Good Morning Kev...

Wow. I thought last week was a stressful week. I'm writing this as an open letter and will post a copy on the main chip bulletin board.

First of all, I want to thank you again for letting me work with you on designing chip sets. I was very proud of the two finished projects. I guess I am 0 for 2. I don't think I'll try for strike #3 anytime soon.

I thought the idea of a No Cash Value set who's profits would go to charity would be one that the hobby...no, I guess I mean the business, would really embrace. Instead, the Las Vegas dealer community, with the exception of a few people, had no interest. These same people, again, with a few exceptions, are the same people complaining about how they were mistreated in not being able to get any of the chips released yesterday. I guess it is just a coincidence that no profit could be made on the NCV set.

The 71 Years of Legal Gaming set, as you know, was alot of work. I'm sure I have over 100 hours in total invested. My idea was to put out a set that was truly a Limited Edition set, which had some real value as a collectible and which truly had some significance. Anyone can issue a chip for Daylight Savings time, New Year's or Christmas. That times no time, often little creativity, and no research. Also, an issue of 500 or 1000 is, in my estimation, not very limited. When chips remain in casino cages years after they are issued, are they truly Limited Editions or more like virtually unlimited editions.

I wanted this set to really be different. Yes...with 19 complete sets only, some people who would like to get a complete set won't get one. To me, that was OK. We all know you can't get everything (or every chip) you want. My feeling was that that would be enough for you to offer 1 complete set to each to those key friends of yours in the dealer community and for me to offer 1 complete set to those who have supported Chips Off the Old Block for the five years in has been in existence.

The idea of adding the $1 chip, as you know, was not part of the original game plan. It was supposed to motivate people and maybe a dealer or two to re-examine their decision not to support the charity NCV set.

I guessed it has forced me to do some re-examination also. Let me share a few experiences with you. I won't mention any names. That would serve no purpose.

I'll start with an experience of about three years ago. A very prominent Las Vegas
dealer called me. He mentioned to me that I might get a call within the next two weeks about some obsolete chips from Lake Tahoe. He suggested that if I did indeed get the call, it might be better for everyone if we just agreed to split the purchase instead of bidding against each other. I agreed that this made sense, thanked him for the call, and assured him I'd call if I was contacted.

About a week later I did receive the call about the chips. I called the dealer and received his answering machine. I left him a message that I did indeed get the call and we needed to talk about the mechanics of our agreed upon arrangement. I found out later that he flew up to Reno later that same day, met with the seller himself, and bought the majority of the chips himself. That was Lesson #1.

Lesson #2. I was told of some chips which were supposedly from a casino in Las Vegas which noone had seen in 50 years. After doing some research, I was able to authenticate these chips via records from the original manufacturer. I susbequently paid over $4000 and was assured that I received all that were found. To me, this was a hugh sum of money. I have not made a purchase anywhere near that level since. These chips have since appeared on eBay at least six times. The seller is a close associate of the original seller.

Lesson #3 also takes place in Reno. A casino closed there in 2001. I had purchased chips there before and had developed a good working relationship with cage personnel. I learned that the entire inventory of another Reno casino which had closed ten years earlier was still in that casino's vault. The highest denomination used at this casino is still not in any Nevada price guide. I expressed interest in purchasing as many of these chips as were available. I was told that a redemption period of 90 days would have to elapse before any purchase was possible. I was assured that the chips would be securly locked in the vault until then. When I called at the expiration of the 90 day redemption period, I was told that the entire inventory had been sold to a dealer in the area, obviously during the redemption period.

Lesson #4. About two years ago another prominent Las Vegas dealer and I were both trying to acquire some very pretty, scarce inlay chips from a closed casino in North Las Vegas. The chips dated from the late 1950's. There were between 200 and 300 of one denomination, lesser amounts of two other denominations. This dealer has been very candid in stating that he is in this hobby/business primarily to make money. At least he admits this. In the end, I was very fairly outbid. The next day this dealer proudly announced on the chip board his "new find" and mentioned that less than a box (100 chips) of any denomination were found.

I have a few other experiences I can share, but I guess that is enough.

When I first got into collecting chips, I was amazed how exciting it was. I used to (and still do) get up an hour earlier than I have to just to see what exciting news there was on the chip board. Now the chip board is filled with bickering, divisiveness and controversy.

Now the chip board is filled with other things...investigations, stories of people intentionally defacing chips, etc. Now the subjects are of lists...of chapters formed for specific purposes. Lists are like fenses...they are walls that divide...they have people on both sides of them. What ever happened to the free-enterprise system? Do we as a hobby need to say what is permitted by other busineeses or can we just have faith that the free-enterprise system and the basic economic laws of supply and demand will ultimately prevail.

One of the nice things about collecting casino chips is that you can participate in some way regardless of your collecting budget. I still get excited when I acquire a new $1 house chip from Bill's in Lake Tahoe or a "Win-Card" NCV. There will be chips and sets I'd like that I can't afford, or those that sell out before I can acquire them. That is my reality and everyone else's reality that participates in this great exciting hobby filled with history and with fine warm collectors.

Anyway Kev...I'm sure we'll talk later today. I'll do whatever you'd like me to do to prevent any damage I may have caused you with your loyal, understanding, Las Vegas dealer friends.

I'm sincerely sorry for causing you any problems. Certainly your friendship is more important to me than profiting from the sale of some manufactured pieces of clay. I look forward to seeing you in a couple of months. I'll buy the first "Oatmeal Cookie." Maybe even the first two.

Terry