This is not the only auction he has going with an "incorrect" description of the chip. I refuse to bid on any of his auctions, even though there are many chips he is auctioning that I need and that are going for very reasonable prices. It is a matter of principle. I will not sell out my principles for any chip(s), no matter how enticing the deal may seem. By not bidding, I am helping to keep the winning bid low. This does create a bargain for the buyer, but hopefully also a message to the seller.
I encourage ALL bidders to not bid on his auctions. Make the message from the chip collecting community clear to this seller and others of this ilk.
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