Green’s Dictionary of Slang

chip v.2

[SE chip, a small amount]

1. [late 19C+] (US Und.) to carry out a small crime with only minimal profits.

2. [1950s+] (drugs) to dabble in narcotic drug use.

3. [1950s+] to dilute drugs.

4. [2000s] (Aus.) to smoke occasional cigarettes despite purportedly having given up.