For whatever it is worth... here are the first two paragraphs published on page 149 of my 2003 Edition Estimated Retail Price Guide of "Black's Catalog of Atlantic City Casino Chips & Gaming Tokens".

"For users of this value guide, it would be helpful to keep in mind that the following information has been compiled from various sources and represents what the author feels is a fair representation of estimated retail prices from established dealers for chips and tokens in excellent condition.

Many sellers of casino chips use various Price Guides as documented reference sources to price their material. A well-circulated chip is often unfairly cited as having a similar value as those estimates on these pages. While I personally object to grading systems, there is no question that lesser quality chips, which are worn, will sell for less money than specimens in top condition."