Chip (chĭp), v. t. [imp. & p. p.Chipped (chĭpt); 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.