My rule in regard to this is that if asked I will tell them what I believe is a fair price, but if they don't ask I don't tell. If it is a chip collector I would question a very low price because that might indicate that there is new information (recent find).

SO I AM INTERESTED IN HOW OTHER COLLECTORS DEAL WITH THESE SITUATIONS:

1) You are at a yard sale and find a chip which you recognize as having a book vale of $200-$250 you believe that a fair price is really $175 based on recent sales you are aware of. It is on a table marked $5.00 and it is a chip which you would like to add to your collection. the seller tells you she found it in her her fathers sock drawer after his death and that this is the only chip she found and she knows nothing about it.

What do you do?

A) Buy the chip for $3.
B) Tell the seller that the chip is worth $175 which is what you honestly believe is a fair price.
C) Tell the seller that the book value on this chip is $200-$250.
d) Ask her if she'll take $1 for it.

2) If instead of the chip being marked $5 there is no price on it. You ask the Seller and she says "Make me an Offer"

How much do you offer?

3) The same chip is offered on Ebay (seller you do not know) with an opening bid of $10.00, you bid on the auction and win it at the $10 level because no one else bid (this is probably because the seller did not describe the chip well but you asked questions and were able to id the chip). When the auction is over
What do you do?

a) Send $10.
b) Send $175.
c) Send $200.
d) Tell the Seller to reauction the Chip.

my answers to this are

1) A
2) $175
3) A (with one exception - I won't make a seller sell me a live chip for less than face value).

(Its not that I believe these are necessarily the right answers, these are just the way i deal with things.)