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A New $1 chip for the Key West is in the works

dennis63

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Today, I contacted ASM in Las Vegas about creating a new "Second Issue" $1 chip for the Key West Resort and Casino. If my plan for the chip comes to fruition, it will be unlike any other chip on the home market: It will sell for a fixed amount over face value, and remain redeemable for face value, from Continental Card & Game Company.

The new "Second Issue" $1 Key West chip is slated for production in 2014. Here's a picture:

IMG_1933.JPGIMG_1935.JPG
The new "2nd Issue" $1 chip prototype using an Imperial Blue 312 with Yellow spots and a $1 inlay.

The chip will be Imperial Blue and Yellow, and will be the same color as the spot in the $5 chip. It will play well with the gray quarter and the $5 chips, maybe even better than the current white $1.

If plans for this chip work out and there is enough interest, I would like to make this chip permanently redeemable, from my company, at face value. Brand new face -value $1 chips would probably not be sold for face value, but for some fixed amount above face. Since it will remain worth its face value, it could be sold to another member or cashed with the Key West for face at any time. (No classified ad or price cutting needed.) Used Second Issue $1 chips would then be re-sold on the Key West site for face value.

It would, of course, be followed some time next year with a Second Issue $5 chip sold at face value, which is where the company would make a small profit, as some of them would go to collectors and never be cashed.

Please let me know your thoughts on this.
 

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Mr. Cheese

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It's certainly an interesting idea. It's almost like having an insurance plan on the chips we buy. If we ever get in a pinch and need to sell them a person would always know that they are at least worth the face value. If a person bought used 2nd issue chips and then wanted to resell them back, would they be sold back at the face value still or how would that work if the new 2nd issue ones are able to be sold back at face value?

It's definitely a cool idea, makes Key West Resort and Casino feel like an actual casino that you took chips home from :).
 

dennis63

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It's certainly an interesting idea. It's almost like having an insurance plan on the chips we buy. If we ever get in a pinch and need to sell them a person would always know that they are at least worth the face value. If a person bought used 2nd issue chips and then wanted to resell them back, would they be sold back at the face value still or how would that work if the new 2nd issue ones are able to be sold back at face value?

It's definitely a cool idea, makes Key West Resort and Casino feel like an actual casino that you took chips home from :).

The idea would be that they would always be worth $1 face value, and could always be cashed with my company -- either at big events, or by mail.

We don't really make any money selling ASM's chips. Their prices are high. We hope to provide a good quality chip for that, and a lot more -- a full menu of products to use with the chips, custom forms, and a virtual casino where you visit and play.

I want it to be more than buying a chip.

So, if you have a $1 chip that's brand new, you could buy it new for face value plus a "service fee" of 10 cents or 15 cents, from the Key West. It's face value would always be $1, and it could be cashed for $1 with the Key West. On this end, I would know exactly how many of these are out there, and hold $1 cash for each one in a special company account. So there will always be a dollar here for every Second Issue $1 chip that makes it out into someone's hands.

Let's say you want to play a legal home game with those chips. $1 - $2 -- just get the chips, and the value is built in. Your players could get their own and bring them. Those chips could be cashed at any time.

No way we're making money on those, but...

Let's say you want to play a legal home game with those chips. $1 - $2 -- just get the chips, and the value is built in. Your players could get their own and bring them. Those chips could be cashed at any time.

And after the $1 chip, there will surely be a $5 "second issue" that sells for face -- $5, no fee. It will be guaranteed at face value from the company. Some of the chips will get bought and sold and traded and come back to the company. They could be paid to the casino for merchandize, returning and getting sold again for face value. Some chips will be purchased by collectors and never cashed, so it's possible for the company to offer the chips and still make a profit.

Just an idea, but one worth looking into.
 
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dennis63

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I am increasingly hopeful that the new "Second Issue $1" chip will be guaranteed at face value from Continental Card & Game Co.

My thinking is that it would cost $1,000 per 1,000 of these chips issued. It is not uncommon for a business to spend $1,000 on advertising in even one month, and get very little in return, so I think backing 1,000 chips at $1 each makes them about the best advertisement a company could have.

Brand new second issue $1 chips would likely cost something over $1, but would always retain the $1 face value, and could be redeemed for cash or Key West merchandise. They'd essentially be a form of "coupon" worth $1 in cash or goods, redeemable upon request.

I'm working on ironing out the details of this with ASM. Much will come to light in the next few weeks.
 

dennis63

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I added photos to the OP of a real Imperial Blue 312 with Yellow spots from my sample collection of ASM H-mold blanks. Just add a $1 inlay, and viola!
 

BUBBLE

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Kinda like the old one
Kinda like the new one

Got any pics of the new one in the line up of chips so we can see how it fits
 

dennis63

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I like that imperial blue!

The new photo is a better representation of the imperial blue, though I think the spots are DG yellow. The spots will be a little more like the chip factory mock-up spots, just a tick closer to mustard.
 
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