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Game tokens, poker chips, subway tokens, etc., often have "no cash value" stamped on them so as to deter people from spending, or accepting, these items as cash. Does this phrase mean anything more than that? As in, if someone wanted to buy them from me, because they had something besides "cash value," would that be all right? |
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I agree with Dr. Dean's definition. I've taken it to mean that they were only redeemable in a certain location. I believe that the "no cash value" is to differentiate something from currency. There are many things that say "no cash value" that are sold because they are collectible. This is a big thing in Vegas because people buy poker chips, particularly vintage poker chips. So, while the poker chips do not have a cash value of $5, like currency, at the Palms, the exclusive chip may have only been used for a specific night and therefore has value in certain circles. On the playground, perhaps Chuck E Cheese tokens and tickets are also something used in the bartering system... (And fortunately, this Frugal Lawyer is not a tax lawyer and will give no tax advice. Sure, report everything. Or, do as I do and just hand it to the world's most brilliant accountant and watch him work his magic.) My brother is my magic accountant, although my son just passed the CPA, so I may have options to choose from. Maybe I will ask both and take the advice of the one that saves me the most...
(Nov 06 '09 at 22:35)
Dr Dean 1
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I have always thought that "no cash value" meant that you could not redeem them for cash outside of the limited place they were used initially. This to keep people from walking away with them or hoarding them. I would not think that there would be any consequence of selling one that had a "collectible" value. I would be interested to hear others opinion. The frugal lawyer will probably advise making sure you report your gains to the IRS..... |
