a short official note or piece of paper that can be used instead of money, a small slip of paper used for gambling or betting

run chits, chit system, chit fund

Formal and Informal Expressions of chits

In different contexts, you can replace 'chits' with suitable alternatives. In a more formal setting, 'voucher, coupon' is apt. In informal speech or writing, 'IOU, slip' is a commonplace synonym.

chits: Explore its Definition & Usage

chits Definition

1a short official note or piece of paper that can be used instead of money
2a small slip of paper used for gambling or betting

Using chits: Examples

Take a moment to familiarize yourself with how "chits" can be used in various situations through the following examples!

Example
He paid me back with a chit.
Example
I won the bet and collected my winnings in chits.
Example
The casino uses chits instead of cash for some games.

chits Synonyms and Antonyms

Synonyms for chits

Phrases with chits

run chits
to keep a record of debts owed and paid using chits
Example
We run chits at the bar so you don't have to pay for each drink as you order it.
chit system
a system of using chits to keep track of debts owed and paid
Example
The company uses a chit system to reimburse employees for work-related expenses.
chit fund
a type of savings scheme in which a group of people contribute money regularly and take turns receiving a lump sum payout
Example
She joined a chit fund to save up for a down payment on a house.

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Summary: chits in Brief

'Chits' [chits] are small pieces of paper that can be used instead of money, often used for gambling or betting. It can also refer to a system of keeping track of debts owed and paid, as in 'run chits,' or a type of savings scheme, as in 'chit fund.'