Gaming chips collector show begins

Eric Feigenbaum

Thursday, June 17, 1999 | 11:31 a.m.

Most people don't care so much what their gaming chips and tokens look like, so long as they're not losing them.

But for members of the National Casino Chips and Gaming Tokens Collectors Club, the chips may be worth more than their face value.

More than 2,500 members of the nationwide club are expected to convene at the Orleans hotel-casino for three days starting today to trade, shop and show their wares.

Wayne Thompson, the convention chairman and chip collector from Lexington, Ky., said this year's gathering boasts 92 tables with chips and tokens that convention attendees can trade and sell.

Additionally, this year's gathering will feature 15 exhibits of rare chips, including some from closed down, illegal casinos in Texas and Kentucky. These types of rare chips are what serious collectors want most.

Thompson said collectors either go for the commemorative and limited edition chips that casinos purposely issue, or for obsolete chips from casinos that have closed their doors -- some of which trade for as much as $7,000. The value of a chip is less dependent on its face value than its rarity and even a $10 chip can command a high price.

"A four figure chip isn't so uncommon anymore," Thompson said.

A members-only auction on Friday will give serious collectors the opportunity to purchase some of the more rare items.

Still, most chips don't reach the $1,000 range. Many casinos sell a certain number of their chips, particularly limited edition ones, to collectors.

The event isn't as much about money as about appreciating the collectible art form, Thompson said.

"The first time I walked into the convention, I just went 'wow.' I had no idea there were that many kinds of chips," Thompson said.

It wasn't until he got further along in his collecting that he turned to more specialized and obsolete chips.

Entry to the event is free to National Casino Chips and Gaming Tokens Collectors Club members and employees of The Orleans. There's a $2 fee for the public.