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Skip to content. Share this: Twitter Facebook. When in a casino, you need to exchange money for chips if you want to play table games like blackjack, poker, or roulette.
Now those chips can be used as currency inside the casino. Outside of the casino, though, do chips have any worth? Can you use and sell them as you wish?
Are there any regulations or restrictions that you need to be aware of before selling casino chips?
Can you sell casino chips? Under Federal law, if you legally purchase casino chips, you have the right to sell them, provided you do not treat them as a currency.
This restriction means you cannot use casino chips to pay for goods or services, but you can sell them directly if you desire. The use of casino chips, also known as casino checks or tokens, is highly regulated under Federal law.
However, you are allowed to sell them as a commodity like any other item you buy legally. Currently, casino chip-collecting is a thriving part of the exonumia community, demonstrating the interest and market for this commodity.
Provided you obtained the casino chips legally, then they are your property to do with what you please. Therefore, if you want to sell them second-hand, that is your prerogative.
There are no laws preventing selling casino chips — all rules surround the distribution of casino chips are concerned with prohibiting their uses as currency.
These limitations to chip use are to avoid casinos from creating money that enters the circulation, which would deflate the strength of the local currency, e.
You cannot use casino chips to tip staff or exchange them for goods or services. It is significant to be aware that chips outside their associated casino have next to zero value.
In this instance, chips can be sold well above face value. Once you have left the casino, there are options to selling your chips second-hand to earn some cash.
Once you have entered that sweet spot in appreciated value, you have some options as to where you can sell your casino chips. To do so, you can use an auction site like eBay to drive up the interest and cost of your product.
An online auction can be the best way to receive the highest market value for your commodity. Another internet-based method is to use a personal website to sell your chips.
To do this, research how much similar chips have been purchased for recently so you can price your items correctly.
Take excellent pictures of your chip s to assure the buyer that the product is genuine and provide evidence of its condition. List a fair price for your chip on your website.
Remember to add on shipping fees, so you are not losing money. If possible, chose a reputable business near casinos who are likely to be knowledgeable about vintage casino chips.
In doing so, you will find a broker who will be more willing to buy from you. As the pawnshop owner also needs to make a profit, you will receive less than the market value for your antiquated product.
However, you will get paid immediately for your casino chips. The final option is to sell your chips at a physical auction.
If you have a high-value vintage chip or a collection, this method will likely earn you the most money. At dedicated auctions, collectors become aware of what you are selling, and a bidding war between buyers can drive up the price.
Although this can happen during an online auction, buyers feel more comfortable purchasing high-value items through a reputable auction house.
Buyers are reassured by independent authentication of the product and prefer to use a trusted broker for substantial funds.
If you have a rare chip or two, this will often get you the most money. Casino chips gain value based on their rarity and how long it has been since they were taken out of circulation by the casino.
If you can collect a set, each chip will gain more value than if they were sold individually. Removing chips for circulation is a constant process by casinos, and it is the first step to your chip gaining value.
High denomination chips usually have smaller run batches and are taken out of circulation faster than lower value chips to assist in combatting fraud.
All chips, however, are eventually replaced. Despite casino chips being manufactured from hard plastic or clay, they do wear down over time.
Their deterioration is accelerated due to the automatic chip washers that are used by most casinos, to sanitize their chips.