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.