What is the origin of casino chip colors?

Wherever you go, there is a 98% chance that if you step into a casino or a private poker game, you’ll use chips to gamble, and those chips will follow a predictable pattern of color/value:

$1 - White, or a very light blue in rare cases
$5 - Red
$25 - Green
$100 - Black
$500 - Purple/lavender

Even rarely used denominations are almost always consistent; $2.50, often seen at blackjack tables to pay out blackjacks when the player bet an odd number, is pretty much universally pink. $10, which used to be more common but is now rarely seen, is pretty much always blue. If you play in richer games, the $1000 chip will be bright yellow or orange.

I’m curious as to when this happened.