One is tempted to say "whatever it sells for on eBay is its value." But that's not really so. It would only be its value if the listing disclosed that it was a modern counterfeit rather than an authentic chip as described. We have to remember that the high bidders may not be chip collectors at all, but rather frontier western memorabilia collectors or even Wyatt Earp specialized collectors or Alaska historians.

In any of those cases, if the high bidder thinks he's bidding on an authentic piece, rather than a recent creation, the eBay price realized is not reflective of the real value of this fake.

That said, fakes do have value. I can recall buying a $25 Fremont chip some years ago from a dealer who posts here sometimes, then finding out that it was a counterfeit. The dealer offered to take it back and issue a refund (to his credit, since he didn't realize it was a counterfeit), but I declined. I thought - and still do - that being able to add a counterfeit to my collection was a neat thing, since the counterfeiting was done long ago and not to defraud chip collectors.

Again, speaking for myself, I have a couple of reproduction pistols that I've used in displays with reproduction faro cards and real antique chips. I've also bought reproduction US banknotes for chip/gambling displays. In all cases, I knew that what I was purchasing was not real.

Personally, I'd estimate the value of this fake chip at between $25 and $50. Sound right to you John?

Michael