Casino Chips: To the gamblers they are a way of tracking wins and losses. To the casinos they are cash. To the collectors Casino chips are pieces of history and art to be archived and displayed.
Casinos enjoyed steady growth with the legalization of gambling in 1931. The early casinos were tiny compared to the mega-resorts today. One or two table games, sometimes located in the back of a restaurant, were common. This also meant the number of available chips was limited. There have been gaming counters of some sort as long as there has been gambling. Poker chips made of bone, mother-of-pearl, and ivory are highly collectible. These chips date back to the mid to late 1800's. Actual casino chips, or cheques, can be attributed to a specific establishment or in the case of a few, establishments.
A dollar was worth more then than now and the chances of someone not cashing in their chips were pretty remote, unless he or she happened to be wealthy. The low denomination chips were used heavily and are typically quite worn when found. On the other hand, high denomination chips were not used as frequently and they can be found in much better condition, if they can be found!
There are a wide variety of chip types, with the most common being the clay composite. Even within this type, there are basic elements that differentiate the chips and result in some being scarcer than others. The mold is the design around the edge of the chip. This aids in dating the chip and identifying the manufacturer. The edge spots or inserts help to quickly identify the denomination and deter theft. The inlay, which can vary in size and shape, may contain the casino logo, denomination, and other designs
As casinos closed or changed owners, the chips on hand were typically destroyed or cancelled by various means. This makes finding older chips more difficult and the prices they command can be quite high. A $5 Hacienda that was found at a yard sale was sold at auction for $15,100. In early 2004, a Sands chip was sold at auction for over $33,000. This chip was previously unknown and the transaction currently holds the record for a documented amount paid for a chip.
In 1988, many like-minded individuals created the Casino Chip & Gaming Token Collectors Club, Inc. This international organization has over 6000 members on the rolls with over 3000 currently active. Each year the members gather for their annual convention. This is a chance for collectors, dealers, and traders from all across the country and the world to meet to exchange ideas, renew old friendships and make new ones and of course talk chips! This year the Convention will be held at the Riviera in Las Vegas.
The fun part of casino chip collecting is the number of different ways people choose to focus their efforts. Collections have been broken up by denomination, geography, obsoletes, specific casinos, etc. Some of the best collections I have seen focused on the type of chip, for example crest and seals. These are some of the most elegant and striking chips known.
While learning and acquiring are fun aspects of casino chip collecting, the most rewarding is finding something that was previously unknown. Discovering something new can be very exciting. There are over 21,000 different documented chips from Nevada casinos. The state has been home to hundreds of casinos over the years and no one knows all of the chips issued. New chips turn up often; there may be one in your grandfather's old shoebox right now.
The collection can be what you want, large or small, common or scarce, land based or riverboats, the possibilities are endless.
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