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An exclamation frequently made use of in cock-pits, at cock-fightings, where persons refusing or unable to pay their losings, are adjudged by that respectable assembly to be put into a basket suspended over the pit, there to remain during that day’s diversion: on the least demur to pay a bet, Basket is vociferated in terrorem. He grins like a basket of chips: a saying of one who is on the broad grin.
Definition taken from The 1811 Dictionary of the Vulgar Tongue, originally by Francis Grose.
Bartholomew Baby * Basket-makingNathan Bailey's 1736 Dictionary of canting and thieving slang
John S. Farmer's collection of canting songs and slang rhymes
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Francis Grose was independently wealthy, having inherited money from his father, a jeweller. Finding himself overspending, he published a number of books; his Provincial Glossary seems to have been the starting-point for the Vulgar Tongue reproduced here.