Court Denies Redemption of $59K in Old Casino Chips
The Essentials at a Glance
A man from New Jersey attempted to redeem old casino chips valued at USD 59,000, originally from the Playboy Hotel and Casino. However, the casino had already closed in 1984. Since the chips were never in circulation, the responsible authority denied the payout. A court upheld this decision. The case highlights that not all casino chips automatically hold monetary value.
Background: The Playboy Hotel and Casino
The Playboy Hotel and Casino was one of the first casinos in Atlantic City following the legalization of gambling in New Jersey in the late 1970s. It operated only from 1981 to 1984. After its closure, unused chips were disposed of by an external company. However, some chips never entered circulation and were not destroyed.
How the Chips Resurfaced
A former employee of the casino secretly kept several boxes of unused chips in the 1990s. He stored them in a safety deposit box. After declaring bankruptcy, the bank opened the box and took possession of its contents. In 2022, the chips were sold via an online auction. Keith Hawkins purchased 389 of them for a total of USD 59,000.
The Redemption Attempt
Hawkins believed the chips were still valid and contacted the Unclaimed Property Administration (UPA) of the New Jersey Department of the Treasury in 2023. This agency manages unclaimed assets, including casino chips. However, the UPA denied the payout, reasoning that the chips had never been officially issued and were therefore not backed by state reserves.
Court Upholds Agency’s Decision
Hawkins filed a lawsuit against the decision. However, an appellate court in New Jersey sided with the UPA. The judges emphasized that only chips that were actually in circulation during the casino’s operation are considered eligible for redemption. The chips in question had never been released for gaming use. Additionally, the casino had planned to destroy them. Therefore, a payout was ruled out.
Why This Case Matters
The case illustrates that owning casino chips does not automatically entitle one to a payout. Only chips that were issued during the active operation of a casino are considered legitimate currency within the casino. If they go unredeemed and the casino closes, the state may cover their value under certain conditions—but only for properly issued chips.
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Our Assessment
If you own or are considering buying old casino chips, carefully verify their origin and status. Only chips that were truly in circulation may be redeemable under certain circumstances. Inactive or never-issued chips typically have collector’s value only—not monetary value. The Hawkins case shows that even large sums can be worthless if the legal basis is lacking. Make sure to research the history and validity of such items before purchasing.
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