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Author Topic: Poker chips from a casino to save as alternative  (Read 4220 times)

byron mc

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Poker chips from a casino to save as alternative
« on: November 23, 2008, 04:53:32 pm »

Poker chips as a storage unit of money

MGM Grand casino is the largest casino in Las Vegas


The idea of storing $100. or $500.  denomination Poker chips from real casinos instead of FRNs or Gold/Silver would be good as they weigh much less?
It is technically property of the company and that company is publicly traded.
Using a casino as a currency converter to an alternative form of money to store is an idea. Gambling aside just walking in and changing your $ for poker chips and walking out.
The bad thing is if the casino goes out of business you only have a worthless piece of clay/plastic.


Will these casinos in Europe allow you to take USD FRN and get poker chips that are redeemable for Euros?
If you were to go to the casino and change in say $5000. USD FRN for chips and then walk out of the casino you could technically have done a currency conversion at today's USD exchange rate for a casino in Europe.
When you return to cash out the chips in the future you would get Euro notes.


You also have the option of 5 provinces in Canada. Sticking to a Casino near one of the Major cities would be best. With your money as Canadian Dollars with poker chips from a large casino it could be stored fairly easily and then cashed out at the casino at a future date.
The real question is will they accept FRN and do a currency conversion at today's USD exchange rate?
How is this any better than just doing a currency exchange for Candian bills to store?
Technically you would not have to declare the poker chips at the US Border upon return to the US.
Of course you'd have to keep them in a metal box with faraday cage as the newer poker chips have RFID chips inside of them.



and if you wanted to keep your money in USD you could take home poker chips from America's largest East Coat casino:
Foxwoods Resort Casino is a hotel-casino in Ledyard, Connecticut. It was recently the largest casino in the world
wikipedia


Quote
Back in the 60's, Vegas Casino chips could be used in grocery stores, and restaurants and gas stations and pretty much any store that recieved cash. In other words one could win a pile of chips and go to the grocery store and use those chips as currency.

Quote
nope. the feds cracked down a few years ago and reminded us all that chips are not money and only the feds are allowed to mint coins and print money. even the churches don't ask you to throw your tokens or chips in the collection plate anymore.

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*However, if a person is willing to accept chips in exchange for goods and services, then it's bartering.
http://www.casinopokerchipsweight.com/17-where-can-i-spend-casino-chips.html





« Last Edit: November 23, 2008, 05:03:14 pm by byron m »
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Kregener

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Re: Poker chips from a casino to save as alternative
« Reply #1 on: November 23, 2008, 07:05:57 pm »

This makes as much sense as a screen door on a submarine.
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Bear

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Re: Poker chips from a casino to save as alternative
« Reply #2 on: November 23, 2008, 07:28:32 pm »

Quote
This makes as much sense as a screen door on a submarine.

Not necessarily. Which do you think is more secure: Citibank or Harrah's?
If you must have some money in something other than FRNs or bulltion,
and a casino is nearby, it's not a bad idea.

Advantages:
1. Casino may be more solvent than a lot of banks, and less prone to failure.
2. Casino's have better hours. Most are open 24 hours a day.
3. You don't need to have an account to change money to chips and back.
4. Most casinos (in Nevada) have restaurants for every budget, so you can
combine dinner out with a currency exchange. :)
5. Banks don't have floor shows or serve free drinks.

Disadvantages:
1. Casinos don't have as many branches as banks do, and you may need to
drive a bit to get to one.

Keep in mind that even if you just transfer FRNs to chips and back, it may
be advantageous. Currency exchange does not need to be part of the picture
to be worth while.

Bear

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dogsledder54

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Re: Poker chips from a casino to save as alternative
« Reply #3 on: November 23, 2008, 09:05:27 pm »

I am guessing that Kregener means that any money put into casino chips will suffer the same losses from inflation that FRNs will suffer.
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Silver

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Re: Poker chips from a casino to save as alternative
« Reply #4 on: November 24, 2008, 06:06:14 am »

It is an interesting mental exercise, and it illustrates many of the mechanisms and problems of free banking.  Free banks can issue banknotes, in the form of paper bills or casino chips.  The further away from the point of issue they travel, the more people wonder what they are, and if they are good.  IF they are accepted in trade, they probably trade at a discount that is roughly proportional to the distance from the source.

Add in multiple free banks in different places or continents, and you have re-created the system of banking that first appeared in the 16th century.  When merchants started daily transactions with one another, rather than just at the great Fairs, they needed to settle accounts, and they started using paper reciepts and drafts on their deposits at money warehouses. 

There is plenty to learn and discuss, but I'm not sure I would recommend the experiment.  If I were a casino owner, it would be quite simple to determine if a substantial number of my chips had left the house.  A simple reckoning would show it, and casinos keep very good records.  Once I learned that people were using my chips for things I didn't intend, and that might get me into trouble via money laundering laws, tax laws, and a myriad other laws, I'd simply change the design of my chip, stop accepting the old ones, and pocket the money "deposited" with the casino.

There's nothing illegal or immoral about a casino operator changing chips.  No notice is required.  They are intended as tokens for gambling, and patrons are expected to cash out at the end of a session.  If they don't and the chips change, too bad for them.

Peace,

Silver
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dogsledder54

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Re: Poker chips from a casino to save as alternative
« Reply #5 on: November 24, 2008, 11:00:46 am »

Another thing to consider- If I was a casino operator, and noticed that many chips were going home in the pockets of the public, I would be overjoyed. Why ? Because 1) the people who went home with them are going to come back to cash them in, and/or gamble and spend money, or 2) they have taken them as a souvenir and will never return for their money, which resides in MY pocket. Either way, I am happy. Capish ?  :laugh:
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Kregener

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Re: Poker chips from a casino to save as alternative
« Reply #6 on: November 24, 2008, 12:02:53 pm »

Splash some cold water on your face PJ.

'Investing' in poker chips would be the height of folly.
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Bear

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Re: Poker chips from a casino to save as alternative
« Reply #7 on: November 24, 2008, 01:02:02 pm »

Silver, Private Joker,

You are both right about the risks and advantages you point out. The question is, given a choice between a conventional bank, and a casino,
which risk are you more comfortable with?

Of course, it would make sense not to have all of your eggs in one basket in either case.

Bear

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dogsledder54

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Re: Poker chips from a casino to save as alternative
« Reply #8 on: November 24, 2008, 01:09:04 pm »

I would invest in neither banks NOR casino chips, but gold or silver. I was merely making observations about the option.
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jimp220

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Re: Poker chips from a casino to save as alternative
« Reply #9 on: November 24, 2008, 01:50:46 pm »

If one lived close enough to the casino, I don't see a problem with it.  I personally have a phobia about leaving with chips due to bad luck I have had.  Seems the chips get lonely and a curse develops and I am unable to win at anything until the chips get back to their family.  Usually I always cash out at the end of a session so I am free to go and not have to worry about making it back to cash in.

There is a story of a guy named Alex Karras that had about $40 million in chips from Binion's at one time, nearly all the casinos $100 denomination chips.  He kept them in a safe deposit box at the cashier cage and could get them as he felt he needed them.  He confessed he was nervous when he traveled with them due to the fact they were considered the same as cash.  He's broke now.  Peaks and valleys. 
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dogsledder54

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Re: Poker chips from a casino to save as alternative
« Reply #10 on: November 24, 2008, 02:13:20 pm »


Mongo BROKE  ?  Me go cry now.  Mongo only pawn in game of life... :angry:
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byron mc

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Re: Poker chips from a casino to save as alternative
« Reply #11 on: November 24, 2008, 05:33:12 pm »

Of course, it would make sense not to have all of your eggs in one basket in either case.

My thinking as well, just an idea. As Bear also mentioned casinos have better hours than banks.

Also they are not going to close during a bank holiday.


Pros/Cons
poker chips are not any easier to hide than $100 FRNs .

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slidemansailor

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Re: Poker chips from a casino to save as alternative
« Reply #12 on: November 24, 2008, 06:36:58 pm »

Competing, private currencies are the ultimate in monetary systems.  Casinos, banks, states and countries are all welcome into that business in a free market.  Traders make their exchanges in part based on faith in the issuer of said currency.  If we are talking about refined silver and gold in defined amounts, this works very well. 

If we are talking about pieces of plastic pegged to pieces of paper that are anchored to the whims of lying POS politicians, I'm not going to invest heavily.
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ZooT_aLLures

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Re: Poker chips from a casino to save as alternative
« Reply #13 on: November 24, 2008, 07:58:28 pm »

Back years ago, I went to vegas once......and brought home a big shiny $1 slot token from every casino I visited.....
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