To me it's simple.

If you can't take it to the cage and get cash for it, it's obsolete.

nonredeemable = "obsolete"

Some chips from casinos still in existance might be redeemable, even though the chips have long since been pulled from circulation. If Joe Average cannot go to the cage and "buy" one, it's "out of circulation", even though it might still be redeemable.

not available for purchase, although redeemable = "out of circulation"