You can trade current chips for current chips ($1 for $1) or can trade retail value for retail value. The biggest problem some newbies have is trying to trade one $5 chip for 5 - $1 chips. It takes a lot more effort to get those 5 chips than if does to get one $5 chip. Always keep in mind that you are going to be on the "losing" end of some trades but will make up for it by being on the "winning" end of others. It always works out in the end so just relax and enjoy it. If you always try to take advantage of your trading partners you will find a lot less who are willing to trade next time.