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Originally posted by: MoneyLA
Wow boborme, I had no idea collectors would pay that much!! I know nothing about rare casino chips. What's the story behind this one? thanks.
Unique, or almost unique, Las Vegas casino chips have a high value within the collecting community. Only one of the Showboat chips was thought to exist when the one in that auction first surfaced, and the known example was badly worn. The lady who sold the chip to the current owner/eBay seller found the chip in a jewelry box in her recently departed mother's estate. She listed it on eBay with a no reserve opening bid of $9.99. She was very happy when the bidding ended at $28,900!
I know of a $5 Sands chip that was found at a yard sale at face value in Las Vegas that sold for $8,000. I know of a $25 Frontier chip that was part of an eBay auction lot of around 80 different chips that was partially hidden in the blurry auction photo. A friend took a chance and bought the lot for $186, and he sold that one chip for $16,000.
There are a few hidden gems out there. There are also a few collectors with very deep pockets willing to pay premium dollars for them.
There is a price guide for Nevada casino chips that is updated annually or semi-annually by a trio of true experts in the hobby. I'll forward their website to you (or anyone else) if you are interested in pursuing the hobby, or finding out if something you took home 20-30 years ago and tossed into a sock drawer has real value.