You might have been sorting through your stuff when you found a stack of casino chips. Or, you have some remaining from your last casino visit, and you’re wondering what to do with them. Many people are unfamiliar with the idea of selling casino chips and whether that’s even legal.
Since they serve as a currency inside the casino, is it possible to use them outside casino walls?
Answers to these and many other questions are laid out in this article. Our team has worked hard to provide you with all the information regarding the legality of selling casino chips and where that’s possible.
Read on to find out more.
Selling Casino Chips 101
Casino chips are considered a currency inside the four walls of a land-based casino. There, you exchange your own money for chips.
But what happens when you have leftover casino chips that you didn’t exchange back for cash?
You might have conflicting information about selling casino chips as not many people know all the details. You can sell your casino chips for money under certain conditions.
So, let’s clear those up.
Is It Legal to Sell Casino Chips?
It is legal to sell unused casino chips for money in the United States. Federal law permits selling casino chips if you have purchased them legally.
That said, treating casino tokens as a currency outside the brick-and-mortar casino where you had bought them is prohibited. Considering that, you can not use casino chips to purchase goods or services, but it is up to you whether you want to sell them for money to someone else.
In fact, casino chips are a thriving commodity within the exonumia community, making them highly sought after. However, since the use of casino tokens is highly regulated, you must avoid any possible illegal activity associated with handling them.
When Can You Sell Casino Chips?
As long as you have lawfully obtained your chips, you can do with them what you please.This means it is legal to sell your casino tokens.
When it comes to any illegality concerning casino chips, that has to do with people treating them as currency. These limitations are in place to prohibit casinos from putting money into circulation and devaluing the US dollar.
You have to note that tokens have no value outside of their original casino. So, if you had purchased a $50 casino token, it is not necessarily worth that much outside casino walls.
The casino chips that are worth something are those that increase in value over time:
- The rare finds in pristine condition
- Old tokens that might have some value
- Collector’s items, and similar
How Do I Know if the Chips Are Worth Anything?
If you’re new to selling casino chips, you might have trouble separating the valuable ones from the worthless ones. You will know if you have hit the jackpot if you have old casino tokens that have been taken out of circulation.
Factors that also play a part in determining a token’s worth are:
- How long it has been since the casino stopped using the chips
- How rare they are
- Their denomination
- Their condition
What’s more, if you have a set, you will receive a higher price per chip than if you sell them separately.
Casinos remove chips from circulation regularly, which is the precursor to your chip gaining any value.
- Here’s a tip for you — high denominations go out of circulation faster and run in smaller batches, meaning that if you want to start collecting chips, you can start from there.
Even though casino chips are made of plastic or clay, they will feel the wear of time. This is primarily due to the way they are handled and washed. Every casino has automatic chip washers for hygiene purposes. Sometimes casinos also change the look of their chips due to a brand relaunch.
Furthermore, if you own a chip from a shut-down casino or one that changed owners, its value will likely increase over time. It is undoubtedly worth more than a chip from an existing casino.
If you’re looking for a chance to invest in casino chips, purchasing a set from an active casino before it shuts down is better. However, be aware that it will probably take decades before they can be considered valuable.
Where Can I Sell Casino Chips?
While chips straight out of the casino have zero value, it is best to save them and wait for the right time to sell them. In such cases, you can even sell the chips for more than they were originally worth.
- Note — These tokens won’t have much value before they are considered vintage.
But where can you find your target audience? Here are a few options.
Internet
The first and probably the most convenient option is selling your chips via the internet.
This is an easy and direct option as you can find numerous sites that deal with such situations, whether they are specialized or mainstream sites like eBay and Amazon.
We suggest setting up an online auction if you’re sure you got a rare find. This way, your product will be valued at the highest possible price.
If this is your cup of tea, you can create a personal website to sell your casino tokens. Do your research regarding the price, take professional pictures, and provide all the necessary information regarding the chips.
Don’t forget to include the shipping fee to avoid losing money.
Pawn Shop
If you’re in a hurry to get rid of some chips, you can find a local pawn shop that deals in such commodities.
Collector’s chips have a lot of value, and pawn shops are always interested in making a quick buck. However, since the pawn shop also needs to make a profit, you will probably receive less than the market worth. So, be prepared for such a scenario.
Auction
If an internet auction is not your kind of thing, look for a physical one. This might even be the best way to get your money’s worth if you have a token worth selling. We’re talking about a rare collector’s item in pristine condition.
A bidding war can boost the price and get you more than expected. This is also possible through an online auction, but some buyers feel more comfortable investing in a chip if it comes from a trustworthy auction house.
What to Do With New Casino Chips?
Many gamblers are left with a few chips at the end of the night, wondering what to do with them. Our advice is not to take them home unless you’re interested in becoming a collector.
Even if you’re a regular at that casino, you can never be sure when the casino will take that series out of circulation. Even if you leave the casino with the tokens, you can look for places to exchange them for money.
There is a gray area here in terms of legality, as you never know who you might come across. However, if you’re in Las Vegas, you can probably exchange the chips for their worth at the cash cages, even if you’re in another casino. This is pretty normal in Vegas and will save you time.
Do People Actually Buy Casino Chips?
Buying and selling casino ships isn’t an activity known to many people. If this is the first time you’ve heard of this practice, you may wonder whether people really buy casino chips outside the casino. And if they do, why do they do it?
It may surprise you to learn that some people will purchase legally obtained casino chips from someone else. These are usually collectors who already have many series of different casino chips and wish to expand their collection that may one day become highly valuable. That said, they won’t be interested in just any chips from a random casino. They will look for chips no longer in circulation or those released by specific casinos.
And now it’s time for a reality check — most people don’t buy random casino chips, especially if they aren’t particularly valuable. Someone could potentially be interested in buying your chips if you’re regularly playing at the same casino and they know there’s always a long line at the cage. However, if they are going to play games at a casino, most players prefer to buy chips on the spot than purchase them from other people for safety reasons.
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