Casino staff frequently refer to chips as "cheques," which has its origins in France. In reality, there’s a difference between a cheque and a chip. A cheque is a chip with a value imprinted on it and is always worth the value of the printed on it. Chips, on the other hand, don’t have values printed on them and the value is defined by the table. For example, in a poker tournament, the dealer may value white chips as $1 and blue chips as ten dollars; whereas, at a roulette game, the croupier may value white chips as 25 cents and blue chips at $2. Another example, the cheap red, white, and blue plastic chips you purchase at the department store for your weekend poker game are referred to as "chips" due to the fact that they do not have denominations written on them.
When you plop your cash down and hear the croupier announce, "Cheque change only," he’s merely telling the boxman that a new bettor wish to exchange cash for cheques, and that the money sitting on the table isn’t in play. Money plays in many casinos, so if you put a $5 bill on the Pass Line just before the shooter tosses the ivories and the croupier doesn’t exchange your money for chips, your cash is "live" and "in play."
Technically, in live craps games, we bet with with cheques, not chips. Every now and then, a player will approach the table, drop a one hundred dollar cheque, and inform the dealer, "Cheque change." It’s a blast to pretend to be a new player and ask the croupier, "Hey, I am a beginner to this game, what’s a cheque?" Generally, their crazy answers will entertain you.