Heather; I don't know who put a $500 value on this chip. But I would not rely on that misguided source for planning my retirement fund.

I offer this original opening day chip at retail for $8 .... and I'm sure there are several who will sell you one for much less. There have been two $1 chips issued since the one you have described. The $1 chip issued that replaced your red edge insert chip was a $1 CHIPCO .... which was replaced a few short months ago with the current $1 table chip with four blue edge inserts.

I would suggest that you go back to your source and offer your $500 chip to him/her for $50 and see what he/she says.