Casino employees usually reference chips as "cheques," which has its origins in France. Technically, there is a difference between a cheque and a chip. A cheque is a chip with a value written on it and is always worth the value of the written denomination. Chips, on the other hand, do not have values printed on them and the value is defined by the table. For instance, at a poker table, the casino may value white chips as one dollar and blue chips as 10 dollars; while, in a roulette game, the dealer may define white chips as 25 cents and blue chips at $2. A different example, the cheap red, white, and blue poker chips you buy at Wal-Mart for your weekend poker game are referred to as "chips" due to the fact that they do not have denominations imprinted on them.
When you plop your cash on the table and hear the croupier say, "Cheque change only," he’s merely informing the boxman that a new competitor wants to change cash for chips, and that the money on the table is not in play. Money plays in many betting houses, so if you place a five dollar bill down on the Pass Line just prior to the shooter tosses the ivories and the dealer doesn’t change your money for chips, your money is "live" and "in play."
In reality, in live craps games, we play with cheques, not chips. Occasionally, an individual will walk up to the the table, drop a one hundred dollar cheque, and inform the croupier, "Cheque change." It’s fun to act like a new player and ask the croupier, "Hey, I’m a beginner to this game, what’s a cheque?" Generally, their crazy responses will entertain you.