I'm interested in what you consider 'real value', Jack. If an item changes hands between a willing buyer and seller, how can that not establish value? Agreed, it takes multiple transactions to have real significance, but how else could you determine value?

Supply - in the case of FM tokens mintage is documented and known and it's also known that many of the silver tokens were melted in the 1970's
Demand - is not known, except that it is much less than for similar casino chips
Condition - in the case of 2 of the 3 tokens Gene has shown, they are in the best condition possible. Never used and never handled.

What kind of expert knowledge do you feel should be brought to bear to determine the real value of a token? Not trying to be argumentative, but would like to have another collector's opinion.

DonL