In the origination of the saying "when the chips are
down," while the reference to gambling is made, chips are used as a replacement to
money, there is a little more to the meaning of the
saying.
When one accumulates chips, it is considered that
they are winning. Another way to look at the saying is that once one has played their
chips, the chips are in a place where they can be
lost.
Another way to look at the saying is that once a
person begins to lose their chips they are considered "down" from where they began. "The
chips are down" refers to the fact that things are not looking very good for the
person.
As for the origin of the phrase, historically
gambling first began in the 1600's in America. A specific date is not given regarding
the initial use of chips.
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