My way of thinking is that I don't collect current $500 chips. If I'm not willing to pay $500 for a current $500 chip, knowing it will probably be unique once it gets retired, then why would I pay more than $500 for a $500 chip just because it's now obsolete? I had a connection at Harrah's Reno back before they destroyed all the brass cores. She found an uncirculated $100 with apostrophe and one with the star in the vault and sold them to me for face. She showed me the $500s. I could have bought all I wanted for face. I don't collect $500 chips at face.

I do have some very nice $500 chips in my collection, but I never paid more than $350 for one. There used to be two $500 collectors. When one of them passed away, a dealer sold his collection on eBay and I bought several of them. For $350 or less. Now, a collectible is worth whatever someone is willing to pay for it. It's supply and demand. Yes, the supply is very limited. But higher denoms are in less demand than lower denoms, because more people collect $1 and $5 chips. If you had a Harrah's $1 that was the same rarity, you might have a chip worth a few grand.