Made money out of chips, perhaps? (6)

I believe the answer is:

cashed

I'm a little stuck... Click here to teach me more about this clue!

'made' is the definition.
Both the answer and definition are adjectives. Maybe they are linked in a way I don't understand?

'money out of chips perhaps?' is the wordplay.
'money' becomes 'cash' (I've seen this before).
'out of' means to remove the last letter (I've seen 'out' mean this).
'chips perhaps?' becomes 'hed' (I can't justify this - if you can you should believe this answer much more).
'cash' with its final letter taken off is 'cas'.
'cas'+'hed'='CASHED'

Can you help me to learn more?

(Other definitions for cashed that I've seen before include "Realised" , "Exchanged for money, as cheque in bank" , "Got money for the cheque" , "Got ready" .)

I've seen this clue in the Evening Standard.

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