Another possiblity....

The seller doesn't know anything about chips, but does know someone who collects them. They ask the chipper what a particular chip is worth. The chipper gives them the book value, and at the same time makes an offer (below book) for the chip.

The seller would like the higher price (book value), but doesn't want to risk having to sell the chip for less than they were offered. Soooooo...list the chip with a reserve that's a little over the offer. If the reserve isn't met, sell it to the chipper who gave you the information on the chip. If the reserve is met, sell to the winning bidder.

I know that's happened at least one time....TCR $350, reserve set at $200, bids received $100, sold outside of ebay for $150.