: a piece of dried dung 
   - usu. used in combination {cow ~}  5: a flaw left after a chip is removed  
   : a child that resembles his parent  : a challenging or bellicose attitude  
   - chip off the old block 
2. chip vb or chipped;  or chip.ping 1a: to cut or hew with an ax, chisel, 
   or other edged tool  1b1: to cut or break (a small piece) from something  
   1b2: to cut or break a fragment from  slang Brit  2: CHAFF, BANTER  1: to 
   break off in small pieces  2: to play a chip shot