At Fitzgerald's in Reno, the minimum bet was just $2, I think. (It was some years ago.)

It only lasted for a year or two, with only a couple of tables on the floor.

The $11 chip chip is due to a 11-to-1 payoff for a Red Dog hand. That's 2 equal cards (say two 8's) followed by a 3rd one of same rank (another 8).

Here's the rules:
https://wizardofodds.com/games/red-dog/