A die chip on devices,is a partial breaking off on the die. When the die chips off (a die is a negative) the result to the coin is a raised area on the field (the coin is a positive). Nothing is added to the weight of the coin as the area unformed (Now a blob) was where the die lost part of it design devices. From now on that die will have that chip and sometimes they even get worse with continued use of the die.

Note the chip under the "B"?
Die chips can even happen on incuse devices. Part of the positive on the die breaks off and forms an raised area on the coin (instead of a negative on the coin)

Note the incuse design showing now raised areas.
We often see die chips on the date on the wheat cents in the 50's. Even the 1960 small date series had a lot of die chips.



Note the die chip on the dates of this RPM.
Even the Large over small date with the RPM (1960D-1MM-100 - 1960D-1DO-001) has a die chip on the look of the 6.

Note the to tails of the 6 on the upper area of the tail, there is a die chip below that on this die.
It required a Large date to be created that was to replace the small dates because of the die chips. Some have speculated that the attempt to make these die quickly resulted in the large number of RPMs for this year. (which it definitely has.)
Even the die ship on the Memorial is a progressive die chip:

But it seems the single squeeze dies of the State series seems to have the most and in different areas on the coins and even the nickel series with the Buffalo has them also. They are just part of the aging process and are more of a distraction, than a plus for them. Hope this helps?