"In any grading/condition description, the above is not always true when it comes to chips. There are certain chips that are known to be only in cancelled or sometimes very worn condition. With these items, the 'rarity' of it determines the price NOT the grade/condition. I'm just fearful that NEW collectors will not know the difference unless stated as a NOTE in the final product.
Just my 2¢ worth.........." Steve P.

Steve- As in most cases of attempting to define certain parameters, there will always be an exception or two. The question I tried to address was the one that Chuck Smorse had posted (the day before my response to the question he posed) as to what was the difference between grading and slabbing.... as if both were the same thing ... and they are not.

A grading standard has nothing to do with "Rarity"..... and I think most "NEW collectors" would understand that. However, a holed or notched "rare" chip will always be worth less than one that is NOT holed or notched (or graded higher) that turns up later.

What would you GRADE the $500 Caesars chip image that was attached to your post? I'm not asking about PRICE or RARITY. I don't believe the club is considering getting into adopting or exploring a PRICING or RARITY STANDARD.