I agree with Don - a chip remanufactured after a casino closes cannot properly be called "counterfeit," because there is no intention to pass it off (cash it at the cage) as real.

The definition of "counterfeit" is:
1) adj. describing a document, particularly money, which is forged or created to look real and intended to pass for real. 2) v. to criminally forge or print a false copy of money, bonds, or other valuable documents, intending to profit from the falsity. 3) n. shorthand for phoney money passed for real.

I think we must be careful in using the term. We do know of counterfeit chips - for example, the $25 Fremont chip that surfaced a few years ago, clearly made not with collectors in mind, but to defraud (or launder money) the Fremont by cashing it in at the cage.

A chip remanufactured to original specifications by the manufacturer of the chip delivered to the casino, is not a counterfeit. We know, for example, of a number of different scenarios, all of which are slight variations on this theme. For example:
1. chips ordered by to a casino which closed before the chips were delivered;
2. chips ordered by and delivered to a casino which never opened (e.g., Shenandoah, Jockey Club, DeVille);
3. chips ordered by and delivered to a casino but never put into play;
4. chips manufactured by the original manufacturer to the original specifications after the casino closed, to sell as souvenirs, to collectors or for home set use (e.g., Eddie's Fabulous 50's high values);
5. chips manufactured by the original manufacturer to the slightly altered specifications (e.g., Bud Jones' 4-suits rim chips vs. the diecar chips actually delivered to the casino) after the casino closed, to sell as souvenirs, to collectors or for home set use.

By no stretch of the definition can any of these chips be called "counterfeit," because in no case was the intention to reproduce something which would pass for legitimate FOR THE PURPOSE FOR WHICH IT WAS INTENDED - that is, to wager or to redeem at a casino cashier's cage.

In fact, the CC & GTCC Standards and Archives Committee, which I chair, is in the process of coming up with adequate and accurate definitions for these kinds of chips as well as others so the hobby can speak accurately about them, and so that everyone's talking the same language!

(Which reminds me, David, of George Bernard Shaw's comment that Great Britain and America are one people divided by a common language. )

Michael