The first time I went to the Bicycle Club in LA was in the mid 1980’s. I brought home some small denomination chips, but it was obvious that the $25 didn’t match any of the lower or higher denoms. It was a plastic coin center and all the rest were Paulson clays. When I asked about it, I was told the original $25 had to be replaced because of confusion with a similar chip in California. I researched this off and on for years, and found the following: the “Bike” ran ads with this Paulson $25 chip for years afterwards. This magazine was from 1989. The 50c Delta Club (picture from Chipguide) in Stockton is very similar and should have circulated around the same time. That would seem to validate the original story, but I have never seen this $25 Bicycle Club chip in the flesh. In 35 years, I never saw one in auction, or in Chipguide either. I was there when Gene Grossblatt broke up his CA collection, the best I’ve ever seen, and he didn’t have it. Does anyone have this chip or can confirm it’s existence? I can’t believe even one never made it out.