This $100.00 Cuban chip, which must be from Paulson (I see what looks like a hat and cane in the eBay ad), raises a ton of issues that could fill bulletin boards for eternity. Click here to see the eBay ad:
http://cgi.ebay.com/aw-cgi/eBayISAPI.dll?ViewItem&item=134500859

I just saw this eBay ad, and I feel compelled to comment on it right now. It might be better to wait and reflect for hours or a day, but e-mail makes it so easy to jump in now. Here are some issues:
(1) This is a disgrace for Paulson. I am sure they must be licensed to deal with casinos ( to sell chips and equipment), and to be licensed they must operate ethically. What kind of lousy ethics they must have to produce this junk to fool collectors. They have to know about collectors buying chips as a hobby because they produce so many limited edition chips. I bet they explicitly encourage casinos to order chips earmarked for collectors. Now they are making phony $100 chips with real casino names and addresses (and a 1998 date) that they know collectors will want and will buy, and there is no indication that this is a fantasy chip. They have to know that these chips will be pitched as real casino chips by dealers. Note that the inlays are exactly like the old 1950's $1, $5 and $25 real Capri chips I am familiar with -- the same color, star, map, etc. Even the red color and style for the denomination! Shame, shame, shame! They should lose their license or at least get a warning by the state casino control commissions.

(2) The club should consider having a committee police these things, write to offenders and the state commissions, and work to extend the coin hobby protection act (whatever it is called; the name escapes me) to chip collecting. If this lobbying violates our tax free status, we can create a separate organization with separate contributions to do this work.

(3) It is interesting the way the dealer acts so innocently (and may be innocent; who know?). I have often thought of this very situation, and I have always thought it was wrong. All these guys that talk of capitalism, buyer beware, do your own research, etc., should rethink this. The dealer here was very clever --by design or accident. In his eBay ad he (1) just shows a picture of the $100 chip, (2) makes no comment or analysis of the chip; and (3) starts the auction at a very low amount. He then leaves it to the suckers to bite, hard. To repeat, he does not say the chip is real or not, valuable or not, a fantasy or not. He looks as innocent as a lamb, and may be!.....................<b>I think it is wrong to accept high bids in a situation like this.</b> To me it is tantamount to someone acting feebleminded or drunk and waving a yellow-painted brick and selling it for $10 hoping a sucker will think it is a gold brick. The club should have rules against this -- sellers accepting huge amounts for common items, items that can easily be acquired at retail, at stores, at casinos or from other dealers.

(4) Unfortunately, even if Paulson changed its policy, other chip manufacturers that are not licensed will probably issue this stuff, unless the hobby protection act is extended to chips.

(5) There is a silver lining to everything. In this case, if fakes like these proliferate, it will encourage collectors to join clubs like ours and buy the better chip guides, and participate in reputable auctions and buy from reputable dealers.