I once purchased an obsolete set ($1, $5 & $25) of Majestic Pines (WI) chips for just a few dollars. I wrote to the casino to see if they were still redeemable. I receive a letter back from their head of security telling me to return them. This letter was appropriately filed. Similar chips have appeared on ebay several times. Some of our lawyer friends might be able to enlighten us on this issue. It is possible that the chips are still the property of the casino and represent a contract of sorts wherein they promise to pay the face value to the bearer, etc. in legalese