Casino employees generally allude to chips as "cheques," which has its origins in France. Technically, there is a difference between a cheque and a chip. A cheque is just a chip with a value written on it and is always worth the amount of the written value. Chips, however, don’t have values printed on them and the value is determined by the table. For example, at a poker table, the dealer may define white chips as one dollar and blue chips as $10; while, at a roulette game, the casino might define white chips as $0.25 and blue chips at $2. Another example, the cheap red, white, and blue poker chips you purchase at the department store for your weekend poker game are referred to as "chips" due to the fact that they don’t have denominations imprinted on them.
When you put your cash on the table and hear the croupier say, "Cheque change only," he’s just informing the boxman that a new bettor wants to change cash for cheques, and that the money sitting on the table is not in play. Cash plays in many betting houses, so if you place a five dollar bill on the Pass Line just prior to the shooter rolls the ivories and the croupier does not change your cash for chips, your cash is "live" and "in play."
Technically, in actual craps games, we compete with with cheques, and not chips. Sometimes, an individual will approach the table, drop a $100 cheque, and tell the dealer, "Cheque change." It’s fun to act like a newbie and ask the dealer, "Hey, I’m new to this game, what’s a cheque?" Most of the time, their wacky responses will amuse you.