Even though casino as an official institution appeared at the beginning of 17th century, the chips, which would more or less resemble the casino chips value and the actual look of what gamblers use today, hadn’t been used up until whole two centuries later. It said that earlier the gamblers use to gamble for all kinds of junk, like pieces of wood, bone, paper, some metal dots or coins, and more rarely gold pieces. How was any value assigned to that we can only wonder.
Nowadays, since every casino makes its own chips and is able to assign value to them, there doesn’t exist a universal table of values and colors. However, the GCB (gaming control board) still strives to bring some uniformity to it and is known to specify certain basic colors, which some states follow. Nevada, however, doesn’t so Las Vegas casino chips value is particularly diversified.
Nevertheless, there exist a basic list of standard values: white: $1, pink: $2.50, red: $5, blue: $10, green: $25 and black: $100. The full list includes seven additional colors and the “highest” color is valued at $5,000, which is brown. Go figure.