In gambling parlance chips (known as checks) are typically known by their colors in higher denominations. AR$100 chip is known as a black. AR$500 chip is known as a pink or a purple. AR$1,000 check is known as a yellow. AR$5,000 chip is brown.
The term Cheque is used when that clay disc does have monetary value. For example, the Cheques you get at a casino can be turned into the cashier's cage for cash. An easy way you could remember it is Chip means its worthless while Cheque means it has monetary value.