Casino chip collecting

Last updated

Casino chip collecting is the practice of intentionally taking casino chips (also called "cheques") from casino premises or trading or collecting online, or in person, for the purpose of collection. Casino chip collecting is a variety of exonumia, or coin collecting. Before it became a more serious hobby, casino chip collecting was simply a case of people keeping them as souvenirs from a casino they may visit. The biggest boost to the hobby came with the creation of the online auction site eBay. eBay has now become the most popular way to collect and trade casino chips with listings in the casino category regularly including more than 20,000 items for sale.

Contents

History

Casino chip collecting became increasingly popular during the 1980s, as evidenced by the sale of chips through several casino and collecting newsletters. Bill Borland's Worldwide Casino Exchange (early 1980s) had a casino story each issue and dozens of old chips for sale. Likewise, Al W. Moe's Casino and Gaming Chips magazine ran for several years in the mid-1980s and attracted hundreds of subscribers. Each issue featured stories and pictures from old Nevada casinos and included photos of old, collectible chips.

Archie Black established the Casino Chip & Gaming Tokens Collectors Club (CC&GTCC) in 1988 [1] in response to the continuing evolution and popularity of chip collecting. Membership in the club includes an annual subscription to the club's magazine, Casino Collectible News, now in its 26th year. The magazine has won six First Place Awards from the American Numismatic Association for Outstanding Specialty Numismatic Publication.

The club held its first annual convention at the Aladdin Hotel and Casino in 1992. The 32nd annual convention will be held at South Point Hotel, Casino & Spa 12–14 June 2025. [2]

As the number of collectors grew, the creation of an official grading system was viewed as being a useful tool in part of the process to help determine the collectible value of the chips, as opposed to the face value they can also represent. In 2003, members of the CC&GTCC's Standards and Archives Committee agreed on a grading system that would be used worldwide. It is worth noting that, for the most part, the chips meet the minimum value set by the casino. There are many published price guides, but two in particular are more widely used by casino chip collectors. The Official U.S. Casino Chip Price Guide, now in its 4th edition, covers chips from casinos in Nevada, Atlantic City, New Jersey, Colorado, Deadwood, South Dakota and the several Midwest States that permit Riverboat casinos. The Chip Rack , now in its 21st edition, attempts to include all chips and checks issued by casinos in the State of Nevada. Some chips are considered high-value and have a listed value as high as $50,000. During their 2014 convention, a $5 chip from the Golden Goose SOLD for $75,000, and a $5 chip from the Lucky Casino SOLD for $52,500.

Classification of chips

Below is the system that is currently used to grade them:

GradeDescription
New (N)Never used in games; square and round edge chips will be as from the manufacturer with absolutely no wear, no dings or nicks; no scratches on surface of chip or inlay.
Slightly Used (SU)Only slight signs of use, edge still crisp but ever so slightly dulled with very little wear; cross hatching may show slight wear near edge; few or no edge nicks; still retains luster in mold design; bold hot stamp; inlays excellent.
Average (A)Typical chip found in play after months/years of use; slightly rounded edges; will have minor defects such as small nicks on edges; inlays are beginning to show even wear and about half of the cross hatching has worn from the body surface; hot-stamps have dulled, beginning to show even wear and may be missing a small amount of foil.
Well Used (WU)Moderate and uniform wear of edge, surface and hot stamp; noticeable edge nicks and/or surface scratches; no luster in mold design; cross hatching is nearly worn off; hot stamp is still readable but much of the foil is missing.
Poor (P)Edges that were formerly sharp and square, are now well worn bicycle tires; original hot stamp foil is mostly missing with only the recesses visible (may have to hold towards a light); moderate to large chips (nicks); surface cross hatching barely visible (if at all); severe scratches to inlay or chip surface; severe color fading; partial wear up to half of Chipco design from the edge to the center of the chip. Damage, such as cracks, breaks, missing inlay or other chip structure do not apply to this category.
Cancelled or Modified (Can) (Mod)(Either by the manufacturer or the casino): A. Drilled, B. Notches, C. Overstamped, D. Clipped, E. Bent, F. Painted.
Damaged (Dam)A. Severe nicks or chunks, B. Loose or missing inlay, C. Cracked, D. Broken, E. Warped, F. Permanent Stain, G. Severe Fading, H. Cigarette Burn(s). fire damage, I. Over-cleaning.

As well as the system for grading chips, there is also a system for identifying chips shown below:

IssueThe chronological order in which the chip was issued.
DenominationRefers to the dollar amount of the chip.
Basic ColorThe base color for most of the chip.
MoldIdentifies the look/manufacturer/distributor of the chip.
InsertsThe different color patterns used on its edge.
InlayRefers to the size and shape of the inlay, as well as composition and color.
RarityThe best estimate of the number of surviving chips of its kind known to exist.

Methods

There are many different ways to collect casino chips. Because of the amount of chips available and the increasing price of some, collectors have begun to specialize. A collector might choose to collect every chip from a certain casino or one from every Las Vegas casino. Collecting by denomination is also very popular, such as only $1 or $5 chips. The first rule of proper care and storage is to keep them away from sunlight and fluorescent light. The best way to store a collection is to keep them in a folder. As opposed to a coin collection, cleaning the chips will not decrease their value but is still not recommended unless really necessary. Chips have inlays and hot stamps on them which can get unreadable over the time if they are not maintained properly. The hot stamps and the inlays of the chips are what determine their value so it is very critical to ensure that these are not severely damaged while handling them. Collectors especially should be careful and maintain their rare chips effectively to keep their value intact. [3]

See also

Related Research Articles

<span class="mw-page-title-main">Coin collecting</span> Collection of minted legal tender

Coin collecting is the collecting of coins or other forms of minted legal tender. Coins of interest to collectors include beautiful, rare, and historically significant pieces. Collectors may be interested, for example, in complete sets of a particular design or denomination, coins that were in circulation for only a brief time, or coins with errors. Coin collecting can be differentiated from numismatics, in that the latter is the systematic study of currency as a whole, though the two disciplines are closely interlinked.

<span class="mw-page-title-main">Stamp collecting</span> Collecting of postage stamps and related objects

Stamp collecting is the collecting of postage stamps and related objects. It is an area of philately, which is the study of stamps. It has been one of the world's most popular hobbies since the late nineteenth century with the rapid growth of the postal service, as a stream of new stamps was produced by countries that sought to advertise their distinctiveness through their stamps.

<span class="mw-page-title-main">Numismatics</span> Study of currencies, coins and paper money

Numismatics is the study or collection of currency, including coins, tokens, paper money, medals and related objects.

<span class="mw-page-title-main">Philatelic investment</span> Investment in postage stamps

Philatelic investment is investment in collectible postage stamps for the purpose of realizing a profit. Philatelic investment was popular during the 1970s but then fell out of favour following a speculative bubble and prices of rare stamps took many years to recover.

<span class="mw-page-title-main">Casino chip</span> Small discs used as currency in casinos

Casino chips are small discs used as currency in casinos. Larger, rectangular gaming plaques may be used for high-stakes games. Poker chips are also widely used as play money in casual or tournament games, are of numismatic value to casino chip collectors, or may be kept as souvenirs.

<span class="mw-page-title-main">Exonumia</span> Numismatic items other than coins and paper money

Exonumia are numismatic items other than coins and paper money. This includes "Good For" tokens, badges, counterstamped coins, elongated coins, encased coins, souvenir medallions, tags, wooden nickels and other similar items. It is an aspect of numismatics and many coin collectors are also exonumists.

<span class="mw-page-title-main">Notaphily</span> Study of paper currency

Notaphily is the study and collection of paper currency, and banknotes. A notaphilist is a collector of banknotes or paper money, particularly as a hobby.

<i>The Numismatist</i> Monthly publication of the American Numismatic Association

The Numismatist is the monthly publication of the American Numismatic Association. The Numismatist contains articles written on such topics as coins, tokens, medals, paper money, and stock certificates. All members of the American Numismatic Association receive the publication as part of their membership benefits.

<span class="mw-page-title-main">Professional Coin Grading Service</span> American coin grading organization

Professional Coin Grading Service (PCGS) is an American third-party coin grading, authentication, attribution, and encapsulation service founded in 1985. The intent of its seven founding dealers, including the firm's former president David Hall, was to standardize grading. The firm has divisions in Europe and Asia, and is owned by parent company Collectors Universe. PCGS has graded over 42.5 million coins, medals, and tokens valued at over $36 billion.

<span class="mw-page-title-main">American Vecturist Association</span>

The American Vecturist Association is an organization of transportation token collectors in the United States and Canada, as well as worldwide. Members of the AVA receive the Fare Box, the monthly newsletter of the AVA. The Fare Box contains advertisements, stories, and information about various tokens, as well as resources to buy, sell, and trade tokens. AVA members are also eligible to join the New Issue Service, which mails new transportation tokens to its members for a nominal fee.

<span class="mw-page-title-main">Token coin</span> Trade token

In numismatics, token coins or trade tokens are coin-like objects used instead of coins. The field of token coins is part of exonumia and token coins are token money. Their denomination is shown or implied by size, color or shape. They are often made of cheaper metals like copper, pewter, aluminium, brass and tin, or non-metals like bakelite, leather and porcelain.

The Charlton Press is a book publishing company that produces pricing guides as well as other books on related topics, including collectibles and porcelain figures. The company's first title was Catalogue of Canadian Coins, Tokens & Fractional Currency, published in 1952, and contained all coins used as circulating tender in Canada from 1858 until present.

<i>Coin World</i> American numismatic magazine

Coin World is an American numismatic magazine, with weekly and monthly issues. It is among the world’s most popular non-academic publications for coin collectors and is covering the entire numismatic field, including coins, paper money, medals and tokens.

<span class="mw-page-title-main">Button collecting</span>

Button collecting is the collecting of various types of clothing buttons.

<span class="mw-page-title-main">Praful Thakkar</span> Indian collector (born 1940)

Praful Thakkar is an Indian collector of autographs, philately, First Day Covers (FDCs), coins, medals, tokens, badges, badge plates and other collectibles from India. He has written several books on his hobbies.

Numismatic associations bring together groups of numismatists. They may be commercial, hobby or professional. Membership is sometimes by election.

<span class="mw-page-title-main">B. Max Mehl</span> American coin dealer (1884–1957)

Benjamin Maximillian Mehl, usually known as B. Max Mehl, was an American dealer in coins, selling them for over half a century. The most prominent dealer in the United States, through much of the first half of the 20th century, he is credited with helping to expand the appeal of coin collecting from a hobby for the wealthy to one enjoyed by many.

<span class="mw-page-title-main">Scott A. Travers</span> American numismatist

Scott A. Travers is an American numismatist and author. Travers is considered to be a prominent consumer advocate for coin collectors, informing the public about common and potential scams.

<span class="mw-page-title-main">Fitzgerald Hoard</span> Hoard found in Reno Nevada

The Fitzgerald Hoard was a collection of casino chips, silver coins and collectables which had been stored in a warehouse in Reno, Nevada. The entire hoard was purchased by notable California coin dealer Ron Gillio. Named for casino owner Lincoln Fitzgerald, it included over 100,000 American silver dollars and masses of gambling paraphernalia.

References

  1. "Website Error" (PDF). www.ccgtcc.com. Archived (PDF) from the original on 2 August 2024. Retrieved 26 August 2024.
  2. "Casino Collectibles Association". www.ccgtcc.com. Archived from the original on 8 June 2024. Retrieved 8 June 2024.
  3. "Cleaning Chips". Archived from the original on 18 May 2011. Retrieved 1 June 2011.