I don't know of the cancelled chip value, but I sold a red #1 for $2,800 and was asking more . I've seen cancelled Palace clubs for $1,800 and these are the only 2 chips in the # 1 red color. So very rare and maybe the only 2, so I think a descent high value is appropriate for this chip. I think the red #1 I had is submitted in the chip guide. Torrey