Another point to mention, Michael, is that many of the Nevada cage personnel have been contacted by collectors and asked to watch for old chips for them. An old chip of smaller denomination would likely be recognized and purchased by some cage critters, knowing they could pass it along to the collector at a profit, or at least for a tip.

This isn't strictly 'redemption' as the poster asked about, but it does mean you will often get cash for your old chip at the cage. Sometimes, they ask you to step to the side (or outside) and do this as a private transaction.