I collect the old inlaid fractionls from Las Vegas and have yet to pay that much, even for one of the 50's rarities . I can't imagine why someone would pay that price for a relatively modern hot-stamp fractional. I don't know how many were actually produced, or destroyed, but this chip could be reproduced today for much less than $1200! Modern die making techniques can photographically reproduce any design quickly and inexpensively. Who among us could tell the difference?