Rarity is a measure of how many chips exist. Rarity influences value, as do several other factors.

Value is determined by demand and availability (rarity). The greater the demand and the greater the rarity the greater the value.

A number of factors influence demand:
o Visual appeal - pretty designs make chips more desirable
o Condition - the better the condition, the more desirable it is
o Providence - did someone famous previously own the chip or is the chip from a famous casino
o Location - Nevada chips are more desirable than other locations, and Las Vegas is more desirable than other Nevada locations
o Denomination - Most collect $1 and $5 chips
o Mold - some molds are more desirable than others, for example ARODIE
o Inlay - metal inlays and inlays with graphics are more desirable than hot stamped text inlays

Tastes change over time and other factors may come into play in determining value, but for now the factors above should be a pretty good determination of value.