This official news post is copied verbatim from the WoTMUD website. It is copyrighted by wotmud.org.
Chits come in eight varieties:
Rainbow chit - unique of choice not already in game. The unique may not be one made via a quest or set of quests.
Gold chit - set 3x for all sides
Silver chit - set 3x for one side
Platinum chit - set 2x for all sides
Bronze chit - set 2x for one side
Tin chit - 10 QPs
Copper chit - Homeland change and 3 rerolls
Iron chit - 10 rerolls
The tin chits can be turned into any 103+ Immortal, while the rest require a 104 to activate.