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.]

Source: Webster's Revised Unabridged Dictionary (1913)
 

Chipping \Chip"ping\, n.

1. A chip; a piece separated by a cutting or graving instrument; a fragment.

2. The act or process of cutting or breaking off small pieces, as in dressing iron with a chisel, or reducing a timber or block of stone to shape.

3. The breaking off in small pieces of the edges of potter's ware, porcelain, etc.

Source: Webster's Revised Unabridged Dictionary (1913)