Green’s Dictionary of Slang

1. a promiscuous woman, esp. a prostitute.

1892		W. Norr Stories of Chinatown 29: Why, you can’t walk a step without brushing up against some ‘chips’.
1924		(con. 1880–1924) F.J. Wilstach Anecdota erótica 32: Some men have chips on their shoulders; others prefer them on their laps.
1933		N. Algren ‘So Help Me’ in Texas Stories (1995) 16: That Jew didn’t know what that chip wanted a-tall.
1942		in G. Legman Limerick (1953) 204: There was a young chip from Brazil / Who fucked like a veritable mill.

2. a woman.

1894		Mirror of Life : [US speaker] ‘What th’; another scrap over me, hey? Well, fight it out. Th’ chip that wins gets me. See?’.
1895		E. Townsend Chimmie Fadden Explains 122: De Duchess and dat chip Maggie! say, dey’d put your eyes out in a minute if ever you’d see em unexpected.