Beginning to collect bids for chests (7)
I believe the answer is:
coffers
'chests' is the definition.
(coffer is a kind of chest)
'beginning to collect bids' is the wordplay.
'beginning to' indicates taking the first letters.
'bids' becomes 'offers' ('offer' can be a synonym of 'bid').
The initial letter of 'collect' is 'c'.
'c'+'offers'='COFFERS'
'for' is the link.
(Other definitions for coffers that I've seen before include "Treasury box" , "Financial resources or money boxes" , "Money-chests" , "Strongboxes" , "Supply of funds" .)