I am reading all this and first I am not as much of an expert as I know Gene and others here to be so I will defer to them for any more specifics that they may care to supply but this pi%%ing fight is getting way off the mark.

First, the issue of 'We don't sell them, You can't buy them' is a legally technical phrase. That is based on LAW. The state doesn't allow them to SELL the chips. When they issue a LE set they have to maintain the balance of the value of those chips on their books. If they issue a 4000 unit edition of a 5 chip set (20,000) chips at a cost of $5 per chip they have to carry $100,000 on the books of the casino to redeem those chips if they should be played or cashed in. Some people do buy these chips at the cage then later play them at the tables. Unlike PROPERTY where the casino can say we sold that to you, we are not responsible for it anymore and don't have to pay you back for it. It is yours now... The casino does have to accept it at a table or at the cage if you play it or cash it in. Why? It is THEIR property and is a promise for a value that they issue to you. The money is YOURS. The chip is THEIRS. I AM SPEAKING OF NEVADA INCIDENTALLY, from my basic understanding. Thus, they ARE IOUs. Unlike property that is bought and sold, the chips DO NOT depriciate or appreciate in the eyes of the casino. You can only pay face value for them from the cage or table and They MUST give you face value upon redemption. You can not take your chip to another casino and redeem it, although some casinos will look the other way for good players. The reason they CAN'T redeem chips of another casino is that they are the legal PROPERTY of another casino. You also can't use them at 7-11, McDonalds etc. Why? They are the Casino's property and only can be redeemed by them. (laws re: alternative currency production as mentioned earlier)

The enforcement of the property rights is the perogotive of the casino in the end. It is their property and up to them how they enfore those rights. They have those rights that they can enforce if they want if there becomes a burden. Or, they don't have to enforce their rights. It is up to them. They DO have to honor those chips though if you present them for redeption.

The exception of the last paragraph is if the casino issues a "REDEMPTION NOTICE". This notice, published in news papers and/or posted at the casino cage alerts holders of the chips that the casino is EXERCISING their property rights. Being their property, they can DEMAND that you redeem and return those chips and then give you notice that if you DON'T, you forfeit your interest in the IOU.

I would imagine that if they chose to, they COULD go to chip shows and take their chips back. They could send someone after you if you sell them on eBay. However, as a practical matter, based on bad will that could be caused, which I would venture to guess would cost more than the production cost of the chips, compared to the face value, they wouldn't do that. It would cost them far more to have people hunt these chips down and would cause bad customer relations that would far exceed their effort. So, in Nevada, they simply issue the redeption notice, balance the books on the chips and then reclaim the outstanding balance of the rack (supply of chips) off. In New Jersey, my understanding is that, the casino washes their hands of the issue by, rather than reclaiming the money, they turn over the cash balance of the missing chips to the state. They then void or discontinue the use of the chips in the casino and have people redeem their chips with the state. Again, these are legal processes that prescribe the handling of chips etc. They can be followed by a casino or ignored at the casino's inconvenience or cost. For example, a casino that discontinues a chip COULD at their discression accept their chips then find some other way to either write them off, dispose of them, or get their money back. While it might not be legal for the casinos to do this, it often may be an issue that they do for some better customers for a greater upside, on a limited basis but don't have to. Or, they can fall back on the law if they feel that trading foriegn (chips from other casinos) or obsolete (discontinued)chips back and forth between collectors and other casinos is too much of a burden.

Then, there is the issue of supply of chips to maintain your operation. Some casinos may not wish to constantly reproduce more and more chips to maintain a supply. They may find that all this bookeeping and accounting is too much of a burden or expense. Thus, they may have people stopping customers at the doors or tables when they try to pocket chips and walk with them.

Then, there is the whole issue of Roulette chips which are an issue where they DO NOT leave the table. That is because you can go to a table, buy chips for .25 a chip, pocket a few then go back an hour or so later and play them in a stack that you bought for $1 a chip. When you are done at the Roulette table, you cash out for regular chips. Again, the chips are their property and they may enforce those rights.