How long before casinos can "call in" cheques, and why I ask......

How long must casinos allow cheques to circulate before they can "call them in" for a redewsign. Here is why I ask.

Say you were a smaller Las Vegas Casino and needed to compete. Instead of plain cheques, what if you made Limited Time collector cheques? Sigfried and Roiy to Wayne Newton. Ben Siegel to Frank Rosenthal. I have read some casino, I forget which, did this and the Oscar Goodman cheques are highly prized and dissapeared quickly. Make a limited rfun of 1-10,000 and if they were snapped up it is almost all profit. Then place the call-in notice in the paper and do it again.

Thoughts?

"Collector" cheques are produced all the time, usually with a limited run, center graphic. The Hard Rock does this all the time, but other smaller joints also have limited production center designs. There is no need to call them in as the main colors and general design remain the same. The casino's hope is that folks will "buy" them, but never cash them in.

Quote: AZDuffman

if they were snapped up it is almost all profit. Then place the call-in notice in the paper and do it again.

Once snapped up by collectors they are effectively out of circulation anyway so why go thru any formalities about withdrawing them from circulation and paying for ads. Just issue them as ordinary chips, have them bought up by collectors. No big deal. Its just that chips are expensive and getting more so. No great advantage though because no matter how popular a chip might be with collectors, its still a limited market that would soon be saturated. Umpteen zillion chips from Casino X would soon lose their appeal to collectors. Wouldn't be illegal, just wouldn't be all that profitable.

There are plenty of people that will save any sort of unusual chip.

Including me. I have about 30 different interesting looking $1 and $5 chips from a variety of casinos. Well over $300 worth, which, unless cashed in, ain't worth much....a fact that my wife reminds me of whenever she sees me eying another unusual chip.

The truth is, there is no need to "Call them in" and presumably devalue those still out there.

People that collect them, whether serious or casual collectors, wouldn't bother cashing them in.



It's no different than the post office issuing a new stamp every other day.

Quote: DJTeddyBear

The truth is, there is no need to "Call them in" and presumably devalue those still out there.



It's no different than the post office issuing a new stamp every other day.

But the trade value of those stamps goes up (marginally, and only rarely to face value) once they're no longer available from the post office. Presumably, the value of the collectible cheques would also increase once the supply was reduced by the number that were actually removed from circulation via the "calling in" process.

Quote: DJTeddyBear

It's no different than the post office issuing a new stamp every other day.

Or the mint issuing collector quarters, nickels, pennies, and whatever else.

In my business, I often come across casino chips from casinos that have closed down. I used to think they were just throw away items, but lately I've found out that casino chips are bought and sold on ebay. Might not be a lot of money in it, but for collectors, some things are priceless.

I am a casual collector and I got a Sands and two Stardust chips and it totally made my week! Those are awesome, since I have no plans to sell them ever I am not too interested in their resale value. My goal is to have a chip from every vegas casino, right now im looking for debbie reynolds and what ever place was where the stratosphere is now, I prefer $1 chips though...

Quote: rdw4potus

But the trade value of those stamps goes up (marginally, and only rarely to face value) once they're no longer available from the post office. Presumably, the value of the collectible cheques would also increase once the supply was reduced by the number that were actually removed from circulation via the "calling in" process.

I don't know if I agree. I think the fact that the chips are no longer redeemable will lower their collectible value. Consider a $100 chip: that chip will always be worth at least $100 as a collectible because you can literally go to the casino and trade it in for $100 in notes. So the price becomes the minimum of the market value and $100. But, once the casino decides its no longer redeemable, the collectible value no longer has this $100 floor, and its value now becomes whatever the market sets it. For banknotes anyway, this is usually lower than the face value.

In fact, you'll see this trend on ebay. Some people are selling chips from defunct casinos, and you could buy a $10,000 chip for as little as $10 sometimes.

Quote: cardshark

Some people are selling chips from defunct casinos, and you could buy a $10,000 chip for as little as $10 sometimes.

Those particular chips are generally chips that were not in circulation. After the chips are decommissioned, or the casino closes, then the high value chips are sold cheaply as souveniers.

I.E. No gambler got stuck with the $10K chip you see on eBay. After all, if that were me, I'd keep the damn thing as a reminder not to be that stupid.

Quote: cardshark

In fact, you'll see this trend on ebay. Some people are selling chips from defunct casinos, and you could buy a $10,000 chip for as little as $10 sometimes.

This is my favorite part about chip collecting. A $10K chip is valued at $10, and a $5 chip from the same defunct casino is selling for $8. Gotta love it.

Quote: rdw4potus

This is my favorite part about chip collecting. A $10K chip is valued at $10, and a $5 chip from the same defunct casino is selling for $8. Gotta love it.

Are there genuine $10K chips for sale for $10 or just duplicates manufactured as souvenirs after the casino closed? Do the facsimile chips have a clear identifier that they are not originals?

With the relatively large supply of chips that become devalued, there is no reason to manufacture more.

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