An interesting question. While I agree that it would most likely not apply to collecting, I wouldn't offer that as a formal legal opinion.

My question is how do you use chips if you can't possess them, because if you have the chips and the ability to move from table to table (game to game) then you possess them and would be subject to penalty. Wierd.

While I don't know the current state of the law, in Indiana growing up it was illegal (even as an antique) to own a slot machine.