So if I understand it, As long as the casino is obliged to accept it, by law, or chooses to accept them, it is not obsolete. When they file and publish a redemption notice, theoretically they are expressing their intent to, after a specified period of time, not honor the value of the chips. Therefore the LEs can be Obsolete after the redemption deadline.

Also from some previous reading, some time ago, I recall that the casinos have to carry the redemption value on their books, regardless of if they posess the chips. In NV, as I recall they publish the notice of redemption then destroy any remaining chips. Then they can remove the chips from their books and replace them. In NJ, or AC to be specific, There is no redemption deadline. The chips have value for eternity. As I recall, it was said that if you have a chip from an AC casino that no longer exists, you can send it to the state for redemption. When the books are closed of the casino, funds are transfered to the state in relation to the number of outstanding chips. The state then holds the money for any future claims.

Nevada casinos redeam the chips than wash their hands of them and destroy what they have. Atlantic City can only verifiably destroy chips and replace those chips. As long as there are some outstanding they are still good. Theoretically then, would their be any such thing as an obsolete AC chip?