The Collaborative International Dictionary of English v.0.48:
Chip \Chip\, n.
1. A piece of wood, stone, or other substance, separated by
an ax, chisel, or cutting instrument.
2. A fragment or piece broken off; a small piece.
3. Wood or Cuban palm leaf split into slips, or straw plaited
in a special manner, for making hats or bonnets.
4. Anything dried up, withered, or without flavor; -- used
5. One of the counters used in poker and other games.
6. (Naut.) The triangular piece of wood attached to the log
Buffalo chips. See under Buffalo.
Chip ax, a small ax for chipping timber into shape.
Chip bonnet, Chip hat, a bonnet or a hat made of Chip.
See Chip, n., 3.
A chip off the old block, a child who resembles either of
his parents. [Colloq.] --Milton.
Potato chips, Saratoga chips, thin slices of raw potato