Paul,

You asked,

What about grading? Can anyone honestly say that when given a choice he or she would choose a worn, chipped, dirty, damaged, etc. chip over the same chip in excellent condition? I don't think so. Doesn't this mean that condition (however you want to define it) effects the "value" of a particular chip? I'm interested in hearing your opinion.

I'll give you a real life specific example to the above:

About 4 months ago I sold a high end chip on eBay. I described the chip very carefully saying it was "very near mint" with little or no detectable wear. The buyer paid $157.00 for the chip. A few days after sending it, I got a e-mail from him complaining he only collected used chips and wanted his money back or a different chip, cause the chip I sent him looked too new. I had a couple others in the series, of much less desirable condition. I picked the most "worn" one and sent it to him and he e-mailed back saying he was very pleased. So now you can take comfort in knowing some folks WILL pick the same chip, in a lower grade, even for the same money.

Roger