We have not made significant adjustments overall. The types of adjustments that we have made fall into three basic categories: 1) those where meaningful finds have driven the prices down (the recent find of Boulder Club 10¢ chips, for example), 2) those chips that have consistently shown up in public auctions and are now at a lower level, due more to the fact that there is less demand since many collectors have the chips, rather than depression-related factors, and 3) ultra-high-end chips whose prices skyrocketed in a market that no longer exists.

We generally do not make adjustments to values where an odd auction or small group of auctions end in results either higher or lower than the current book value. These results are generally temporary and are not indicative of future results.

We keep significant sales data that supports these types of price changes and do not extrapolate values based on similar chips, as different chips of the same type do not necessarily perform the same. Certainly, for example, $1 chips have been “hot” over the past few years and as a group have probably outperformed the market in general, but it is better to use individual sales results for each chip than to make assumptions about the group as a whole.