Chip Collecting

What Are Your Chips Worth?

Who hasn't taken a poker chip home from a big night at the tables? It's not only a souvenir from a great evening, but many are works of art as well, colorful, circular pieces of history. Yours, and the gambling den it came from.

Did you ever wonder whether you have a valuable treasure hiding in that pile you've brought back and tossed in your desk drawer? Or maybe you've cleaned out your parents' or grandparents' house and come across some vintage clay from days gone by. How can you tell what these chips are actually worth?

Well, there are definite standards and established guidelines that will help you find out if you own a casino dubloon worht a small fortune, or fool's gold.

First you must determine if your chip is scarce, uncommon or just average. Usually, the rarer the token, the more valuable it is. Ivory and mother-of-pearl chips are valuable because they are scarce, but those considered the most rare are from hotels that no longer exist, like the old Desert Inn, Dunes, Hacienda and the Sands, especially during the Rat Pack days.

Rare and Unique

The Nevada Gaming Commission has a little-known rule that requires a casino to give the public six-month's notice to allow people a chance to cash in chips if they are closing or changing their chip design. For collectors, this is good news since chips increase in value if the casino is no longer in business or using a newer design. Even without a fresh look there are aspects that could make a chip uncommon. Look for manufacturer's errors or modifications such as double strikes and incorrect inlays or graphics. A one-of-a-kind Hacienda manufacturer's-error chip bought at a flea market sold on eBay for $15,100.

Condition, Condition, Condition!

The condition of the chip is critical in establishing its worth. A chip that is nicked, cracked, faded, warped, stained or obviusly damaged is worth much less than a mint-condition disc. To check if your chip is cracked, hold it up to a light-bulb. To spot warping, hold the chip stack to see if there are any wavy edges.

A chip considered "new" has never been used in games and has no visible wear. "Slightly used" example retain luster, have bold hot-stamping (lettering) and excellent inlays. A typical "average chip shows minor defects or lightly rounded edges. "Poor" chips have well-worn edges, missing or damaged lettering, severe scratches and/or faded colors.

Decent chips will always stand on end. "New" condition chips are highly prized and are often worth many times more than the same one in poor shape.

So which chips should you save if you want to start a collection? Some people focus on grand openings, celebrity images, foreign casinos, themes, animals, sports, cars, crowns, holidays, millennium chips, whatever strikes their fancy. If you are serious about collectibles as an investment, start with dollar chips. Wherever you go, pick up a few and put them away. Don't worry, the casinos won't mind. Every chip that isn't cashed in is money in the bank for them.