The different colors of poker chips correspond to the different values of each chip. This makes betting more precise, and counting how much each player has much easier.

No Set Rules

Typically, in a home game the value of each color poker chip is determined before starting play. There are no rules regarding which value to assign to each color.

Assigning Values

The host of the game is the one who decides the value of each chip. If there are more chips of one color, it makes sense to make the value of this chip lowest. The chips that are least abundant should have the highest values.

Actual Values

The value of the chips is dependent on the amount of money being bet in the game. In a $5 game, the most common chip will be worth a quarter, with amounts increasing to 50 cents, $1, and $5. In higher-stakes games, chips are worth more, in similar proportion.

Trading Up

As players increase their money count, they may trade up for higher-value chips. As players are eliminated, it becomes difficult to keep up with the many smaller value chips. Players may decide to change the value of chips mid-game.

Casinos and Online

In casinos or online games, the values of poker chips are usually standard. In most casinos, the values are printed on the chips. For aesthetic purposes, online poker games may use pictures of chips.

Source:

Home Poker Tourney - How Many Chips

Around the worldwide poker games uses poker chips. Instead of playing with paper or money, casino games requires that individual make their bets with the chips. Here the poker chips and its values : White $1 Pink $2.50 Red $5 Blue $10 Green $25 Black $100

We always set white at $1 red at $5 and blue at $10.