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Casino chip cash out scenario

Discussion in 'Poker Chip General' started by Poker4eveR, Aug 4, 2006.

  1. Poker4eveR

    Poker4eveR Well-Known Member

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    For example; say in 1955 when the Dunes casino opened you were there playing a game, then you left the casino but forgot you still had a $25 chip. You also left to go back home and knowing you would go back sometime later you didn't worry about it. Well, you finally go back to Vegas but not until 1975 and now the casino (estimating) is on the 8th issue of the Dunes chips. Would the casino still honor your $25 chip?

    My guess is they would but would have to check it out before knowing it is a good chip.

    What do you think?
     
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  2. hachkc

    hachkc Well-Known Member

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    I believe this varies by each state's local gaming laws. I believe in NJ they might actually honor it while in LV, they are only good for so long once the chips are decommissioned.
     
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  3. Couga

    Couga Creativity Alliance

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    In Nevada they are not obligated to cash it. The casinos are required to publish when a chip will become obsolete and give the public a grace period in which they have to turn the chips in. If you miss it, too bad. There are offical terms that I can't remember (Jim can fill us in) but you get the jist of it. BTW - This is a current law, I'm not sure what they had in place back in the day.

    Hope that helps!

    Couga
     
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  4. Poker4eveR

    Poker4eveR Well-Known Member

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    So it sounds like the chips are only good during the current issue.

    Thanks
     
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  5. Slagar

    Slagar Well-Known Member

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    According to what Jim said in another post, LV casinos by law don't even have to cash your chip in if you leave the casino with it unless you can prove that you actually won it from them or got it from them at the cage.
     
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  6. Wylecoyo

    Wylecoyo Super Moderator
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    The real question is why would you ever want to cash it in for face value? I gotta believe it would have a street value far in excess of its face value.
     
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  7. ross

    ross Well-Known Member

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    Like was said earlier it varies based on gaming jurisdictions. In NJ a chip is never retired. So you can cash the chip at the casino (or subsequent casino) forever for face value. In the case that the casino has changed you can cash it at the cage where the casino was. So if you have an old Trump Castle chip then you can cash it at the Trump Marina, same for the Brighton-Sands, Boardwalk Regency-Caesars, Golden Nugget-Grand-Hilton.

    In the case the casino is now gone (Playboy and Atlantis) you can cash them at the CCC offices. They have a fund based on the number of chips outstanding. This applies for the floor chips - not the backup chips (a lot of the Playboy backup chips have made it to the marketplace). BTW - you also get interest on the time since the casino closes. Backup chips are required for the rack of >$10 and <$500.

    I come from the AC area and have always been interesting in the chips there. If you are interested in seeing my tax dollars at work to fund the Casino Control Commission and what they do for the regulation of gaming cheques, you can read all about it at http://www.state.nj.us/casinos/actreg/reg/docs_chapter46/c46s01.pdf

    Other jurisdictions retire the chips with notice (often I have seen 6 months). There will be a short blurb in the paper. Here's some examples:

    Pahrump Nugget http://www.pahrumpnugget.com/chipRedemption.htm
    Sahara http://www.legalnotice.org/details.aspx?id=1668039



    Other casinos, like the Silver Nugget claim that they will never retire a chip and it will always be at face value. You can decide what that means for yourself. Their info is at http://www.pahrumpnugget.com/chipRedemption.htm (read the really fine print at the bottom of the page).

    I also remember being down at the Horseshoe after they reopend under Harrah's management. Each of the three cages had a small picture frame with a number of chips in them and a sign saying that after "do not accept Becky's chips after July 1st". Thought that was interesting.

    And just for fun, Washington state has looked into a rule on this as well. They even acknowledge the we (collectors) exist. Here's is an excerpt from the gaming commission meeting when they are discussing this issue (not so much retired, as when a room closes) http://www.wsgc.wa.gov/agendas/july/16_title.pdf

    I remember Hollywood Park in LA doing this a number of years ago as well for their LE chips. It seems California has a similar redemption rule for retiring chips .
     
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    Last edited: Aug 5, 2006
  8. Poker4eveR

    Poker4eveR Well-Known Member

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    Not if it's a $1000 chip or higher. I was just trying to find out what is cashable and what isn't over time.
     
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  9. Wylecoyo

    Wylecoyo Super Moderator
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    Even a 1k 1955 Dunes chip might be worth more to a collector (I honestly don't know, but it might) - how many of these are floating around out there?
     
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  10. Wedge Rock

    Wedge Rock Well-Known Member

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    FYI, if you are planning a trip to Vegas, check eBay. Often, you can find auctions of people who left Vegas with chips in their luggage by accident... I remember a guy selling like $75 worth of Luxkr chips for like $32... If you were going to the Luxor (or anywhere in Vegas for that matter), you could pick up those chips and cash them in and buy dinner or drinks.

    Better if you have a longer period of time, like you're going in four months and you can set an auto search on eBay...
     
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  11. Wedge Rock

    Wedge Rock Well-Known Member

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    Exactly. People will take home $1 and $5 chips. Maybe $25's or $100's... but who takes home a $1000 chip? If you had one, there would be someone out there to buy it...
     
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