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- Published: Jul 7, 2014, 8 AM
Two extremely rare casino chips, one of which is unique, were sold at the Casino Chip & Gaming Token Collectors Club Convention in Las Vegas last month.
A $5 chip from the Golden Goose, a slots-heavy casino that was open from 1975 to 1980 at 20 E. Fremont St. and featured a single blackjack table, was sold for $75,000, while a rare $5 chip from The Lucky Casino sold for $52,500. according to a CC>CC release.
The lone Golden Goose blackjack table was open between March 1976 and August 1977.
'When it went away, so did all the chips, making this $5 chip the only one known to exist,” the release states.
The chip sold for more than $3,000 in the 1990s.
The Lucky Casino was open at 117 E. Fremont St. from 1963 to 1967. Only two examples of the casino’s $5 chip are known.
'It’s nice to see that even in a slowing economy, sales of the super rare chips are still going strong,' CC>CC President Doug Smith said. 'Those chips were more than likely the only ones known and are sure to be highlights of anyone’s collection.'
The buyers of the chips have so far remained anonymous.
The 22nd annual CC>CC Convention took place June 19 to 21 at the South Point Hotel, Casino & Spa, and brought in more than 1,500 attendees.
'We experienced a great turnout at our 2014 CC>CC Convention,” Smith said. 'Several dealers I talked to had fantastic shows and seemed to have a full table for much of the convention.'
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EcommerceBytes-Update, Number 314 - July 08, 2012 - ISSN 1528-6703 5 of 6
By Michele Alice
$28,988.88 for a one dollar casino chip? $100,000 for a one hundred dollar chip?!
You bet, especially if it's a rarity from one of the now defunct Las Vegas casinos like the Showboat (1954-2001) or from the legendary Sahara (1952-2011), the last of the casino-hotels frequented by Frank Sinatra and his Rat Pack. (See PokerPlayerNewspaper.)
Prior to the 1880's - a time when most gambling took place in saloons, riverboats, and gambling houses - bets were placed using gold and silver coins, gold nuggets, gold dust, or anything else of acceptable value. Poker chips were developed as a means of standardizing the values of bets. The earliest chips were often made of bone or scrimshawed ivory (and are now highly collectible!), but by the late 19th century a number of companies were producing what would become the casino-grade compression molded clay chip.
Early on, gambling establishments learned that they had to 'brand' their chips in some manner else they'd be flooded with worthless chips snuck in from off-premises. Clay chips, with their printed inlays, inserts (edge spots), and rim mold designs fulfilled all the necessary requirements, including ease of stacking and uniformity of weight, size, and color.
Since then, plastic and ceramic chips have been added to the mix. Ceramic chips, introduced in the 1980's, are actually made of a resin material. Although some collectors like the fact that the graphics on ceramic chips generally cover the entire surface and not just the inlay, clay chips remain the favorite.
A casino chip, except as a souvenir or collectible, has no monetary value outside the issuing establishment. Gambling laws vary from state to state, but jurisdictions such as Nevada require that casinos destroy old chips, so chips in the secondary markets today owe their survival to casino patrons who either forgot they had them in their purses or pockets, or decided to keep them as mementos of their stays. It's not uncommon to find a chip or two at a yard or estate sale where they're thrown onto a table along with other miscellany. And sometimes those two or three dollar purchases can translate into big payouts at auctions.
Casino chips belong to a category of numismatics known as 'exonumia' (money substitutes), and collections of chips are as varied as those of coins. There are collectors who seek out chips of specific denominations, like the $2.50 (or equivalent) 'snappers' used at blackjack tables. Others look for specimens from a particular manufacturer or locale, like Atlantic City. Still others collect specific colors or rim designs, such as the 'Greek key.'
But the most popular and valuable chips are those from Las Vegas, especially those from the old casinos built in the 1940's and 1950's and since demolished to make room for the new mega resorts. Mobster Benjamin 'Bugsy' Siegel's Flamingo Hotel & Casino, opened in 1946, is a particular favorite, and some 'Bugsy chips' as they're called, can fetch several thousands at auction.
Would you like to learn more about the colorful world of casino chip collecting? Check out the resources listed below, and
Good Luck!
Books
Websites
The Basics of Casino Chip Collecting - A 'cheat-sheet' for the newbie.
The Casino Chip and Gaming Token Collectors Club, Inc. (CCGTCC) - THE place to go for info including Chip Condition, Glossary, Buyer's Guides to Casino Collectibles, Cleaning Chips, more!
Casino Chip Museum - Over 10,000 Las Vegas chips on display.
ChipGuide - Includes global casino search, FAQ's, links, more.
History of Gambling in the United States - 1600's to the present
Robert Eisenstadt's Antique Gambling Chips & Gambling Memorabilia Website - Check out the pages on The Five Stages of Making an Inlaid Chip, How to Distinguish Ivory, Bone, and Celluloid Chips, Tips on Chip Collecting, more.
Snappers Without Borders - International database includes pics and info on casinos.
About the author:
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Michele Alice is EcommerceBytes Update Contributing Editor. Michele is a freelance writer in the Berkshire mountains of Massachusetts. She collects books, science fiction memorabilia and more! Email her at makalice @ adelphia.net eBay ID: Malice9
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