I was starting to write a post regarding the value of LEs in an earlier thread but accidentally reversed my browser and lost what I was working on.

One of the subjects that I was trying to address there involved this very subject. Yes, I have purchased several chips that I have been a little displeased that I paid so much for them to later find that they have appearently lost quite a bit of value over time. That, I guess, is all part of learning about the collecting of certain items. Over time I have learned much about how to evaluate the value of chips and ways to avoid paying too much for them. Also, If you pay heedance (sp?) to the prime rule of collecting, that is buying only what you really want or like, or what brings you personal enjoyment, than you really can't make such a mistake. If the price is going to erode away the enjoyment of the chip than you should consider that in your evaluation of what you want to pay for it. While supply plays a roll in the value of chips, Ie., LEs of say 500 or 750 or 5000, the real value is what people are willing to pay. I have seen $5 and NCV chips printed in editions of over a thousand sell for hundreds of dollars while chips produced in editions of 750 struggle to go for $12. A chip is really only worth what you are willing to pay for it based on your assessment of how bad you want it. Another lesson that I have learned is not to get too emotional about new releases etc. Some subjects and casinos have historically been the center a frenzy over new releases that get people spending 4 or 5 times face value for a new release. Playboy, Palms, Hard Rock, popular music themes or bands, celebrities... Then after about 2 or 3 months or maybe some time later the chips are selling on eBay for only $4 or $5 over face. Take the Mandalay Bay Year of the Horse Chips. I have always thought of these chips as one of the more interesting of the YOTH Issues. I passed on buying one since the prices seemed to be pretty high when they first became available. By waiting and keeping my eye out I can say that I am finally adding one to my collection for $12. I even saw another one sold tonight for only $6. Unfortunately I wasn't home to take a chance on it also. The Paris Jetons are also examples. Right after the Paris opened the chips were selling for astronomical prices. I held off and was starting to get dissappointed when the prices on all the auctions I bid on went way out of my range at the time. I kept looking though and eventually was able to get a $5 and a $10 for less than the cost of getting a $5 earlier. Then the anouncement came out that Paris was removing the tables and were not going to use the chips anymore and the prices went up again.

One of my first chip purchases on eBay was the Caesars George Burns 100th birthday commemorative. After reading an article in Cigar Afficionado about Chip collecting, which is what got me into actively buying and collecting chips, where they mentioned that the chip was worth about $30 I placed a bid on eBay for around $28. I ended up getting the chip for around $26. At the time I was first interested in the chip there were many others bidding on it. Several would regularly come up for auction and I would always be out bid. Then I happened to win one. About 2 years later I started finding more and more of them out there and they don't seem to sell for anywhere near what I paid. I just looked back at eBay this afternoon and noticed about 6 of the chips chips selling now or in the past days or weeks for anywhere from $9.99 to $21.50. Some don't even have bidders. I personally have bought 3 more for from $9 up to about $17.

While I go wow I overpaid for that, I don't let it bother me too much. I like the chip and consider it's attractiveness and the historical significance of it. Averaging all the chips I have together I find that some are over priced yet others have been acquired under priced and others have just gone up in value. I picked up a Tyson Holyfield II (bite fight) $10 MGM chip for under face in fact. I just happened accross it while bottom fishing, you might say, on ebay. Every now and then I go to eBay and bring up Casino Chips and look at Ending Today or Going Going Gone. Sometimes, as was the case with the Mandalay Horse chip I find one that for some reason isn't getting attention. I am not a big spending collector. My collection is more modest valued chips. Thus I can even afford to take a risk on a seller who might have a low number of feedbacks, or a bad photo of the item or no photo... In fact I think one of the keys to the Tyson chip was that the seller didn't have a scan posted. He didn't have a scanner or something and posted it sight unseen. Either that or the picture might have been so badly blurred that others might not take the chance on it's condition. I guess I lucked out, The chip, while it took 3 weeks to get to me, (shipped 9/10/01) was in perfect uncirculated condition.

Something else I might recommend for people looking for deals. Don't just rely on going to catagories on eBay to find chips. Say, Collectibles > Coin-Op, Banks & Casino > Casino>Chips... Actually search all of eBay for a keyword or phrase for what you are looking for. Sometimes you can find an item that has been picked up by someone who doesn't know it's value or the number of us who collect chips. I can't tell you for instance how many times I see someone write on USENET how they got some chips from a friend who brought home chips from LV and wants to know how to redeem them if the casino is not there anymore. Or that they may have found them among a relatives belongings when closing out an estate. Some people might list them under Sports Memorabilia or under Entertainment Memorabilia. I just did a look and found casino chips listed under about 10 different catagories all over eBay.

Those who are familiar with my writing know I can go on and on. Thus I will try and close this here. There are going to be fluctuations in prices. Hopefully most of your chips will appreciate. However, as I have seen numerous times, mentioned here, somebody finds a stash of a collection of old chips that some guy had in a cigar box that was donated after his death by the family to Salvation Army or something. The family didn't know what they had. The charity receiving the chips might not know what it was. They put it in a thrift shop and now there are dozens of new old chips on the market that nobody knew existed. Or stories of people who, for whatever reason, hoard their poker winnings in a safe deposit box and never cashed them out. All of a sudden some guy dies and the bank cracks open the box to find several hundred chips from a long gone casino? (not sure if that really happens much but could, I suppose be possible). If you buy because you are attracted to the chip or other collectable and you enjoy having it in your posession that that is what is most important. I really like the suggestion of one other responder to this thread who suggested that you put one of your bargain chips that you are most proud of next to the Floyd's(?) chip that you think you paid too much for. That is a perfect reminder and statement about collecting. You will also be reminded and comforted by knowing that, hopefully, it all evened out.