I’ve heard two explanations. 1) the pink color is reminiscent of the flesh of a snapper fish. 2) the chip is used to “snap off” a 5 dollar bet in a blackjack payoff. I had always assumed the latter was correct, but ymmv.
"1.) Years ago when all blackjack was dealt with the player's two cards face down, a snapper referred to the sound a player would make with their cards when finding that they were dealt "21" and turning over the cards with a crisp "snap" sound for the dealer to pay them at 3-2. Many old blackjack dealers and casino employees still refer to a natural 21 as a snapper.
2.) The $2.50 chip was designed to more efficiently pay off a natural 21 when there is a $5 bet. The dealer will lay a $5 chip next to the player's original bet, then pop the $2.50 chip atop the two others with a distinctive motion. The sound, or "snap", made by the chips became associated with these unique $2.50 chips."
I’ve heard two explanations. 1) the pink color is reminiscent of the flesh of a snapper fish. 2) the chip is used to “snap off” a 5 dollar bet in a blackjack payoff. I had always assumed the latter was correct, but ymmv.