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Serious question about the value of your chip$$$ (1 Viewer)

Huskerchipper

Huskerchipper

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Sooooo..... upon returning to the Poker Chip world I have been taken back by the price of poker chips. I honestly had no idea my chips had skyrocketed in value to this degree. Long story short, I have around $15k in poker chips and its quite obvious many here dwarf that figure. What I want to know is does your wife know?? LMFAO....yes in all seriousness I have told my wife if something should happen to me don't sell these at a garage sell for $100 bucks! LoL! Which has me thinking even more about putting together something that if something would happen to me how to go about selling them. I have 3 sons and they could possibly keep them but you know...just to have plans in place. This also has has me thinking about insurance. We have had separate insurance on my wife's wedding ring which was only about half of that when we got married. I'm pretty certain if they were stolen or lost in a fire that you would most likely be $hit outta luck. Does anyone else think about this stuff???
 
Many here with large collections add insurance riders to their existing home insurance policies that would cover a total loss based on what that policy covers. This would cover most accidental loss to fire, wind, or unintentional water damage (broken pipe that causes flooding), but unless there are separate flood insurance riders, most would be SOL in the event of flooding.

This is something I keep meaning to call my home insurance agent about but have not, and something I should get on, as I have much more than that into this hobby. And yes, my wife does know the general idea of what everything is worth, but I'm thinking also of making a spreadsheet with each set, purchase price, and what they're likely worth, and what to sell if the worst happens, as well as what to keep for the kids. She wouldn't know that I want to keep the CPC sets for the kids, for example, so I'd have to specify that.
 
Huskerchipper said:
Sooooo..... upon returning to the Poker Chip world I have been taken back by the price of poker chips. I honestly had no idea my chips had skyrocketed in value to this degree. Long story short, I have around $15k in poker chips and its quite obvious many here dwarf that figure. What I want to know is does your wife know?? LMFAO....yes in all seriousness I have told my wife if something should happen to me don't sell these at a garage sell for $100 bucks! LoL! Which has me thinking even more about putting together something that if something would happen to me how to go about selling them. I have 3 sons and they could possibly keep them but you know...just to have plans in place. This also has has me thinking about insurance. We have had separate insurance on my wife's wedding ring which was only about half of that when we got married. I'm pretty certain if they were stolen or lost in a fire that you would most likely be $hit outta luck. Does anyone else think about this stuff???
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Good point all around. I might have to put something is an email or something that would help explain the cost of my chips and magic cards. Or at least how to go about pricing. I'm still a pup. My lot is worth less than 15. Mtg cards a little more than 15. I'll have to check about insuring them. :)
 
If something happens to me, I have instructed my oldest son to get on here to sell the chips he doesn't want to keep, and to take my firearms to a trusted friend with an FFL to sell for me. It scares me to death to think that my bride would sell my chips and guns for what she thinks I spent on them.
 
Dependent on the value of their chips and how meaningful that number is to them, people may or may not be concerned.

For example, I don’t have anything valuable, 0 insured items other than house/car. So the chips stand out a tad.

Figure it’s always good to have a plan in place for everything important just in case. When I suddenly die, my son can keep what he likes and the rest my wife will give to locals. She doesn’t want the headache of selling anything and that’s already been settled.

If I die my son will prob want a set and my wife will say good riddance and let the locals come take him. She’s not remotely interested in the headache of selling them
 
A ledger with chips owned and links to sale threads will help any executor. I'm not there yet but thinking it'd be cool if there was some automated way to do this.
 
BarrieJ3 said:
If I die my son will prob want a set and my wife will say good riddance and let the locals come take him.
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1696641736760.png
 
I'm reminded of a comment posted many years ago by @BGinGA, if memory serves correctly. To paraphrase,

Funeral at 11:00.
Auctions at 1:00.

Seriously, years ago a member's set of customs was listed for sale. Needless to say, our members spotted the listing, recognized the chips, and reached out to the chips' owner. IIRC, the owner was out of the country and had stored his chips in a friend's garage. Something had happened between the friend and his wife. By now you must know where this is going! Long story short, she sold the chips to spite her husband (very cheap), the buyer didn't know that the chips didn't belong to her and were considered stolen goods. The owner was not active on the forum at the time and hadn't seen either the thread or the listing until we managed to contact him. The owner and the buyer worked something out but didn't disclose the terms. The owner did recover his chips.

I undoubtedly made some errors in this story -- it was a long time ago. Yes, these events did actually take place.

My chips are covered as contents but not for flood. Accordingly, most of my chips are on the second story and some are on the first, but NONE are in my basement or garage.

Be careful out there!
 
abby99 said:
I'm reminded of a comment posted many years ago by @BGinGA, if memory serves correctly. To paraphrase,

Funeral at 11:00.
Auctions at 1:00.

Seriously, years ago a member's set of customs was listed for sale. Needless to say, our members spotted the listing, recognized the chips, and reached out to the chips' owner. IIRC, the owner was out of the country and had stored his chips in a friend's garage. Something had happened between the friend and his wife. By now you must know where this is going! Long story short, she sold the chips to spite her husband (very cheap), the buyer didn't know that the chips didn't belong to her and were considered stolen goods. The owner was not active on the forum at the time and hadn't seen either the thread or the listing until we managed to contact him. The owner and the buyer worked something out but didn't disclose the terms. The owner did recover his chips.

I undoubtedly made some errors in this story -- it was a long time ago. Yes, these events did actually take place.

My chips are covered as contents but not for flood. Accordingly, most of my chips are on the second story and some are on the first, but NONE are in my basement or garage.

Be careful out there!
Click to expand...
Sad 90 Day Fiance The Other Way GIF by TLC
 
abby99 said:
I'm reminded of a comment posted many years ago by @BGinGA, if memory serves correctly. To paraphrase,

Funeral at 11:00.
Auctions at 1:00.

Seriously, years ago a member's set of customs was listed for sale. Needless to say, our members spotted the listing, recognized the chips, and reached out to the chips' owner. IIRC, the owner was out of the country and had stored his chips in a friend's garage. Something had happened between the friend and his wife. By now you must know where this is going! Long story short, she sold the chips to spite her husband (very cheap), the buyer didn't know that the chips didn't belong to her and were considered stolen goods. The owner was not active on the forum at the time and hadn't seen either the thread or the listing until we managed to contact him. The owner and the buyer worked something out but didn't disclose the terms. The owner did recover his chips.

I undoubtedly made some errors in this story -- it was a long time ago. Yes, these events did actually take place.

My chips are covered as contents but not for flood. Accordingly, most of my chips are on the second story and some are on the first, but NONE are in my basement or garage.

Be careful out there!
Click to expand...
Just curious as to if you have a specific rider for your collection. Depending on the insurance company, they may not cover the cost of chips purchased here without receipts of payment for what was spent, and at best, would likely want a third party evaluator that doesn't have a lick of knowledge of the hobby to say my $6,000 NAGB chips are not worth that, because I could buy "replacements" at Walmart for $40 in the toys section.

Scenario: my entire house burns down. I have photos of my 16,000 chip collection as well as receipts from PayPal indicating what I paid forum members here and CPC for my chips. I do not believe they would cover the full cost for replacement like they would a TV, provided I had the receipt for the cost of that TV when I bought it 5 years ago, would they?
 
JMC9389 said:
Just curious as to if you have a specific rider for your collection. Depending on the insurance company, they may not cover the cost of chips purchased here without receipts of payment for what was spent, and at best, would likely want a third party evaluator that doesn't have a lick of knowledge of the hobby to say my $6,000 NAGB chips are not worth that, because I could buy "replacements" at Walmart for $40 in the toys section.

Scenario: my entire house burns down. I have photos of my 16,000 chip collection as well as receipts from PayPal indicating what I paid forum members here and CPC for my chips. I do not believe they would cover the full cost for replacement like they would a TV, provided I had the receipt for the cost of that TV when I bought it 5 years ago, would they?
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No, I don't. I inquired about a rider but the agent told me to cover them as contents. I kept details for the purchases, but most of it is no longer available online. Stupid, I know. Stupid, stupid, stupid.
 
Great conversation going on here! Several have mentioned flooding...yes you pretty much take it in the a$$ with a flood :-( My goal is to have some details laid out in regards to my chips and put those details and instructions in an envelope in our safe that we keep our important papers in. Nothing overly complicated. I am going to look into it insurance wise and see what would be required and what details would be needed for coverage...if possible and if it would make sense. I think we pay like $7/month for my wife's wedding ring so I'm sure it would be in that ballpark.
 
I insured mine on a schedule, showed the insurance company eBay sales/listings. Not really worth the cost tbh it bc it wasn't a cheap policy.

But I'm now installing a safe door for the room with the chips. Brother in law had a walk in safe built at his firearm store, and his store closed, and I bought the safe door. :-) Fire/Flood I'm f*cked, but no one is breaking in for my chips and getting them that's for damn sure.
 
Generally speaking, "collectables" have to be on a rider. For instance, things like baseball cards, sports collectables, comic books, music albums, and defiantly Poker Chips are NOT covered under any standard home policy.
 
PlaidDragon said:
This.
Click to expand...
Nothing anyone hasn't seen before. I have a very large set of brand new Pharaohs (tournament and cash set) 1000 brand new Jumers a 500 piece cash set from ASM and just finalized the order for a tournament set of 1200 chips with CPC that I will be definitely sharing pics of when finished.
 
My last testament will become publicly available and reveal and throughout my billions of troll posts is actually a National Treasure style race to open a vault full of all of my sets ....
 

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