UNDER APPRECIATED By Steve Cutler,

I wrote a story in the 90’s titled “How scarce is this chip”, it was about limited-edition chips vs regular issue house chips relating to collectability. Much has happened in the last twenty-five years or so and many of these gems are finally getting their just due.

The argument has always been that these chips were manufactured collectables and not really casino chips. In fact, nothing could be farther from the truth. These chips go through the same regulatory process as regular chips, in fact the approval could even be more difficult when licensing agreements are involved. These chips are used for gaming, they just don’t last long as collectors and tourists pull them from circulation as quickly as they are released. Give this some thought, a regular issue $5 chip from a major hotel could have a mintage of 100,000 or more. That same hotel could release a limited edition $5 chip with a mintage of as little as 500. You don’t have to be a rocket scientist to figure out which chip will be scarcer down the road. These chips have been overlooked and underappreciated for three decades but are starting to get the respect they rightfully deserve.

Another argument has been that there are too many to collect, that is another fallacy, not only can you collect them, but you could collect all of them. By comparison obsolete and current house chips probably outnumber limited edition chips by over 100 to 1. And putting together a complete collection would be nearly impossible as there are so many obsolete chips that are the only ones known to exist. And of course, the cost factor would make this cost prohibitive even for the wealthiest of our collectors. I have also heard that collectors like the idea of a fifty-year-old chip that may have been touched by a gangster, celebrity or other notable person. Without provenance, that obviously is just a fantasy and of course the same could be true of a modern-day limited-edition chip.

There are many ways to collect limited edition chips. I have compiled a short list.

1. All limited-edition chips from a specific casino.
2. All grand opening chips.
3. All Halloween chips.
4. All chips with cars pictured.
5. All chips with planes pictured.
6. All chips with athletes pictured.
7. All sets with matching serial numbers.
8. By denomination.
9. All chips with celebrities pictured.
10. All holiday chips.

There is no end to the many ways these chips can be collected. One of the ways that has gotten a lot of attention as of late is collecting low mintage limited edition chips. Specifically chips with overall mintages of 100 or less. Some casinos have produced chips with mintages of as little as 15. There are also many high denomination chips that people just wouldn’t buy due to the face value cost of the chip. One of these chips is the $500 Cook E. Jar serial numbered chip from the now closed Continental Hotel and Casino. There are only a few of these known to exist.

Mahoney’s Silver Nugget Casino produced a Mike Tyson $100 chip with a mintage of 15. Of course, these examples along with some others would be the hardest to locate and the most expensive to purchase. By comparison the first issue Flamingo Casino $100 chip (Bugsy) has a known population of about 20 with the possibility of more hiding somewhere. These have sold in the $10,000 to $25,000 range depending on condition. Yes, these chips have historical significance but so do the rare low mintage limited edition chips that sell for a fraction of the price. I believe that many of these chips are the financial sleepers in the hobby and those in the know have quietly been acquiring these chips. Many of these (under 100 minted chips) can still be located for a reasonable price.

Thanks Steve,

Paul Schaffer
LM-7745-264