They are real chips and are sold at face. ($31.00)for the set. I believe California Law requires them to allow you to cash them in, but I believe only in sets as they were purchased. I will try to get in touch with the owner and ask this question. They have told me in the past that they planned to purchase more of these less the "Limited Edition" for table use but as of a month ago no chips like these on the tables. Since then they had a flood go through the casino in one of our rain storms and I have not been there when it was open. This is a real small place two tables, only one open most of the time.