word type: verb

  1. The process of removing obsolete, low-denomination chips from play in a poker tournament. When the antes go to $500 per hand, the $100 chips are colored-up for efficiency.

Worst. Color-Up. Ever.

In the 2006 World Series of Poker, there was an infamous incident during one of the color-ups late in the tournament, in which $2M new chips somehow got introduced into play.