According to the dictionary, it means no longer in use. The problem here is that it must more specific than that.

Example: Many small California Casinos currently use chips from other closed casinos.

I do not presently consider these chips as obsolete as they are still being used and redeemable. I say presently because I am willing to change my position if another argument can be made.

When trading these type of chips, I am certain to let the trader know that although these chips are from a closed casino, they are in present use by another; Ergo, not obsolete.