Here are some common chip colors and denominations. Of course, you can designate any value you want for any chip color and vary them depending on whether you are playing for small or larger stakes or in a regular "ring" game or tournament.

Chip Color           Primary denomination      Alternative denomination    Small stakes denomination         white                          1                    1000             1.00         red                          5                    5000         .05  (or 5.00)         blue                         10               50 or  500         .10  (or 1.00)         green                         25                            .25         orange                         50                              .50         black                       100                              purple                       500