Casino staff usually refer 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 imprinted on it and is always worth the amount of the imprinted denomination. Chips, on the other hand, do not have values written on them and any color can be worth any amount as defined by the casino. For instance, at a poker tournament, the croupier might define white chips as one dollar and blue chips as ten dollars; while, in a roulette game, the croupier may value white chips as $0.25 and blue chips as $2. A different example, the cheap red, white, and blue plastic chips you purchase at Wal-Mart for your weekly poker game are called "chips" because they do not have denominations written on them.
When you put your money on the table and hear the dealer say, "Cheque change only," he’s simply informing the boxman that a new bettor wants to change money for chips (cheques), and that the cash on the table is not in play. Cash plays in many casinos, so if you place a 5 dollar bill down on the Pass Line just before the shooter rolls the pair of dice and the dealer doesn’t exchange your cash for chips, your money is "live" and "in play."
Technically, in actual craps games, we bet with with cheques, not chips. Occasionally, a player will approach the table, put down a $100 cheque, and say to the croupier, "Cheque change." It’s fun to act like a newbie and ask the croupier, "Hey, I am new to this game, what is a cheque?" Frequently, their wacky responses will entertain you.