Both David and Barry have made excellent points, Charles. Both are right, in my opinion.

There's something else inherent in your question, though: are chips a good investment? My answer would be NO. There's far too much uncertainty in chips to consider them a good investment. The hobby's still too small, the number of chips available is usually an unknown quantity, and there are better places to put your money if what you're looking for is an investment.

On the other hand, if you're collecting because you like it, if you buy chips (off the tables or from dealers) at what you consider to be reasonable prices at the time you buy them, and if you're collecting only those chips you want to collect, then "money pit" is hardly the word I'd use for your collection.

There aren't only two options: investment or money pit, are there? I mean, if your hobby is playing golf, what do you have to show for greens fees, cart rental and lost balls at the end of a round? Spend the same amount of money on chips, and you have something to hold, look at, research, catalog, and maybe even trade.

To me, that's how this hobby should be viewed, not as a choice between an investment and a money pit.

Michael