Here is a story that you may find interesting. Last summer I was making a chip run down the boardwalk. I strolled in Resorts and asked the young lady at an empty black jack table if she could pick me out a few of the $1 chips in the nicest condition. She then asked me if I would be interested "in this old chip?" She then laid out a RES-1 and I QUICKLY laid out the $1 for it. In hind sight I should have given her a nice tip!
As for the obsolete definition.......I have always made the assumption that if it was not the current house chip that it was obsolete even if still redeemable. Thank you Mr. Black for raising the question. The dialog is interesting.
One last question. Do the regulations that exist in Nevada require the newly replaced chips to be destroyed? I have been told that this is not the case in NV (as opposed to AC where the CCC dictates destruction).