1. The small seed of a fruit, such as an apple or an orange.
2. Something or someone wonderful.
Short for pippin, from Anglo-French pepin. Earliest documented use: c. 1450.
“Chairman Ian Palmer is spitting pips.”
Jon Morgan; Apple Growers Get the Pip as the Bite Goes on Prices; The Dominion Post (Wellington, New Zealand); Nov 5, 2010.