First, the worldwide recession hit and tons of collectors sold off their collections for cheaper and cheaper prices, just to sell quickly;

Second, the hobby was aging, so we lost a number of serious collectors and their collections hit the market;

Third, as a result of one and two, many collectors downsized their collections and focused on their greatest interests; and

Fourth, there have been quite a few hoards that have surfaced.

More scarce/rare chips on the market plus significantly less collectors equals lower prices. I have noticed that, for Las Vegas at least, and for some other areas, actually rare and even scarce chips have, for the most part, retained their value. Common chips, Limited Edition and fringe localities have been hit the hardest in terms of value. It's not that different than for many areas of collecting, as I'm sure you know.

Michael Siskin