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.
2. To break or crack, or crack off a portion of, as of an
eggshell in hatching, or a piece of crockery.
3. To bet, as with chips in the game of poker.
To chip in, to contribute, as to a fund; to share in the
risks or expenses of. [Slang. U. S.]