Charles,

The term "slabbing" as it is used by those of us who are against slabbing, describes the process whereby a chip, coin, baseball card or other collectible is permanently encased after grading by a self-described expert.

Chips that are encased in lucite or any other material merely for presentation purposes would not be considered a slab.

Here's a link where you can read more about the reasons many of us oppose the practice of grading of casino chips:

http://slabfree.marlowcasinochips.com/whybeslabfree.htm