Casino staff generally reference chips as "cheques," which has its origins in France. In reality, there is a difference between a chip and a cheque. A cheque is a chip with a value written on it and is always worth the value of the printed on it. Chips, however, do not have denominations printed on them and the value is determined by the casino. For example, at a poker tournament, the croupier might define white chips as one dollar and blue chips as ten dollars; at the same time, in a roulette game, the casino may value white chips as twenty-five cents and blue chips at $2. Another example, the inexpensive red, white, and blue plastic chips you buy at the department store for your weekend poker game are referred to as "chips" because they do not have denominations printed on them.
When you put your cash on the table and hear the dealer announce, "Cheque change only," he’s simply informing the boxman that a new player wants to change cash for chips (cheques), and that the money on the table isn’t in play. Cash plays in many casinos, so if you place a $5 bill on the Pass Line just prior to the shooter tosses the dice 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, a player will approach the table, drop a 100 dollar cheque, and instruct the croupier, "Cheque change." It is amusing to pretend to be a beginner and ask the dealer, "Hey, I am a beginner to this game, what’s a cheque?" Frequently, their wacky responses will entertain you.