Green’s Dictionary of Slang

kip n.3

[either Ger. kippen, to flip over or Irish cipín, a stick]

(Aus.) the spatula-like wooden bat used for tossing pennies in the game of two-up, thus kip school the game and its participants.

[Aus]Bulletin (Sydney) 1 Aug. 12/2: There are a lot of speculations as to what [his] ‘grossest case of robbery that has ever taken place in the colony’ is. The general opinion in sporting circles is that ‘someone has rung in the nob on the man who had the kip and let the mug collar the plunder.’.
[Aus]Stephens & O’Brien Materials for a Dict. of Aus. Sl. [unpub. ms.].
[Aus]Sun. Times (Perth) 3 Jan. 5/2: Running a blind tote or manipulating a ‘kip’ for money is a misdemeanour.
[Aus]L. Stone Jonah 215: Chook looked at the kip, a flat piece of wood, the size of a butter-pat, and the two pennies, blackened on the tail and polished on the face.
[Aus]Sport (Adelaide) 5 July 9/1: A.N., the ready money man, beer king, and kip school nob spinner .
[Aus](con. WWI) A.G. Pretty Gloss. of Sl. [...] in the A.I.F. 1921–1924 (rev. t/s) n.p.: kip. The short flat piece of wood on which the pennies are placed in ‘two-up’ preparatory to tossing.
[Aus]L. Stone Larrikin 307: Kip – implement used to toss the coins in the gambling game of two-up.
[Aus]L. Glassop Lucky Palmer 168: The spinner took a step forward and flicked the kip in the air. The pennies sailed high above the men’s heads, gleaming as they spun.
[Aus]T.A.G. Hungerford Riverslake 128: Take your dough, pass the kip, go home and never come near another ring.
[Aus]J. Holledge Great Aust. Gamble 100: The spinner waits, kip in hand.
[Aus](con. 1941) R. Beilby Gunner 9: At the cry of ‘Red Light’ from the cockatoos the ring-keeper would pocket the kip and pennies.
[Aus]J. Byrell Lairs, Urgers & Coat-Tuggers 81: The very same blasé bullshitter will also be prepared to blithely swear [...] that he even has trouble remembering [...] when he won the kip and spun eleven tails on the trot at Thommo’s swy school.

In derivatives

kipster (n.)

one who conducts a game of two-up.

[Aus]Sport (Adelaide) 21 Aug. 5/2: The kipsters [...] say that all the pennies are wanted now because of the war. The two-up school is in recess .

In phrases

pass the kip (v.)

in fig. use, to allow someone else to speak.

[Aus]Stephens & O’Brien Materials for a Dict. of Aus. Sl. [unpub. ms.] 113: A verbose ‘pitcher’ is often requested to ‘pass the kip,’ i.e. to let somebody else pitch a yarn.
rush the kip (v.)

(Aus./N.Z.) to make a precipitate, over-hasty decision.

[Aus]Sydney Sportsman (Surry Hills, NSW) 1 May 1/2: But then the Sportsman must not ‘rush the kip’.
[NZ]Truth (Wellington) 31 July 6: He [...] aspired to fame... when... he...‘rushed the kip’, as it were, with Sir Joseph Ward, and asked him to suppress gross and licentious books and literature [DNZE].
N.Z. Bulletin 8 Feb. 16: It kinder gives a bloke the bloomin’ pip to find his efforts all knocked ’umpty dumpty by other blokes what alters rush the kip [DNZE].